How Stated Income Commercial Real Estate Loans Are Different
In the modern world of business, it is very common for small business owners to need to turn to financing in order to succeed. Despite its frequency, traditional loans still have a bad reputation for being difficult to qualify for, involving lots of paperwork, and the potential for accumulating debt. Stated income commercial real estate loans are different. They are specially designed to be more beneficial for business owners than standard loans. However, they can still be used for:
- Building working capital
- Remodeling or expanding a business
- Purchasing commercial real estate initially
- Consolidating debt
- Investing in marketing
- Acquiring new equipment
- Hiring new staff
At Elite Capital Financing, we are committed to helping your small business as much as possible. If you think a stated income loan is right for you, our financial team can work with you to figure out the best way you can take advantage of financing.
What the Difference Is From Traditional Loans
Most of the time, qualifying for a loan involves reviewing a candidate’s credit history and credit score. Many business owners do not think anything of this requirement, but those with poor credit may be the ones most in need of financing. This is how stated income commercial real estate loans are different. Instead of being based on your credit, it is based on your business’ income. No matter what is in your past, if you are the owner of a business that is making a profit, you can likely qualify for a stated income loan. The other major requirement is that the property can cover the mortgage, taxes, and insurance of the loan. Other benefits of this kind of financing are shorter filing times and less paperwork. Do not let your credit hold you back.
Contact us at Elite Capital Financing to learn about a new type of financing based entirely around the potential of your business.