Stated Income Loans for Better Property Transactions
Do you have your eye on a piece of real estate and need funding to acquire it for your business? Have you tried to get a traditional loan but were turned down because of your credit score or history? If so, a stated income commercial real estate loan from Elevation Financial could be the answer to your problem. Not only can we help you with a real estate purchase but we can also help you refinance or improve a property you already own.
What Is a Stated Income Loan?
While many loans have the same foundation, a stated income loan is significantly different from a traditional loan. Instead of focusing on the borrower and their financial history, the scrutiny is directed towards the piece of property itself. Regardless of the type of building or property, its value must meet or exceed the full value of the loan, including insurance, mortgage, and taxes. Since the focus is not primarily on the borrower, there is less required documentation and the loans are often processed more quickly than traditional loans.
If you are not convinced, here is some more information that may help you make up your mind. These are things you will need or will get from this loan.
- Documentation of self-employment
- 600 credit score qualification
- 25-year amortized loans with fixed rates
- Up to 65 to 75% loan to value ratio for varying property types
- Generous loan amounts
- Funds for debt consolidation, purchases, and refinancing
- A large variety of property types welcome
A stated income commercial real estate loan has a lot of potential benefits and requires less for qualification than many traditional loans. If you have had trouble acquiring a traditional loan up to this point, a stated income loan from Elevation Financial could be the right choice for you.
Are you ready to see if your current or desired property qualifies? Contact us today for more details.