Commercial Income Loan
Written by admin on May 1st, 2011The Basics of Stated Income Commercial Loans.
Stated income commercial loans are loans that don’t require a mountain of paperwork or proof of your income. The only stipulations when applying for a stated income commercial loan are that one must have proof of employment, credit score of 650 or better and qualifying commercial real estate. Stated income loans are geared for small business owners or people who are self-employed or work on commission.
Visit www.statedcommercialloans.com for more details.
Stated income commercial loans may be had for as little as 20% down when purchasing a property but vary depending on credit and property type.
Stated income loans do not generally require borrowers to provide copies of tax returns, W-2 forms, or other verifications of income. Reducing the amount of paperwork involved in a stated income commercial loan speeds up the process and allows faster closing dates than more traditional loan processes.
Stated income commercial loans may range on loan amounts from 0,000-,000,000, depending on the type, property, and program. Lack of red tape and paperwork is certainly a selling point for a stated income commercial loan, applicants such as small business owners or real estate investors should be prepared to move forward in a shorter period of time than that involved in most loan application processes and pay higher rates. Most types of commercial properties are considered for stated income commercial loans in which qualified individuals may borrow up to 80% of a property’s value. Borrowers with over a credit score of 650 should have no trouble receiving a loan, but individual situations offer exceptions to those with credit scores as low as 580.
Visit www.statedcommercialloans.com for more details.
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