Secure Alternative Financing To Grow Your Business
If you are unable to qualify for traditional because you own a new company or have a limited credit history, you may want to consider applying for a stated income commercial real estate loan with Park Cedar Commercial Lending. The avenue of financing allows you to grow your business in any way you deem necessary and has a less-stringent approval process than traditional avenues of financing.
How Is a Stated Income Loan Different From Traditional Financing?
Stated income loans are an alternative to traditional avenues of financing. They are easier to qualify for because, unlike traditional loans that base approval on credit history, stated income loans look at property value to determine eligibility. Your company automatically qualifies for a stated income loan if it owns property with a value exceeding the cost of its expenses. Because they require less documentation and paperwork, stated income loans are often approved more quickly than other forms of financing. This makes stated income loans ideal for new companies or those with imperfect credit histories.
What Are the Benefits of Stated Income Loans?
You are free to use the money you receive from a stated income commercial real estate loan can be used for any reason, including to stock inventory or consolidate debt. A credit score of at least 600 will also earn you the following advantages.
- Loan amounts of up to $500,000
- W2 and self-employment documentation
- Loan terms of up to 25 years
- Fixed rates
- Up to 75% LTV for mixed-use and multi-family properties
- Up to 70% LTV for investment and owner-occupied properties
- Up to 60% LTV for commercial properties such as warehouses, storage facilities, office buildings and retail spaces
Contact Us Today
A stated income commercial real estate loan is a flexible form of financing that serves as an alternative to traditional funding. If you think this avenue of financing is right for your business, contact Park Cedar Commercial Lending today to discuss your options.