Using a Stated Income Commercial Real Estate Loan
When you apply for a stated income commercial real estate loan with Banxis Financial, you don’t have to stress over your credit history. Unlike a traditional loan, stated income loans take a look at the value of the real estate you are looking to purchase, rather than relying solely on credit score. Whether you’ve been declined at other institutions or aren’t looking forward to the mountains of paperwork that come with traditional loans, a stated income loan might be in your best interest.
What Types of Businesses Qualify?
Stated income commercial real estate loans are for businesses of all types. We finance those in the restaurant industry, real estate world and multi-family unit owners. We offer funding for warehouses, retail shops and distribution centers. Because we don’t focus on credit history, qualification is determined by the actual property in question. Is the property’s value enough to cover insurance, mortgage and taxes? If so, you’re more than likely a candidate.
Qualified applicants can expect to do what they need with their loan. This might include one or more of the following items.
- Purchasing a new piece of property
- Building working capital for small purchases or employee wages
- Consolidating years of debt
- Refinancing the current property
- Making property improvements
What Can a Business Expect?
There are some basic features of a stated income real estate loan that commercial clients can expect when speaking with a Banxis Financial expert. They include:
- Fixed rates
- Minimal documentation
- High loan-to-value (LTV) ratios, varying by type of property
- Loan amounts possibly reaching $500,000
- Credit scores of 600 often qualifying
- Many property types being considered
How Do You Get Started?
To learn more about a stated income commercial real estate loan, contact the professionals at Banxis Financial. We look forward to showing you how this type of financing can improve your business.