Commercial Mortgages with Northeastern Group
Finding the right commercial property or space requires knowledge, insight, and timing best met through a partnership between a client and a commercial real estate professional. We are experienced, dependable and specialize in a variety of property types, including office, industrial and retail. Trust our professionals to understand the relationship between your company and its commercial real estate needs. |
There are two types of commercial mortgages for real estate:
- Owner occupied commercial mortgage – For this type of commercial mortgage, the owner of the property will have his/her business occupying at least 51% of the available space in the building.
- Investment commercial mortgage – For this type of commercial mortgage, the condition of the property, the geographic area and the net operating income (NOI) are taken into consideration by lenders.
A routine commercial mortgage process involves:
- Analyzing your commercial mortgage request and generally providing you an answer within 24-48 hours.
- A written proposal that spells out the proposed terms of the loan will be provided to you; you then sign and return the proposal.
- We will gather any remaining documents we need to secure your mortgage.
- We complete the formal credit write up and submit the commercial mortgage request to underwriting for approval.
- The necessary items, such as the appraisal and title report will be ordered. It can take anywhere between 30 - 60 or more sometimes, to close the loan.
At Northeastern, we are licensed mortgage brokers in the state of New York, license #A017070. All loans are arranged through third party lenders. There is a wide variety of commercial mortgages available for your business. To help you pick the best option, feel free to contact one of our associates at 516-505-7700 or email info@negrp.com.
Northeastern Group is eager to assist you! Give us a call or fill out our quick form & one of our agents will get back to you promptly.
