How a Stated Income Commercial Real Estate Loan Can Benefit You
Commercial real estate is a hot market, and there is a lot of competition. When you see a good piece of real estate, it’s important to have the ability to snatch it up quickly, before your competitors do. Unfortunately, standard loans can take a long time to go through, which can decrease your likelihood of getting the property you want. To combat this problem, GP Solutions LLC offers a quick and reliable stated income commercial real estate loan. This type of loan requires minimum paperwork and offers fast approval if you qualify.
Stated Income Loan Details
While most loans focus on the borrower’s credit profile and finances, a stated income commercial real estate loan focuses on the real estate property’s value. So, if you have your eyes on a specific piece of property, we’ll check to make sure the property value can cover all taxes, mortgages and insurance associated with it. If it can, you have a good chance of getting your loan. Once approved, you’ll benefit from the following:
- Loan-to-value up to 75% for mixed use and multifamily properties with at least five units (minimum credit score of 700 required)
- 25-year amortized loans
- Fixed rates
- Loan amounts as high as $500,000
To qualify for any of our stated income loans, a minimum credit score of 600 is usually required. We also need to see self-employment documentation or W-2 information. Once approved, you can use your funds to do everything from purchasing an existing property consolidating your debt. This type of loan is appropriate for all types of property, including restaurants, apartments and warehouses.
When time is of the essence, a stated income loan can help you secure the piece of real estate you want to buy, before someone else does. To start the application process, get in touch with us today and we’ll send you everything you need.