Take Full Advantage of Your Collateral With a Stated Income Commercial Real Estate Loan
Real estate can be a great investment for a business, but acquiring funding may be difficult depending on your circumstances. Poor credit history can throw a wrench into the application process with a traditional bank, leaving you with valuable collateral but no way to access the equity. At Global Funding Sources, we offer a solution: stated income commercial real estate loans.
How They Differ From a Traditional Loan
You may be wondering how this type of financing is any different from a regular mortgage if it accomplishes the same end. The answer is surprisingly simple – it’s all about a change of focus.
Rather than relying on your credit history to predict whether you’ll be able to pay back the borrowed amount, stated income commercial real estate financing allows us to focus on the value of your collateral. In the event you default, this collateral should cover your debt.
What Benefits You Can Expect
This type of financing has a lot more to offer than just a “yes” from the lender. When borrowing on a state income loan, you can expect benefits such as these:
- 25-year amortization
- Fixed rates
- Amounts up to $500,000
- LTV between 65% and 75% depending on the property type
The application process also requires less paperwork than a traditional loan, which means quicker approval times.
Who Can Apply
These loans are a great fit for businesses that have been turned down for real estate financing in the past. To apply, be sure you meet the following qualifications:
- Can provide self-employment documentation or a W-2
- Have a credit score of at least 600
- The collateral value covers the insurance, taxes and mortgage
Once you’ve received your capital, you can use it for a number purposes, including property improvement or purchase, debt consolidation or refinancing.
How To Start Your Application
Global Funding Sources is here to help you discover all your financing options. To set up a consultation with our experts, contact us today.