New Jersey-based national mortgage banker Princeton Mortgage has announced a new product – commercial loans.
The company has launched retail and wholesale commercial loans of between $25,000 and $1 million and with 50-70% LTV, marking a new milestone for the 35-year-old banker.
"We are taking advantage of our world-class operations team by actively removing barriers in the commercial lending space for borrowers," remarks Brett Shapiro, Regional Sales Director of Princeton Mortgage. "We are giving Brokers and Realtors the opportunity to expand their real estate portfolios with small commercial loans at a competitive price! Simple, fast and effortless."
Princeton says that it aims to fill a gap in small commercial lending for those businesses which are not eligible for a loan from their bank, with a range of rates and options for all credit grades. It will consider those with FICO scores as low as 600.
Eligible property types include investment properties, multifamily homes, mixed-use properties, office buildings, retail mall spaces, auto repair shops, beauty salons, hotels, motels, bed and breakfasts, funeral homes, daycares, mobile home parks, warehouses, self-storage facilities and nonprofits.
Princeton also offers an ‘effortless’ experience or $1,000 back at closing with no strings.
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