Put Your Property to Work for You
When you apply for a traditional bank loan, you have to submit your credit history and complete extensive paperwork. You may be hesitant to begin this process if you have weak credit or need to secure a loan quickly. However, if you are seeking a loan in order to purchase or refinance property, then you may be eligible for a stated income commercial real estate loan from Financial First Solutions. In order to be approved, your property’s value must cover the insurance, taxes, and mortgage of the loan.
Overview of Stated Income Loans
Review the following parameters to see if your company might be a good candidate for a stated income commercial real estate loan.
- Loans available for restaurants, apartments, warehouses, retail stores, and more
- Use funds to refinance, renovate, consolidate debt, or make purchases
- Use W-2 or self-employment documentation
- Loans of up to $500,000 available
- Credit score of 600 qualify
- Up to 65% loan-to-value (LTV) for auto services, offices, retail properties, warehouses and self-storage facilities
- Up to 70% LTV ratio for non-owner occupied investment properties of one to four units
- Up to 75% LTV for mixed use and multifamily properties with 5 or more units (these loans usually require credit scores of 700 or above)
Advantages of Stated Income Loans
Stated income commercial real estate loans do not require nearly as much paperwork as regular loans do, so the approval process moves more quickly than with traditional loans. As long as your property qualifies, you can close on the loan in as little as two weeks. Furthermore, approval is based on your property’s value rather than your personal credit score, so you can get the financing you need even if your credit is not strong.
Financial First Solutions, LLC provides a range of financial packages that make it easier to do business. Contact one of our representatives to learn more about what we have to offer.