Getting the Most out of Your Properties
Conventional business loans have lengthy application processes, and if you have struggled with credit in the past, then you may have difficulty finding a bank that will approve you. However, if you own properties, a stated income commercial real estate loan can help you gain access to working capital. When you borrow from Unique Commercial Funding, you can use your money for numerous applications, including refinancing, debt consolidation and property improvements and purchases.
Stated income commercial real estate loans are an excellent option for many businesses. The following outline can help you determine if one would be right for you:
- Credit score of 600 to qualify
- Almost all property types accepted
- Loans of up to $500,000
- W-2 or self-employment documentation
- Fixed rates
- 25-year amortization
- Approvals for restaurants, apartments, retailers, warehouses and more
- Up to 75 percent loan-to-value (LTV) for mixed use and multifamily properties of five or more units (these may require higher credit scores)
- Up to 70 percent LTV for non-owner occupied investment properties between one and four units
- Up to 65 percent LTV for warehouses, office, self-storage, auto servicers and retailers
How It Works
One reason why traditional loans take so long to be approved is that they require a great deal of paperwork. For stated income loans, the focus is on the property in question rather than the borrower, so there is not as much documentation involved. If the value of your property is substantial enough to cover the mortgage, taxes and insurance of a stated income loan, then you stand a good chance of being approved. After you apply, you may be able to close on your loan in as little as two weeks.
At Unique Commercial Funding, stated income commercial real estate loans are just one type of assistance we offer qualifying businesses. For more information about our services, call one of our financial experts today