Take Advantage of a Stated Income Commercial Real Estate Loan
Are you tired of being turned down for loans because of a shaky credit history or the complete lack of one? Do you dislike applying for loans because of the extensive application process and mass amounts of paperwork? Do you wish there was an easier way to borrow money? Fortunately, there is. Talk to Aspen Commercial Lending about our stated income commercial real estate loans today.
The Basics of a Stated Income Loan
A stated income loan can be used for any number of reasons, including improving property, purchasing property, consolidating debt, building working capital and refinancing. To decide whether this type of financing is ideal for your business, consider the following:
- Fixed rates for up to 25 years
- Great for just about any property type
- Qualifying credit score of 600
- W-2 or self-employment documentation
- Loans of up to $500,000
- Loan-to-value rate of up to 75% for properties that contain five or more units and that are for mixed use or multiple families
- An LTV of up to 70% for investment properties of between one to four units that are not occupied by owners
- Up to 65% LTV for auto service, office, retail, warehouse and self-storage properties
How a Stated Income Commercial Real Estate Loan Differs
A stated income loan differs from a traditional loan in that when you apply, lenders look toward the value of the property in question as opposed to your credit history. The value of the property must be able to cover the mortgage, insurance and taxes of the loan. Because the only documentation you need to provide when applying is the property assessment, approval for stated income loans typically happens much more quickly than it does with traditional loans.
Contact Us Today
Are you interested in acquiring a stated income commercial real estate loan? If so, reach out to Aspen Commercial Lending today. You could be closing in as little as two weeks!