Find Out Why Business Owners Love Our Stated Income Commercial Real Estate Loan Program
Being turned down for a business loan is humiliating and discouraging. Unfortunately, many business owners know how difficult it can be to get a loan if you own a startup with little collateral or credit history. Avery James consistently stands up for the “little guy” by offering loans tailored to small business needs. Our stated income commercial real estate loan program is ideal for all types of real estate needs, including purchasing property or improving an existing property.
Basics of a Stated Income Loan
Stated income loans rely more on the value of the property you’re purchasing than on your credit profile. So, as long as your property has enough value to cover associated costs such as taxes and insurance, your approval chances are very high. Loan basics and benefits include:
- It’s possible to receive up to 75% loan-to-value (LTV) for some property types, including properties that have at least five units and are mixed use
- You need to show proof of self-employment or W-2
- Loans are amortized and offer fixed rates up to 25 years
- Credit score must be at least 600 to qualify
- We offer loan amounts as high as $500,000
You don’t need to show very much documentation in order to qualify for a stated income loan, so it’s a great choice if you need a loan quickly and don’t want to deal with massive amounts of paperwork. You also have the ability to put the money toward anything you want. Options include consolidating debt, purchasing property and refinancing. Our loans are frequently used for apartments, warehouses, real estate and many other business and property types.
We’d love to answer any questions you have about our stated income commercial real estate loan program. To learn more, contact us today and we’ll help you get started. Once you submit your application, you could potentially close on your new loan in three weeks or less!