The Benefits of a Stated Income Commercial Real Estate Loan
A stated income commercial real estate loan from Progressive Capital Lending Group can help your business thrive. A traditional loan application is often an arduous process, and it can all be for naught if you are ultimately turned down. If you own commercial property, a stated income loan may be the right financing solution for you.
What Is a Stated Income Loan?
A stated income loan is recommended for businesses that own warehouses, restaurants, apartment complexes, and most other commercial property types. The application process requires less documentation than a traditional loan, so you are approved much faster. Unlike most loans, approval does not rely heavily on your credit history. Instead, it depends on the property you own. If the property’s income value covers the mortgage, insurance, and taxes, you qualify.
What Can I Do With a Stated Income Loan?
Fixed rates and loan amounts of up to $500,000 are two of the biggest advantages of a stated income loan. There are many ways your business can put it to use.
- Purchase Property. Have you outgrown your current building? Do you want to switch from renting to owning?
- Improve Property. Do you want to install a new gate or create more parking spaces? Do you need to replace a leaky roof?
- Consolidate Debt. If you have other loans, leases, and credit card debt, you can save money by consolidating these monthly expenses.
- Refinance. Are your current payments too high? Do you want to replace an adjustable rate with a fixed one?
- Get Working Capital. Do you need to purchase new equipment? Do you need to cover bills while you wait for a client to pay a large invoice?
If you are a new business without a credit history or an established company looking to grow, you may benefit from a stated income loan. The experts at Progressive Capital Lending Group can assess your situation and put you on the road to reaching your business goals. Contact us to start your application today.