Explore Your Options With Stated Income Commercial Real Estate Loans
If you’re trying to purchase a new commercial property or refinance an existing one, you may want to consider a stated income commercial real estate loan from Global Commercial Business Finance. With this type of loan, you can get approval based on the potential value of the commercial property instead of your personal or business credit history. It’s essential that your potential property income is able to cover the mortgage and other associated fees each month. Borrowers find this type of loan attractive because of how quick and simple the approval process is compared to traditional means of borrowing.
Why Stated Income Loans Are Sought
For most business owners, a stated income commercial real estate loan may be ideal if the property has the potential to generate regular income. Here are some other ways this type of loan can be useful to property owners.
- Initial Purchase – When looking for a new commercial property for your portfolio, this type of loan is a good bet.
- Business Debt – A stated income loan can help your company settle business debts with suppliers, the IRS or credit card companies.
- Property Upgrades – If you need to make improvements on a property, a stated income loan may work for you.
- Loan Refinance – When it’s time to refinance a loan for your existing property, you may get better terms and rates through this type of borrowing.
- Business Capital – If your company needs working capital to cover operations costs, a stated income loan may make the most sense.
Factors Influencing Approval
Getting approved for a stated income loan is more straightforward than other types of financing. Lenders typically want to see a credit rating of at least 600 and information about your income. Additionally, the LTV rate requirements may vary depending on what kind of retail or commercial property you’re working with.
Find out more by contacting Global Commercial Business Finance, LLC today. Learn how to get started with a stated income commercial real estate loan and take your business to the next level.