Understanding a Stated Income Loan
Unlike a traditional loan that focuses more heavily on the credit history of the borrower, a stated income commercial real estate loan is more concerned about the piece of real estate the loan is being used for. As long as the value of the property can cover the mortgage, insurance and taxes of the loan, you can usually get approved for this type of loan quickly and without as much paperwork as a traditional loan. While most kinds of businesses can qualify for a stated income loan, it can be an ideal loan for real estate since it emphasizes property values.
Web Finance Direct offers competitive loan-to-value percentages and accepts documentation such as a W-2 or self-employment papers to make the process even easier.
Advantages To Using a Stated Income Loan
Whether you are looking to purchase, improve or refinance a property, there are many benefits to using a loan like this. You can even use this kind of loan to build working capital or consolidate debt. Take a look at some of the other reasons a stated income loan could work for you.
- You can get approved without perfect credit
- Decreased paperwork to fill out
- You only need a credit score of 600 to qualify
- Funds are available for a variety of uses
- Optional loan amounts up to $500,000
Put Your Property To Work
If your credit history has caused you to be declined for more traditional loans or if you’re looking for a way to get approved for a larger loan amount, use the value of a property to help solve your problems. Because there is less paperwork involved with this type of loan, you can be approved much faster and get the money you need quickly.
Contact Web Finance Direct for more details about how a stated income commercial real estate loan could be right for you. You could be only a couple weeks away from having the money you need to make a difference for your business.