Proven Advantages of a Stated Commercial Loan
As a business owner, if you have tried to obtain a commercial real estate loan in the past few years, you know how difficult it can be. With stacks of paperwork to fill out in hopes of obtaining a traditional loan, and then waiting for weeks to see if your company would be approved, the process can be difficult, frustrating, and time consuming. On top of that, if the loan is approved, you may find yourself hoping that amount would be enough to cover the total you requested in the first place.
Helping Your Business
When you apply for a stated business loan, the real estate is the focus of the loan process, not your credit history or previous loan qualifications. If the property can cover the taxes, insurance, and mortgage, the loan can often be approved quickly. Here are only a few of the many ways a <company name> stated income commercial real estate loan could benefit your company:
- purchasing property
- consolidating debt
- building capital
- improving property
That means if you are dealing with apartments, warehouses, eateries, or many other types of commercial business assets, your property can probably qualify for a stated income commercial real estate loan.
Understanding the Basics
There are a few things you should know about stated income financing before you decide to apply for the loan. Here are the basics:
- Your credit score must be 600 or above.
- Loans are offered for as much as $500,000.
- You must have self-employment documentation or a W-2.
- Most loans are a fixed rate for 25 years.
Beginning the Process
There isn’t much paperwork involved when you request a stated income loan from LaGray Finance. The process can move from beginning to end in as little as three weeks. Contact us today and let us help you find out if this is the right loan for you.