Commercial and Multifamily Mortgage Loans

 

Clifton Savings Bank will make first mortgage loans on commercial real estate and multi-family dwellings located in the counties of Bergen, Passaic, Essex, Hudson, Morris and Union in NEW JERSEY. Purchase mortgages and refinance mortgages are eligible. Interested applicants must complete an expression of interest form, an environmental checklist, and forward them to us, along with an income and expense statement and rent roll for the subject property. There is no fee for an expression of interest filing. No industrial properties. Rates Effective: July 22, 2008 Minimum Loan: $50,000 Maximum Commercial Loan: $6,000,000 Maximum Multifamily Loan: $6,000,000 Maximum LTVR: 75% Application Fee: Based on appraisal cost; due at time of application Points: 1/2% of loan amount; due at time of commitment Attorney Review Fee: $235; due at time of closing Prepayment Penalty: Graduated during first 5 years; none after 5 years 15 Year Fixed Rate: 6.625% 10 Year Fixed Rate: 6.250% 10/1/25 Adjustable Rate: 6.625% Adjustments and Caps: After 10 years, adjusted annually to 3.00% over 1-year Treasury bill; 2.50% cap per adjustment 5/5/25 Adjustable Rate: 6.250% Adjustments and Caps: Adjusted every 5 years to 3.00% over 5-year Treasury bill; 2.50% cap per adjustment Try out our calculators. How to file an Expression of Interest: Submit the following form on-line, or: 1. Print the following form. 2. Complete the form. 3. Fax the completed form to (973) 473-3638. Expression of Interest Form

 

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