Benefits of a Stated Income Commercial Real Estate Loan
Has your spotty credit history cost you a loan approval? Are you tired of wading through oceans of paperwork to apply for loans? Consider a stated income commercial real estate loan from Gold Eagle Financial Group, which shifts the focus away from personal credit history and requires a lot less paperwork during the application process.
Focus in on Property Value
The amount of a stated income commercial real estate loan depends on the property and its value, which must cover the cost of the mortgage, as well as insurance and taxes. It doesn’t matter what kind of business you’re in; a stated income loan is within your reach as long as the value of your property meets the requirements of the loan.
You can use a stated income loan to meet a variety of business needs, including buying or improving the property, building working capital, refinancing a loan or consolidating debt. Because there is less documentation required to qualify, the approval process is much quicker than with other loans.
Benefits of Stated Income Loans
Take a look at the various benefits a stated income loan offers:
- Nearly all types of property can qualify
- W-2 or documentation of self-employment
- Loan amounts up to $500,000
- Credit scores as low as 600 can qualify
- Fixed rates offered on 25-year payback schedule
- Loan-to-value (LTV) is up to 65% for warehouse and self-storage, commercial office, retail or auto service businesses
- LTV as much as 70% for investment properties occupied by tenants other than owner; ratio applies to properties with 1-4 units
- LTV up to 75% on properties with mixed and multi-family uses; this ratio is for properties with 5 or more units. A credit score of 700 or higher is typically required
Call Us Today to Apply
Get more information about a stated income commercial real estate loan by contacting us today. If approved, you could receive your funds in as few as two or three weeks.