Branches
Multi-Family
Your confidence in your financial future is our number one priority. Take advantage of competitive programs for acquiring or refinancing multi-family residential housing units (five-family or more).
- Options available:
- 5-year balloon option with a 25-year payout*
- 10-year balloon with a 25-year payout
- 15-year fixed term (self-liquidating)
- Zero points
- Maximum 65% loan-to-value ratio
- No prepayment penalties
Effective Date: Monday, September 9, 2024
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| No Points | 7.50% | 5/5/5 YR Balloon / 25 YR Payout* |
| No Points | 7.75% | 10 YR Balloon / 25 YR Payout |
| No Points | 8.50% | 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 with a mix of commercial and residential units? Our lending solutions are thoughtfully designed to facilitate the process.
- Options available for commercial space and apartments:
- 5-year balloon option with a 25-year payout*
- 10-year balloon with a 25-year payout
- 15-year fixed term (self-liquidating)
- Zero points
- Maximum 65% loan-to-value ratio
- No prepayment penalties
*5-year term resets twice for an additional five years (prevailing rate and remaining term).
Effective Date: Monday, September 9, 2024
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| No Points | 7.50% | 5/5/5 YR Balloon / 25 YR Payout* |
| No Points | 7.75% | 10 YR Balloon / 25 YR Payout |
| No Points | 8.50% | 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 programs that let you use the funds to purchase a property or leverage the equity in your existing property for renovations or acquiring other real estate.
- Options available for warehouse, factory and retail taxpayers:
- 5-year balloon option with a 25-year payout*
- 10-year balloon with a 25-year payout
- 15-year fixed term (self-liquidating)
- Zero points
- Maximum 65% loan-to-value ratio
- No prepayment penalties
Effective Date: Monday, September 9, 2024
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| No Points | 7.50% | 5/5/5 YR Balloon / 25 YR Payout* |
| No Points | 7.75% | 10 YR Balloon / 25 YR Payout |
| No Points | 8.50% | 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.
*5-year term resets twice for an additional five years (prevailing rate and remaining term).
Commercial Line of Credit
Strengthen your working capital with a line of credit designed for customers holding commercial real estate first mortgages with Maspeth Federal on mixed use, multi-family and commercial buildings (warehouse, retail, office buildings, etc.). You can use available funds as needed for operational expenses like purchasing and upgrading equipment, improving cash flow (payroll) and building renovations.
- Interest rates adjust monthly to the higher of the initial interest rate or the prime rate as reported in The New York Times
- Maximum line of credit up to $1,000,000 (not to exceed 65% CLTV)
- 5-year draw period (interest only)
- Access by 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 9, 2024
| Bank Fee | Interest Rate | Term |
|---|---|---|
| No Points | 8.50% | 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 costs 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
Need financing for a construction project? We’ve got your back. Meet with one of our lenders about your construction project.
- 24-month interest only option available; converts to a fixed mortgage at prevailing rate
Effective Date: Monday, September 9, 2024
| Bank Fee | Interest Rate | Terms |
|---|---|---|
| One Point | 9.75% | 24 Months (interest Only) |
*Converted to fixed mortgage at prevailing rate.
Land Loan
Own a parcel of land or looking to buy one? Let our lenders help you navigate the process of acquiring and refinancing development sites.
- Interest only loans available with a maximum 50% loan-to-value ratio of market value or sales price, whichever is less.
Effective Date: Monday, September 9, 2024
| Bank Fee | Interest Rate | Term |
|---|---|---|
| One Point | 10.75% | 5 YR (Interest Only) |
Terms and rates subject to change without notice.
Meet The Lenders
Your mission is our mission. That’s why we put you in the hands of experienced lenders who can work with you to deliver tailored financing options, competitive rates and timely decisions. At Maspeth Federal, we’re dedicated to building lasting relationships and helping you meet your financial goals.
Glenn Rudzewick
Senior Vice President & Chief Lending Officer NMLS#911661
- grudzewick at maspethfederal dot com
- Phone
- 718-651-7888
Michael Palermo
Vice President & Mortgage Officer NMLS#641253
- mipal at maspethfederal dot com
- Phone
- 718-651-7888
Our primary lending area consists of the five 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 and generates loans without regard to race, color, religion, national origin, sex including gender, gender identity, sexual orientation and disability.