Choosing the Right Real Estate Loan
If you have been turned down for loans elsewhere due to credit history, or if you want to do away with the paperwork that comes with a loan application process, a stated income commercial real estate loan may be the right fit for you. Stated income loans from Business Capital Services are ideal for consolidating debt, purchasing or improving property and building working capital.
Differences Between Stated Income and Traditional
Unlike traditional real estate loans, stated income commercial real estate loans focus on the value of the piece of real estate, not on the credit history of the borrower. For this reason, stated income loans are approved more quickly than traditional loans; borrowers only need to show documented proof that the value of the property will be able to cover the mortgage, taxes and insurance, instead of their credit and financial histories.
Whether or not you qualify for a stated income loan depends on the value of the property, not the type of property it is. As long as the value can cover the loan, you can use it to finance any kind of property.
Loan Basics
Here is what you need to know to help you decide if a stated income commercial real estate loan could be ideal for you and your business:
- Credit history: Qualify for loans with a credit score as low as 600.
- Fixed rates: Pay one monthly rate for your entire 25-year loan.
- Amount: Borrow as much as $500,000 when you qualify
- Property Flexibility: Use loans for apartments, restaurants, warehouses or any other type of real estate.
- Financial Freedom: Use funds for debt consolidation, purchasing or refinancing.
Contact Us Today
Think a stated income loan is right for your business? If so, get in touch with us today to further discuss a stated income loan. You could be closing in as little as two to three weeks!