Could Your Business Benefit From a Stated Income Commercial Real Estate Loan?
It is not uncommon for businesses of various sizes to be turned down for standard loans for a variety of reasons. If this happens to you, or if you would just rather not deal with the mountains of paperwork that are typically required with traditional loans, our stated income commercial real estate program may be a better choice. Our stated income loans are frequently used to purchase property, make improvements to current property, consolidate debt, build working capital and refinance.
What You Should Know
It’s important to understand as much as you can about a loan before you apply for it. Here are a few key features of our stated income commercial real estate loans that make them attractive options for many business owners:
- Up to 75% loan-to-value for mixed use or multifamily properties that are composed of at least five units (qualifying credit score required)
- Up to 70% LTV for investment properties that are not owner occupied and have anywhere between one and four units
- Up to 65% LTV for certain property types, including auto services, warehouses, offices, self-storage and retail
- Minimum credit score of 600 required for approval
- Many different property types can be approved
- Fixed rates on amortized, 25-year loans
- Self-employment or W-2 documentation required
- Once approved, funds can be used for practically any purpose
Approval for our stated income loans primarily focuses on the value of the real estate you are acquiring, rather than on your personal credit history. So, whether you deal primarily in apartments, restaurants, real estate or any other property type, you have a good chance of qualifying for our stated income loans if your property meets our requirements.
In two or three weeks from now, you could be closing on any type of property. To start applying for our stated income commercial real estate loan, give us a call at 919-241-8726 today!