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Commercial Real Estate Lending

Multi-Family

Take advantage of competitive programs for area builders dealing in the construction or rehabilitation of multi-family residential housing units (5-family or more) as well as for the development of residential subdivisions.

  • Options available for 5-Family or more:
    • 5 and 7 year balloon options with a 25 yr payout*
    • 15 year fixed term (self-liquidating) 
  • Zero points
  • Maximum 65 % loan to value
  • No prepayment penalties

*5-year term resets twice for an additional 5-years (Prevailing rate & remaining term)

Effective Date: Sunday, October 21, 2018

Multi-Family

Bank FeeInterest RateTerms
No Points4.75%5/5/5 YR Balloon / 25 YR Payout*
No Points5.75%7 YR Balloon / 25 YR Payout
No Points6%15 YR Fixed Term (Self-Liquidating)

Terms and rates subject to change without notice.

*5-year term resets twice for an additional 5-years (Prevailing rate & remaining term).

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

Multi-family is considered to be 5 or more units.

 

Mixed Use

Looking to acquire or refinance a property containing both commercial and residential units, such as office/retail units and apartments? We are equipped to provide a lending solution that will facilitate your needs.

  • Options available for Commercial and Apartments:
    • 5 and 7 year balloon options with a 25 yr payout*
    • 15 year fixed term (self-liquidating) 
  • Zero points
  • Maximum 65 % loan to value
  • No prepayment penalties

*5-year term resets twice for an additional 5-years (Prevailing rate & remaining term).

Effective Date: Sunday, October 21, 2018

Mixed Use (Commercial & Apartments)

Bank FeeInterest RateTerms
No Points4.75%5/5/5 YR Balloon / 25 YR Payout*
No Points5.75%7 YR Balloon / 25 YR Payout
No Points6%15 YR Fixed Term (Self-Liquidating)

Terms subject to change without notice.

*5-year term resets twice for an additional 5-years (Prevailing rate & remaining term).

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

Commercial Use

Looking to acquire or refinance a commercial property? We offer several different programs to meet our clients’ needs. Use the funds to purchase a property, utilize the equity in your existing property for its renovation or the acquisition of other real estate.

  • Options available for Warehouse, Factory and Retail Taxpayer:
    • 5 and 7 year balloon options with a 25 yr payout*
    • 15 year fixed term (self-liquidating) 
  • Zero points
  • Maximum 65 % loan to value
  • No prepayment penalties

Effective Date: Sunday, October 21, 2018

Commercial Use (Warehouse, Factory & Retail Taxpayer)

Bank FeeInterest RateTerms
No Points4.75%5/5/5 YR Balloon / 25 YR Payout*
No Points5.75%7 YR Balloon / 25 YR Payout
No Points6%15 YR Fixed Term (Self Liquidating)

Terms and rates subject to change without notice.

*5-year term resets twice for an additional 5-years (Prevailing rate & remaining term).

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

 

 

Commercial Line of Credit

Customers holding commercial real estate first mortgages with Maspeth Federal on mixed use, multi-family and commercial buildings (warehouse, retail, office, buildings etc.) can utilize a line of credit to strengthen working capital. Once opened, available funds can be used as needed for operational expenses such as purchasing and upgrading equipment, improving cash flow (payroll), building renovations and more.

  • Interest rates adjusts monthly to the higher of the initial interest rate or prime rate plus 1%.
  • A maximum line of credit up to $1,000,000 (not to exceed 65% CLTV)
  • 5 year draw period (interest only)
  • Accessing your line of credit is as easy as writing a check ($2,000 minimum withdrawal required)
  • No points or prepayment penalties
  • Interest may be tax deductible
  • Converts into 15 year fixed self-liquidating mortgage after draw period
  • Renewal may be available at the end of the term

Effective Date: Sunday, October 21, 2018

Commercial Line of Credit (CLOC)

Bank FeeInterest RateTerm
No Points6%Interest rate adjusts monthly to the higher of the initial interest rate or prime rate plus 1%. Converts to 15 year fixed mortgage at prevailing rate at end of draw period.

Terms and rates subject to change without notice.

Maximum Loan Amount $500,000. The standard rate index shall be the Maspeth Federal Savings commercial interest rate for similar type property or the Prime Rate plus 1%, whichever is higher. This is an interest only product. Rate adjusts monthly. A non-refundable application fee is required. Rates subject to change without notice. Line of Credit shall remain open for a maximum of 5 years. Funds availability shall then close and the ending balance will convert to a closed end, fully amortized conventional mortgage for either a 10 or 15 year term set at the prevailing Maspeth Federal Savings commercial interest rate for similar type property. All closing costs will be paid by the borrower and will include, but not limited to, mortgage taxes, appraisal fees, attorney fees and title search fees. Closing costs MUST be paid at closing with newly issued Commercial Line of Credit check. Consult with your tax advisor with regard to interest tax deductibility.

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

Construction Loan

Do you have a construction project for which you need financing? Maspeth Federal Savings has been financing the construction of residential and commercial properties for over 40 years.

  • 24-month interest only option available; converts to a fixed mortgage at prevailing rate

Effective Date: Sunday, October 21, 2018

Construction Loans

Bank FeeInterest RateTerms
One Point7.75%24 Months (interest Only)

*Converted to fixed mortgage at prevailing rate.

Available for loan amounts below $750,000. Rates for loan amounts of $750,000 and above will be determined by the Bank. Loans over $500,000 on one family homes must be owner occupied. Up to 70% loan to value for purchases or refinances.

$350.00 Non-refundable application fee is required on all mortgage loans. 25% down payment required (except for first time home buyers - ask us for details). Terms and rates are subject to change without notice. Rates are for informational purposes only and are not binding until a formal commitment has been issued. Maspeth Federal Savings is an Equal Housing & Equal Opportunity Lender.

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

Land Loan

Own or looking to acquire a parcel of land? Maspeth Federal Savings has provided loans for acquisition and refinances of development sites.

  • Interest Only loans available with a maximum 50% loan to value

Effective Date: Sunday, October 21, 2018

Land Loans

Bank FeeInterest RateTerm
One Point8.75%5 YR (Interest Only)

Terms and rates subject to change without notice.

Thank you for your interest in a mortgage with Maspeth Federal Savings. To get your application started, please submit the form below and a member of our lending team will contact you within 1-2 business days. If you have additional questions, please call (718) 651-7888.

This is not an official application. By completing this application, you agree to be contacted by a member of Maspeth Federal Savings. You will be required to complete an official application to proceed with a mortgage with Maspeth Federal Savings.

Meet The Lenders

Our team of experienced lenders have over 100 years of experience combined and a long-standing reputation for integrity in the community. We're dedicated to building lasting relationships and will work to deliver tailored financing options, competitive rates and prompt decisions to help you move your business towards reaching its goals.

Headshot of Richard Maher

Richard Maher

Senior Vice President & Chief Lending Officer

Email
rmaher at maspethfederal dot com
Phone
718-651-7888
Headshot of Michael Palermo

Michael Palermo

Vice President & Mortgage Officer

Email
mipal at maspethfederal dot com
Phone
718-651-7888
Headshot of Glenn Rudzewick

Glenn Rudzewick

Vice President & Loan Officer

Email
grudzewick at maspethfederal dot com
Phone
718-651-7888

Our primary lending area consists of the 5 NYC boroughs (Manhattan, Queens, Brooklyn, Bronx, and Staten Island), Nassau, Suffolk, and Westchester Counties. Terms and rates are subject to change without notice. Rates are for informational purposes only and are not binding until a formal commitment has been issued. Maspeth Federal Savings is an Equal Housing & Equal Opportunity Lender.