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Multi-Family
Take advantage of competitive programs for the acquisition or refinancing of multi-family residential housing units (5-family or more).
- 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: Monday, September 21, 2020
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| No Points | 3.50% | 5/5/5 YR Balloon / 25 YR Payout* |
| No Points | 3.75% | 10 YR Balloon / 25 YR Payout |
| No Points | 4.75% | 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).
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: Monday, September 21, 2020
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| No Points | 3.50% | 5/5/5 YR Balloon / 25 YR Payout* |
| No Points | 3.75% | 10 YR Balloon / 25 YR Payout |
| No Points | 4.75% | 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).
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: Monday, September 21, 2020
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| No Points | 3.50% | 5/5/5 YR Balloon / 25 YR Payout* |
| No Points | 3.75% | 10 YR Balloon / 25 YR Payout |
| No Points | 4.75% | 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). Note that the 5-year initial rate is an introductory rate.
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 as reported in The New York Times.
- 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: Monday, September 21, 2020
| Bank Fee | Interest Rate | Term |
|---|---|---|
| No Points | 3.25% | The interest rate adjusts on the first of the month to the higher of the initial interest rate or prime rate as reported in The New York Times. Converts to a 15 year fixed mortgage at prevailing Maspeth Federal Savings commercial interest rate for a similar type property at end of draw period. |
Terms and rates subject to change without notice.
Maximum Loan Amount $1,000,000. The standard rate index shall be the Prime Rate as reported in the New York Times. The rate is subject to change as the Prime Rate changes. During the draw period the interest rate shall not be lower than the rate at time of loan closing. 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. Note that the payment will be interest only during the 5 year draw period. Funds availability shall then close and the ending balance will convert to a closed end, fully amortized conventional mortgage for a 15 year term. The rate will be fixed at the prevailing Maspeth Federal Savings Commercial interest rate for the 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 MUST be paid at closing with newly issued Commercial Line of Credit check. Consult with your financial advisor with regard to interest tax deductibility.
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: Monday, September 21, 2020
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| One Point | 7.50% | 24 Months (interest Only) |
*Converted to fixed mortgage at prevailing rate.
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: Monday, September 21, 2020
| Bank Fee | Interest Rate | Term |
|---|---|---|
| One Point | 8.50% | 5 YR (Interest Only) |
Terms and rates subject to change without notice.
Meet The Lenders
Our team of experienced lenders have 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.
Michael Palermo
Vice President & Mortgage Officer
- mipal at maspethfederal dot com
- Phone
- 718-651-7888
Glenn Rudzewick
Vice President & Loan Officer
- 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.