The Advantages of Stated income Commercial Real Estate Financing
If you have been searching for commercial real estate financing, you know that it can be difficult to find the right lender. Some may reject you and others move too slowly. However, Select Capital Solutions may have a solution that will work for you, a stated income commercial real estate loan. This powerful financing tool offers many advantages over conventional mortgages.
How It Works
A stated income loan is different from a conventional loan because it is focused on the property in question. Whereas a conventional mortgage is primarily approved or rejected based on whether you will be able to repay it, the process for a stated income loan examines the value of the building.
This allows the approval process to move significantly faster than the normal process. There are fewer documents to review and the necessary information is readily available. If the value of the property is enough to cover the mortgage, taxes and insurance, there is a high chance you will be approved. So, you can get a loan even if you have multiple mortgages or less-than-perfect credit.
We can extend this type of loan to cover almost any type of building. Whether you work in apartments, warehousing, restaurants, offices or any other field, Select Capital Solutions is here to work with you.
What You Need To Know
Does a stated income loan sound like the right option for you? These are some of the advantages you need to know about:
- Qualifying credit scores as low as 600
- Funds available for an array of uses
- High loan-to-value ratios, especially on multiunit residences and mixed-use properties
- Only basic documentation needed
- Almost any property can qualify
- Amortization and 25-year terms
- Large loan amounts available
Contact Select Capital Solutions today to learn more about our stated income commercial real estate financing. One of our representatives will get you started with a free consultation.