Buy Property With a Stated Income Commercial Real Estate Loan
Real estate is a great investment for many businesses, especially those looking to expand. However, obtaining a traditional loan usually involves piles of paperwork and can take weeks in some cases. What happens if you endure all that inconvenience, only to be rejected?
OneClick Commercial Funding is proud to offer an alternative: stated income commercial real estate loans. Not only are they easier for businesses to get, but they also offer benefits a traditional loan just can’t compete with.
How Does It Work?
When you apply for stated income commercial real estate financing, the approval process is slightly different than that of a conventional loan. Instead of looking at your credit history, lenders place more emphasis on the value of the property. To be approved, the property’s value must cover the total amount of the loan, which generally includes the following:
How much you’re able to borrow depends on the property’s value and type.
Who Can Benefit From This Type of Loan?
If your credit history is less than stellar, this type of loan may be a good option. In order to apply, you’ll need self-employment documentation or a W-2, and a credit score of at least 600. If you’re looking for a higher LTV ratio, you may need a higher score.
These kinds of loans may also be perfect for borrowers who want to purchase real estate quickly. Because the focus is on the property value, there’s less paperwork involved and therefore a shorter approval timeline.
What Are the Advantages?
Choosing a stated income loan with OneClick Commercial Funding can yield several advantages for borrowers:
- Use for any type of property
- Amounts up to $500,000
- 75 percent LTV for properties with at least five units
- 70 percent LTV on investment properties that contain 1-4 units and aren’t owner-occupied
- 65 percent LTV for warehouse, office, self-storage, retail and auto service properties
Loans are amortized, have fixed rates, and can have up to 25-year terms.
How Can You Apply?
Our experts are happy to help you get the right loan for your purposes. To schedule a consultation, contact us today.