Could You Benefit From a States Income Commercial Real Estate Loan?
If you have poor personal credit and a business that has yet to establish its own good credit, you could find it hard to receive the loans you need to get working capital and get your company on track. For this reason, many business owners are choosing to turn to stated income commercial real estate loans. JB Funding Solutions can help you secure one if you determine it is the right choice for your business.
How Stated Income Loans Stack Up Against Traditional Loans
Approval for a traditional loan is typically based on your credit history and that of your business. If you have less-than-perfect credit, you won’t likely be approved for a traditional business loan. Stated income commercial real estate loans are based on the value of your property rather than on your own credit. The property must be valuable enough to cover the taxes, insurance and mortgage of a stated income loan. The type of business is not important as long as the property meets these requirements. Buildings can be single units or include multiple units on one property but must be maintained if you want a high-value loan.
Basics of the Loan
Check out these basics to determine if you think a stated income loan is right for you.
- Faster approval rates than traditional loans have
- Fixed repayment rates on 25-year amortized loans
- Use your borrowed money for any reason you see fit, including remodeling or paying down debt
- Receive as much as $500,000 for your property
- Up to 70 percent LTV ratio for properties that are non-owner occupied
- Provide self-employment or W-2 documentation
- Credit score of 600 to qualify
If you’ve decided that a stated income commercial real estate loan is right for you, contact JB Funding Solutions to start your application. We look forward to helping you through the process.