Grow Your Business With a Stated Income Loan
Taking out a stated income commercial real estate loan can be a great way to grow your business by allowing you to refinance, make purchase orders, consolidate debt, or build working capital. With this type of loan, you could meet the needs of your company without dealing with piles of traditional paperwork or being turned down due to your personal credit history. If you have ever had trouble getting approved for a traditional loan, you may benefit from securing a stated income loan with TGI Brooks Capital.
What Are the Basics for a Stated Income Loan?
A stated income commercial real estate loan could benefit many businesses. If you have a credit score of at least 600 and are looking for a loan with the specifications listed below, a stated income loan may be the perfect solution for your business.
- Offers funds for consolidating debt, purchasing orders or refinancing to improve your bottom line
- Fixed rates
- Up to 65% LTV for warehouse, self-storage, office, retail, and auto service properties
- Up to 70% LTV for investment properties that are not occupied by the owner
- Up to 75% LTV for multifamily properties
- Documentation for W2s and self-employment
- Amortized loans for 15 years
- Large loan amounts up to $500,000
How Are Stated Income and Traditional Loans Different?
Stated income loans require less documentation that traditional ones. This is because traditional loans are approved based on the credit history of the borrower, while stated income loans look mainly at the piece of real estate involved. As long as the mortgage, insurance and taxes of the property are covered by its value, the loan will likely be approved.
As long as your property meets the requirements, nearly any business can qualify for a stated income loan, including the types listed below.
- Real estate
If you think your business could benefit from a stated income loan, contact us today for more information.