Commercial and Multifamily Mortgage Loans

Bogota Saving bank has been a leader in providing real estate loans for over 117 years. As a community bank we have local decision makers that live, work and know the local markets. Our lending professionals will provide you with the highest level of service in ascertaining your financing needs.

Below are some of the highlights of our financing terms. This list is not all inclusive. Please call us for other terms. * Rates, terms and conditons are also subject to change at any time without prior notice.

Commercial Mortgages:
Maximum Commercial Loan Amount: $4,000,000
Maximum Loan to Value Ratio: 70%
Prepayment penalty: First Five Years
Minimum Debt Service Coverage Ratio 1.25X
Personal Guarantees Required
Business checking account required
Adjusts every five years thereafter to the NY Federal Home Loan Bank five year advance rate plus 2.50% with a floor of the initial rate. Amortizes over 25 years with a 20 year maturity.

Multi-family Mortgages:
Maximum Multi-family Loan Amount: $4,000,000
Maximum Loan to Value Ratio: 75%
Prepayment Penalty: First Five Years
Minimum Debt Service Coverage Ratio 1.20X
Personal Guarantees Required
Checking Account and all rent security accounts required.
Rate can be fixed for the first 5, 7 or 10 years. Adjusts every five years thereafter to the NY Federal Home Loan Bank five year advance rate plus 2.50% with a floor of the initial rate. Amortizes over 30 years with a 20 year maturity.,

Real Estate Secured Small Business Credit Lines

If you are looking for flexibility that you are in control of you can use your commercial real estate or your personal residence or investment property to obtain a line of credit for your small business.

You may call or email one of our lending professionals for additional information or to talk through a scenario. Please refer to our Loans Page for the contacts. Or you may download and complete our Application, Environmental Questionnaire & Personal Financial Statement: These items should be returned to the Mortgage Department in Teaneck, NJ with the following items.

• $250 Non-refundable Processing Fee, applications will not be considered without the fee.
• Signed copies of your three most recent years of personal and business FEDERAL INCOME TAX returns with all attached schedules.
• Copy of actual income and expenses for subject property.
• Copy of all leases.
• Your most recent business financial statement (or within the past three months).
• Asset Verification: Account statements for the most recent three consecutive months.
• A fully executed copy of the Purchase Sales Contract if applicable must be submitted with your application.