How Can a Stated Income Loan Benefit Your Business
A stated income commercial real estate loan is a smart alternative financial solution to traditional loans. Because this type of funding uses different criteria to determine eligibility, it is a great way for companies that are struggling financially to obtain the funding they need to grow. The loans offered by Transcend Commercial Capital are designed to help all type of businesses reach their full potential.
What Makes a Stated Income Loan Different?
Traditional loans come with a rigorous application process and often require a significant amount of paperwork. To qualify, your company must have a good credit history. New business often have trouble securing financing for this reason. However, stated income loans focus more on the property you own to determine approval. If the value of your property exceeds the cost of its expenses, including mortgage, taxes and insurance, it qualifies for a stated income loan. This makes stated income financing an excellent investment for any type of company. It also comes with significantly less paperwork.
What Are the Benefits of a Stated Income Loan?
Although stated income loans place less emphasis on credit history that traditional loans do, you need to have a credit score of at least 600 to qualify. The money you receive can be used to consolidate debt, purchase inventory and equipment, refinance or renovate as needed. Securing this type of funding provides you with numerous advantages, including those listed below.
- Self-employment and W-2 documentation
- 75% LTV for multifamily and mixed-use properties
- 70% LTV for investment properties
- 65% LTV for commercial properties
- 25-year terms
- Fixed interest rates
- Full amortization
Securing a stated income commercial real estate loan is an excellent way to enrich your business. This flexible form of financing can be used in any way to help you grow your company. Contact Transcend Commercial Capital today to discuss your financial needs and apply for a stated income loan.