Commercial Mortgages
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Clifton Savings Bank will make first mortgage loans on commercial real estate, mixed-use properties and multi-family dwellings located in the counties of Bergen, Passaic, Hudson, Essex, 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. |
Programs and Fees
| Rates Effective: | November 22, 2010 |
| Minimum Loan: | $50,000 |
| Maximum Commercial Loan: | $6,000,000 |
| Maximum Multifamily Loan: | $6,000,000 |
| Maximum LTVR: | 75% |
| Application Fee: | $590 plus appraisal cost; due at time of application |
| Points: | 1/2% of loan amount; due at time of commitment |
| Attorney Review Fee: | $250; due at time of closing |
| Prepayment Penalty: | Graduated during first 5 years; none after 5 years |
| 15 Year Fixed Rate: | 5.625% |
| 10 Year Fixed Rate: | 5.250% |
| 10/1/25 Adjustable Rate: | 5.625% |
| 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: | 5.250% |
| Adjustments and Caps: | Adjusted every 5 years to 3.00% over 5-year Treasury bill; 2.50% cap per adjustment |
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1433 Van Houten Ave Clifton, NJ 07013 Toll Free: 1-888-562-6727 Fax: 973-473-3638 |
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