A commercial mortgage from CFCU helps you confidently purchase business real estate in or around Ithaca, New York. Our competitive rates and limited closing costs are just a few of the perks that our business members receive when buying a commercial property.
Benefits of a CFCU Commercial Mortgage
Here are some of the primary benefits of choosing CFCU for financing your commercial property. For starters, we offer limited closing costs, with savings totaling up to $7,500. We cover up to $2,500 each for the property appraisal, CFCU's attorney, and mortgage tax.*
There's also no application fee, so you can explore all of your options without any risk. And if you pay off the loan or sell the property earlier than expected, you're never charged a pre-payment penalty.
Finally, CFCU business members have tons of flexibility to choose from when structuring a commercial mortgage in Ithaca. Choose from three term options: a 15-year fixed rate, a 20-year adjustable rate, or a 25-year adjustable rate.**
How to apply For A Commercial Mortgage in Ithaca, New York
All applicants need to submit a copy of the signed purchase agreements, as well as three years of federal tax returns. For LLCs and corporations, you need just a few more key documents:
- A year-to-date profit and loss statement
- IRS verification letter for your Employer Identification Number (EIN)
- Articles of organization, operating agreement, and/or bylaws and certificate of incorporation
Once approved, we'll help you set up automatic monthly payments so you can focus on running your business out of your new commercial location! There is a 0.50% commitment fee with a minimum of $250.
*Limited Closing Costs - All loans are subject to approval. Existing CFCU Commercial Mortgages and 2nd Chance Business Mortgages are not eligible for this promotion. Required 5-year recapture period applies to Limited Closing Cost Commercial Mortgages. Interest accrual begins on date of contract. NMLS #299582.
**Maximum loan term is based on Loan to Value (LTV).15-year Fixed Rate, finance up to 80% of purchase price. 20-year Adjustable Rate, finance up to 80% of the purchase price, rates adjust every 5 years. 25-year Adjustable Rate, finance up to 75% of the purchase price, rates adjust every 5 years.
