We have financing programs available for multi-family, office, retail, industrial and mixed use
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LENDER COST ESTIMATES
Appraisal:
$2,500 to $5,500
Environmental:
$1,500 to $3,500
Engineering:
$2,500 to $3,500 (plan and cost review)
$500 to $850 (monthly inspection)
Commitment Fee:
1% of gross loan amount
Lender Legal:
From $4,000 (based on loan size and complexity of transaction)
Interest Rates:
Competitive pricing based on spreads over prime floating or libor floating with a floor rate to be determined
Loan Terms:
6 to 12 months
Maximum Financing:
Multi-Family
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70% cost / 75% LTV
Commercial
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65% cost / 65% - 70% LTV
Amortization:
Interest only during term
Prepayment:
Varies depending on transaction, and may be waived if Spencer provides permanent loan
Personal Recourse:
Required
Equal Housing Lender | Member FDIC | Spencer Savings Bank
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Equal Housing Lender | Member FDIC | Spencer Savings Bank