The Basics of Stated Income Commercial Real Estate Loans
If you own a commercial property and have been turned down for traditional loans, HDA Financial Firm may be able to help. Stated income commercial real estate loans give you access to much-needed capital, even if you have struggled with credit in the past. Loan decisions are based on the value of the property, letting you borrow more money than you could if you went based on your financials alone. If the value of the property covers the taxes, mortgage, and insurance, you may qualify for funding.
Terms and Advantages
One advantage of stated income commercial real estate loans is that they require much less paperwork than traditional loans. This streamlines the application and approval process, giving you quick access to funds. Other benefits and terms of these loans include:
- Loan amounts up to $500,000
- Qualifying credit score of only 600
- Up to 65% loan-to-value (LTV) for self-storage, auto service, office, retail, and warehouse properties
- Up to 70% LTV for 1-4 unit, non-owner-occupied investment properties
- Self-employment paperwork or W2 documentation required
- Amortized loans with fixed rates
- Closing within two to three weeks
- Up to 25 years to repay
If you have a credit score of 700 or better, you may qualify for up to 75% LTV on mixed use and multifamily units of five units or more. Whichever level you qualify for, you can use the funds for a variety of real estate needs. Refinance an existing loan, consolidate your debts, or acquire additional properties.
Does My Property Qualify?
Almost any type of property qualifies for this loan. Apartments, restaurants, warehouses, and real estate investments may all be eligible if they meet the loan requirements.
Call HDA Financial Firm today to get more information about our stated income commercial real estate loans. Our team of financial experts will analyze your financial needs and help you move forward with the application.