Stated Income Commercial Real Estate
Stated Income Loans for Commercial Real Estate
Stated income commercial real estate loans are in essence what their title suggests, loans that utilize the value of the property at hand as an important part of the qualifying process. Perhaps these may be of interest to you.
Here at Genesis Commercial Capital, we offer stated income loans to qualifying customers. We’d love to partner with you.
Stated Income Loans Compared to Traditional Loans
In most traditional loans and mortgages, the lender focuses largely on the creditworthiness of the applicant. If your credit score is not high enough, you may be out of luck.
Fortunately, there are other components that can help secure a loan. One of these is the actual value of the property being financed. The value of the desired property must exceed the mortgage, taxes, and insurance of the stated income loan.
Stated income loans tend to be approved much more quickly than other loan types. This is because the applicant doesn’t need to provide as much personal and financial documentation, which speeds up the process.
Stated income loans may be ideal for those looking to purchase or invest in warehouses, apartment buildings, developments, restaurants, or offices. They can also be used for renovation or debt consolidation.
Details About Our Stated Income Loans
Our stated income loans come with the following specifications:
- Loans up to $500,000
- Fixed-rate, 25-year, fully amortized loans
- A credit score of 600 or more needed
- Usable for almost any property type
- W-2 or self-employment documentation is required
Our stated income loans will cover up to 75 % of the value of the property under consideration, depending upon the specific situation.
Count on Genesis Commercial Capital
As you consider your financial needs, we’d like to invite you to work with us. We offer stated income loans as part of our full spectrum of financial offerings. Give us a call today.