Simple Financing with Stated Income Commercial Real Estate Loans
Applying for a traditional commercial real estate loan means jumping through hoops and filling out reams of paperwork. At Growth Lending Group, we are pleased to offer you an alternative: the stated income commercial real estate loan.
Why You Should Consider a Stated Income Loan
If you don’t like paperwork or have been denied funding at other financial institutions because of your credit history, a stated income loan might be the right choice for you. This type of financing relies less on your credit score than does traditional lending and is based primarily on the property you aim to acquire.
A stated income commercial real estate loan is a smart strategy to help your business grow by building capital, improving or purchasing commercial property, and simplifying your debt through debt consolidation. Moreover, you enjoy a much shorter wait for approval with these types of loans because they require fewer forms.
Through our stated income commercial real estate loan program, we offer the following:
- Fixed-rate, amortized loans of up to $500,000 with 25-year terms.
- Loan-to-value (LTV) ratios of up to 75 percent for mixed-use or multifamily properties encompassing at least five units with a credit score of at least 700.
- LTV ratios of up to 70 percent for properties encompassing four or fewer units that are not occupied by the owner.
- LTV ratios of up to 65 percent for commercial properties including retail, office, warehouse, self-storage and auto service spaces.
This type of loan is applicable for almost any property. The loan taxes, insurance and mortgage cannot exceed the value of the property. To get started, you will need employment documentation, such as W-2 forms, and a credit score of 600 (with some exceptions as noted above).
Call Us Today
When you’re ready to help your business grow with a new piece of commercial real estate, contact Growth Lending Group today to find out more about stated income loans.