Real Estate Loans for All Credit Types
If you have been turned down for a real estate loan because of your credit history, or if you merely dislike the convoluted loan application process, a stated income commercial real estate loan may be right for you. At Monstera Lending Group, we issue these types of loans to business owners who wish to consolidate debt, refinance property or improve property. To learn more, contact us today.
How Stated Income Loans Differ From Traditional Loans
Before issuing a traditional loan, banks and lenders focus on the credit history of the borrower. Before issuing a stated income loan for commercial real estate, however, lenders focus on the value of the property for which the borrower wishes to obtain a loan. The only requirement is that the value of the property must be able to cover the mortgage, insurance and taxes of the stated income loan. Because of this, approval is much easier to obtain for a stated income commercial real estate loan than it is for a traditional loan.
Whether you’re in the hospitality business, rental business or commercial real estate buying and selling business, you can qualify for a stated income loan so long as the desired property meets the lenient requirements.
Decide if a Stated Income Loan Is Right for You
Before you make the decision to apply for a stated income loan, you must first decide if this type of loan is, in fact, right for you. To do so, there are a few basics about the loan that you must know:
- The qualifying credit score is 600.
- These loans come with fixed rates and 25-year amortization.
- You must have W2 or self-employment documentation.
- You can borrow up to $500,000 for any type of property.
- Funds can be used for purchasing, debt consolidation or refinancing.
If you have additional questions regarding this type of loan, or if you would like to get started on the process, contact our office today. Call us directly via phone or reach out to us online.