Do You Qualify for a Stated Income Commercial Real Estate Loan?
If you are a smaller business, chances are you’ve been turned down for a loan. It might be because your credit isn’t just so, or it might be because banks aren’t interested in financing smaller entities. Either way, commercial property could be your ticket to securing the stated income commercial real estate funding you need from us, Himsl Consulting, LLC.
This type of financing looks at the property in question for collateral and not your credit worthiness. If your property value covers the insurance, mortgage and taxes of the money you wish to borrow, you might have a deal. You can use your stated income loan to finance
- A working capital boost
- Debt consolidation
- Property purchase
- Property refinance
The application process is less painful, too. You won’t need to provide as much documentation because you aren’t justifying your credit score. Rather, you must show the property’s value, and if all goes well, your stated income loan should be approved and closing within three weeks.
Businesses That Benefit
If you own property, your business may qualify regardless of what it is. Nonetheless, those who take advantage of stated income commercial financing most often are those who own apartments, other commercial real estate, restaurants or warehouses.
Although your credit will not be the primary consideration in the approval process, you must still have a score of at least 600. If you do and can prove your income via W-2 or self-employment documentation, you might be able to secure a fixed-rate loan that carries a 25-year amortization term.
We here at Himsl Consulting, LLC are willing to finance as much as $500,000. We will consider a loan-to-value ratio of 65 percent for commercial property, 70 percent for residential investment property of up to four units, and 75 percent for five-plus-unit mixed-use properties. Contact us today to discuss how our stated income commercial real estate financing works for you.