How a Stated Income Commercial Real Estate Can Give Your Business Financial Hope
Have you experienced the disappointment of being turned down for a loan when you need it the most? If your credit is keeping you from getting the financial support you need for your business, you’re not alone. Many startups fail within the first few years of doing business, and lack of money is one of the primary reasons they don’t succeed. A stated income commercial real estate loan may be the answer if you can’t get approval for a standard loan. It can be used to improve your current property, build working capital or consolidate debt.
Benefits of a Stated Income Loan
Unlike a traditional loan, a stated income commercial real estate loan puts more emphasis on the property you want to acquire than on your credit history. Even if your credit score is lower than you’d like it to be, you may still qualify for a stated income loan as long as the property you’re purchasing is valued high enough to cover all costs associated with it (including the taxes, mortgage and insurance). Benefits of this type of loan include:
- Large approval amounts up to $500,000
- A qualifying credit score of just 600 or higher is required
- You can receive up to 75% loan-to-value (LTV) if certain criteria are met
- Our loans have fixed rates and terms up to 25 years
- You can use the funding for any business want or need
- Our loans are fully amortized
In order to qualify for a stated income loan, you’ll need to show us self-employment or W-2 documentation. You’ll also need to meet a few other criteria, which we will be happy to explain to you during the application process.
Would you like to close on a commercial real estate loan in as little as two weeks? Contact us today to request your application and we’ll help you get started!