Is a Stated Income Commercial Real Estate Loan Right for You?
If you have ever been turned down for a commercial real estate loan, you may want to consider a stated income loan. Similarly, if you need to move quickly on a time-sensitive opportunity while skipping all the paperwork is a conventional mortgage, this may be the right borrower mechanism for you. Prosper Lending is here to help you purchase, refinance, renovate, consolidate debt or building working capital with innovative lending.
What Is a Stated Income Loan?
With a conventional real estate loan, the lender primarily examines your income, credit and ability to repay the loan. Relatively little attention is paid to the property itself. With a stated income loan, this arrangement is flipped. The property is the primary consideration. There are more minimal qualification requirements for you. At Prosper Lending, we can provide stated income commercial real estate loans for restaurants, warehouses, apartments, healthcare facilities and more. If the property value is sufficient to cover the mortgage, taxes and insurance, we can likely extend financing. The paperwork requirements are greatly reduced compared to conventional loans. That means that the whole process moves faster. Furthermore, since the qualification requirements for the borrower are lower, you are more likely to get funding.
What Do You Need To Know?
Does a stated income loan sound like a good option for you? This is a powerful form of financing with some incredible advantages. These are a few of the benefits you could enjoy:
- Qualifying scores as low as 600
- Almost any type of property welcome
- High loan-to-value ratios, especially on residential buildings
- Funds can be used for many business purposes
- Only basic financial statements needed
- Fixed-rate, amortized loans with 25-year terms
Take advantage of a stated income commercial real estate loan from Prosper Lending. Contact us today to learn more and determine if this is the right option for your business real estate goals.