Could a Stated Income Commercial Real Estate Loan Help You?
When you are trying to get a commercial real estate project off the ground, getting the right financing can be challenging. Whether you have less-than-perfect credit, too many current loans or just don’t have the time to wait for the normal approval process, a stated income commercial real estate loan may be the answer. At Rhino Commercial Capital, we can help you with purchasing, renovating, refinancing, consolidating debt or building working capital.
How It Works
When you apply for a conventional mortgage, the lender will primarily examine your credit and income. The approval process is intended to determine if you are likely to be able to repay the loan. The property itself is not a major factor in the process. While this makes sense in some cases, in others, the real estate needs to be a significant consideration.
With a stated income loan, the property takes center stage. If it can generate enough value to cover the mortgage, taxes and insurance, it is likely that you will be approved. Furthermore, this is a much faster process than the conventional loan approval. There is much less documentation involved, helping to simplify things for you and the lender.
This is an option whether you work in residential buildings, commercial spaces, restaurants, warehouses or any other type of property. If it is a valuable property, Rhino Commercial Capital can likely help you.
The Details of Stated Income Loans
Do you think a stated income loan could be right for your project? These are some of the basics you need to know:
- High loan-to-value ratios, especially on multiunit residences
- Fixed rates and 25-year terms
- Qualifying credit scores as low as 600
- Funds can be used for many business needs
- Almost any property type welcome
Contact Rhino Commercial Capital today to learn more about our stated income commercial real estate financing. We look forward to helping you get started.