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Commercial Real Estate

See for yourself what makes us a trusted commercial lender in Queens and Long Island.

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Commercial Line of Credit

Boost your working capital with a credit line designed for MFS members holding commercial real estate first mortgages on mixed-use, multi-family and commercial buildings.

Features & Benefits

  • Use available funds for operational expenses like buying and upgrading equipment, improving cash flow and payroll, and making renovations to your office, retail or warehouse space.
  • Interest rates adjust monthly to higher of initial interest rate or 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)
  • Write a check to access funds ($2,000 minimum withdrawal required)
  • No points or prepayment penalties
  • Interest may be tax-deductible
  • Converts to 15-year fixed self-liquidating mortgage after draw period
  • Renewal may be available at term end

Commercial Line of Credit

Effective Date: 12/21/2024

7.50%

Interest Rate

  • Maximum - $1,000,000
  • Points - No points
  • Term - 5-year draw
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Terms and rates subject to change without notice.

*Maximum Loan Amount: $1,000,000. The standard rate index will 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 will remain open for a maximum of 5 years. Note that the payment will be interest-only during the five-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 regarding interest tax deductibility.

Construction Loan

Building from the ground up, expanding your space or something else – whatever the financing need, we're here to help. Meet with one of our commercial lenders about your construction project.

Features & Benefits

  • 24-month interest-only option available
  • Converts to a fixed-rate mortgage at prevailing rate at term end*

Construction Loan

Effective Date: 12/21/2024

9.50%

Interest Rate

  • Points - One point
  • Terms - 24 Months (interest only)
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*Converts to fixed-rate mortgage at prevailing rate at the end of the initial 24-month term. 

Land Loan

Acquiring or refinancing a parcel of land can be tricky terrain to navigate. Let our commercial lenders help guide you through the process of buying or developing a new or existing site.

Features & Benefits

  • Interest-only loans available 
  • Maximum 50% loan-to-value ratio of market value or sales price, whichever is less

Land Loan

Effective Date: 12/21/2024

10.50%

Interest Rate

  • Points - One point
  • Term - 5-year interest only
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Terms and rates subject to change without notice.

Multi-Family

Take advantage of competitive commercial lending loan programs for acquiring or refinancing multi-family residential housing units with confidence in your financial future. 

Features & Benefits

Options available for five-family or more:

  • 5-year balloon option with 25-year payout*
  • 10-year balloon with 25-year payout
  • 15-year fixed term (self-liquidating)
  • Zero points
  • Maximum 65% loan-to-value ratio
  • No prepayment penalties

Effective Date: 12/21/2024

PointsInterest RateTerms
None7.00% 5/5/5-year balloon / 25-year payout*
None7.25%10-year balloon / 25-year payout
None8.00%15-year fixed term (self-liquidating)
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Terms and rates subject to change without notice. 

Multi-family is considered to be five or more units. 

*Five-year term resets twice for an additional five years (prevailing rate and remaining term). Note that the five-year initial rate is an introductory rate.

Mixed Use

Properties with a mix of commercial and residential units can be a great real estate investment. Work with our commercial lenders to design a purchase or refinance solution that maximizes your interests.

Features & Benefits

Options available for commercial space and apartments:

  • 5-year balloon option with 25-year payout*
  • 10-year balloon with 25-year payout
  • 15-year fixed term (self-liquidating)
  • Zero points
  • Maximum 65% loan-to-value ratio
  • No prepayment penalties

Effective Date: 12/21/2024

PointsInterest RateTerms
None7.00% 5/5/5-year balloon / 25-year payout*
None7.25%10-year balloon / 25-year payout
None8.00%15-year fixed term (self-liquidating)
Apply Now

Terms and rates subject to change without notice. 

*Five-year term resets twice for an additional five years (prevailing rate and remaining term). Note that the five-year initial rate is an introductory rate.

Commercial Use

Choose from a range of lending programs to finance a new property or leverage the equity in your existing property for making renovations or acquiring other real estate.

Features & Benefits

Options available for warehouse, factory and retail taxpayers:

  • 5-year balloon option with 25-year payout*
  • 10-year balloon with 25-year payout
  • 15-year fixed term (self-liquidating)
  • Zero points
  • Maximum 65% loan-to-value ratio
  • No prepayment penalties

Effective Date: 12/21/2024

PointsInterest RateTerms
None7.00% 5/5/5-year balloon / 25-year payout*
None7.25%10-year balloon / 25-year payout
None8.00%15-year fixed term (self-liquidating)
Apply Now

Terms and rates subject to change without notice. 

*Five-year term resets twice for an additional five years (prevailing rate and remaining term). Note that the five-year initial rate is an introductory rate.

Jump to a Product

  • Features
  • Commercial Line of Credit
  • Construction Loan
  • Land Loan
  • Multi-Family
  • Mixed Use
  • Commercial Use
    • Points
    • None
    • One
    • One
    • None
    • None
    • None
    • Terms
    • 5-year draw period (interest only) converts to 15-year fixed mortgage
    • 24 months (interest only)
    • 5 years (interest only)
    • 5/5/5-year balloon / 25-year payout*

      10-year balloon / 25-year payout

      15-year fixed term (self-liquidating)
    • 5/5/5-year balloon / 25-year payout*

      10-year balloon / 25-year payout

      15-year fixed term (self-liquidating)
    • 5/5/5-year balloon / 25-year payout*

      10-year balloon / 25-year payout

      15-year fixed term (self-liquidating)
    • Interest Rate
    • 7.75%
    • 9.50%
    • 10.50%
    • 7.00%, 7.25%, 8.00%, respectively
    • 7.00%, 7.25%, 8.00%, respectively
    • 7.00%, 7.25%, 8.00%, respectively

    *Five-year term resets twice for an additional five years (prevailing rate and remaining term). Note that the five-year initial rate is an introductory rate. 

    Terms and rates subject to change without notice.

    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, disability, familial status, marital status, age, applicant’s receipt of income from a public assistance program and applicant’s exercise of any right under the Consumer Credit Protection Act.

    Meet the Lenders

    In commercial real estate, rates and timing are the big priorities (besides location, of course). Our commercial lenders know the local market and will work hard to meet your budget and timelines.

    Glenn Rudzewick

    Senior Vice President & Chief Lending Officer, NMLS#911661

    Phone: 718-651-7888

    Michael Palermo

    Vice President & Mortgage Officer, NMLS#641253

    Phone: 718-651-7888

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    Routing Number #:
    221472792
    NMLS #:
    410836
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