A Stated Income Loan May Be Right for You
Some businesses don’t want to deal with the sheer overwhelming amount of paperwork that can come with traditional loans. If that’s you, then LMC Alternative Business Capital has the solution you’re after in the form of a stated income commercial real estate loan.
A Brief Explanation of This Loan
If you’ve never heard of this loan before, there are two key differences you should know about. First, this loan doesn’t require as much paperwork as traditional loans, which means it can be approved faster. Proof of income is required, such as a W-2, as this is a stated income loan. Second, you need a credit score of 600 but the property’s value carries more weight. In this sense, the loan’s insurance, taxes and mortgage should be covered by the value of the real estate in question.
An Overview of the Terms
We know the terms of any loan agreement are a large part of your consideration. Here are the terms we include as part of our stated income commercial real estate loan:
- Amortization
- A maximum of 75% LTV
- Fixed rates
- $500,000 in financing
- 25-year terms
- Fast closing
A Few Highlights of The Uses
Versatility can often be a consideration when choosing a loan, and this one is no exception. This concept is applied to the types of properties covered by this loan and also the various ways you can use this loan for your projects. For example, you can use this for office buildings, retail stores, warehouses, auto facilities, storage units and restaurants, to name a few properties. As for how you can use this loan, here are common ways companies apply this loan to properties:
- Refinancing
- Building working capital
- Consolidating debt
- Purchasing property
- Building real estate
- Renovating existing buildings
Contact Us To Close on Your New Loan Soon
Does a stated income commercial real estate loan sound like the right option for you? If so, contact our team at LMC Alternative Business Capital and ask our experts about getting started.