Is a Stated Income Loan Right for Your Real Estate Project?
Have you been rejected for a conventional real estate loan? Do you want to move quickly with less paperwork to fund your time-sensitive opportunity? If either of these situations seems familiar, a stated income commercial real estate loan from Destiny Commercial Lending Solutions may be right for you. This option can help you get money to buy, renovate or refinance real estate or consolidate debt or build working capital.
What Is a Stated Income Loan?
Unlike a conventional loan, a stated income loan is based primarily on the property, not the borrower. Rather than examining your credit and ability to repay the loan, we look at the property’s value and income-earning potential. If it is enough to cover the loan, taxes and insurance, there is a high chance that we can extend funding to you.
One of the main advantages of a stated income commercial real estate loan is that it can be an option for borrowers with poor credit. Another benefit is that, by skipping a lot of the financial paperwork, it can move significantly faster than a conventional loan. This can be invaluable in a fast-moving real estate market.
Whether you are looking at a residential building, restaurant, office space or any other commercial property, Destiny Commercial Lending Solutions may be able to help you pay for it. If the property meets our requirements, you are likely to qualify.
What Do You Need To Know?
Stated income loans can help borrowers turn their real estate projects into reality. These are some of the basics you need to know:
- Flexible credit score requirements
- Fixed-rate loans with amortization
- Almost all property types can qualify
- Little documentation required
- High loan-to-value ratios, especially on multiunit residences
- Large loan amounts
Does a stated income commercial real estate loan from Destiny Commercial Lending Solutions sound good to you? Contact us today to learn more and see if you are likely to qualify.