Benefits of a Stated Income Commercial Real Estate Loan
Have you been turned down for loans elsewhere due to credit history or do you like the idea of doing away with the typical piles of paperwork that come with a loan approval process? Stated income commercial real estate loans from Bosley Financial Group are ideal for uses such as consolidating debt, purchasing property, improving property, refinancing and building working capital.
Differences Between Stated Income and Traditional Loans
A stated income commercial real estate loan focuses more on the piece of real estate in question and not on the credit history of the borrower. The value of the piece of property must be able to cover the mortgage, taxes and insurance of the stated income loan. A stated income loan is approved much more quickly than a traditional loan because borrowers do not need to show as much documentation to qualify.
Whether you deal in restaurants, warehouses, apartments, real estate or another type of business, you can qualify for a stated income commercial real estate loan as long as the property meets requirements.
General Loan Basics
Here is the lowdown on a few basics to help you decide whether a stated income loan could be ideal for your business.
- Qualifying credit score of 600
- Fixed rates, 25-year amortized loans
- Practically any property type welcome
- Funds used for various purposes such as purchasing, refinancing and debt consolidating
- W-2 or self-employment documentation
- Large loan amounts to as much as $500,000
- Up to 65% loan-to-value (LTV) for office, auto service, retail, self-storage and warehouse properties
- Up to 70% LTV ratio for non-owner occupied investment properties (1 to 4 units)
- Up to 75% LTV for multifamily and mixed use properties with 5 or more units (credit score of 700 and above usually required)
Contact Us Today
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!