A stated commercial loan, or Stated-Income Loan, is a loan that is more concerned with the piece of real state rather than what the borrower’s credit history consists of.
These loans are an alternative to the more traditional type of commercial loan that requires reams of paperwork, such as P &L’s, 3 years of tax returns, etc., if you are looking to purchase, get cash out or to refinance a commercial property.
The value of the property’s income must be capable of servicing the mortgage, real estate taxes, and property insurance for a Stated Income Commercial Loan to be approved.
An advantage to stated income commercial loans is that the approval process is much quicker, when compared to a traditional commercial loan, because there are fewer documents that need to gathered and disseminated by an underwriter in order to qualify the borrower.
With this type of loan, it is generally for someone that has a difficult time being able to their income and you can usually be approved with a lower credit score.
There are several other barriers that may preclude you from qualifying for a commercial property loan. Some of these include a low credit score, back real estate taxes, or you have a special purpose property. These can all be blocking your ability to get the money you need for your property.
Stated Income Commercial Loans can also be used for debt consolidation, purchase of a property, property improvements (rehab), working capital, and refinancing your current loan for better terms.
One of Our Trusted Partners specialize in this very type of financing for your commercial property needs. South End Capital can provide both short -term and long-term mortgage solutions that can be secured by most commercial type properties:
- Investment Residential 1 to 4 units
- Multifamily 5+ Units
- Mixed-Use
- Office
- Retail
- Warehouse
- Industrial
- Mobile Home Park
- Self-Storage
- Automotive
- Daycare
- Restaurant
- Bar
- Hospitality
- Funeral Homes
- Campgrounds
- Gas Stations
- And more
Purchase, refinance, renovation, fix-and-flip, and cash-out loans can be available nationwide, although geographic restrictions may apply.
With our Stated Income Loan you only need a minimum credit score of 600, and there are no tax returns that are required. Interest only is available as well as no upfront fees, and no upfront credit checks.
Rates for these loans start at 5.25% and you can get up to 80% LTV. You can get a loan between $150k to $20 million with a stated income commercial loan.
Contact us to get started today.
