What is Stated Income Commercial Real Estate Funding?
When attempting to get your business the funding it needs to keep running smoothly, it’s easy to encounter a number of different challenges. For instance, your credit history might contain some red flags that entice a bank or credit union to turn you down for a loan. Or, maybe there’s just not time for that mountain of paperwork required for a loan like that. Stated income commercial real estate loans can be a viable financing alternative for businesses trying to grow and expand by buying new property, or even making renovations to their current location. These loans can also be eligible for consolidation and helpful in freeing up capital previously tied up.
Why Consider a Stated Income Loan?
A Stated Income Commercial Real Estate Loan is valid for commercial establishments such as apartment buildings, restaurants and even warehouses. This type of loan holds the real estate itself at a greater importance than a credit score or history. It’s important to keep in mind, however, that this piece of property must be valued high enough to cover insurance costs, mortgage and taxes on the loan.
How Could a Stated Income Loan Benefit Your Business?
One benefit of this type of loan is that they are usually approved quickly, because there is a minimum amount of paperwork involved in getting approved. There are numerous other benefits, as well:
- Funds for consolidating debt, refinancing or enhancing properties, etc.
- Loans available for nearly all property types
- Up to $500,000 in financing
- Loans provided for credit score of at least 600
- 25-year terms for amortized loans
- Fixed rates
- Legal W-2 and self-employment paperwork provided
- High loan-to-value ratios of 60%, 65%, and even up to 75% LTV in some cases
Who Can Help?
Contact ClearView Capital today for more details about stated income commercial real estate financing. Our trained associates and financial advisors can help you make an informed decision and get your application started.