Stated Income 

Turn Your Commercial Property Into Money to Run Your Business

Sometimes personal credit history or past financial problems within a business make it difficult to be approved for a traditional loan. If you’re having trouble securing business financing but have an excellent piece of commercial property, Parkshore Capital may be able to provide you with a stated income commercial real estate loan.

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A Quick Overview

Like traditional loans, you must meet a few qualifications if you wish to secure a stated income loan on your commercial real estate. Most importantly, you need to have a credit score of at least 600 to qualify and must provide a W-2 or proof of self-employment. If you qualify and are approved, you can expect:

·       25-year amortized loans

·       Capital up to $500,000

·       Low interest rates

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Practically any type of commercial property can qualify for this type of loan. However, each has its own LTV. Auto services, warehouses, office buildings and similar properties have up to 65 percent LTV. Investment properties that you don’t occupy have up to 70 percent. Mixed-use properties with at least five units have up to 75 percent LTV but keep in mind that you’ll typically need a credit score of 700 for this rate. Regardless of the type of property, its value must be enough to cover insurance, taxes and mortgage for the stated income loan.

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How to Use Your Funding

You can use the funding from your stated income loan for practically anything. Most people use it to consolidate debts or purchase new properties. Others use it to improve the property or refinance it. You can even use the money to build more working capital. As long as you are using the funding for a business or a commercial property, your options are nearly endless.

If your credit score isn’t quite high enough or a traditional loan, call us today. Parkshore Capital’s financial experts are ready to help you get the funding you need.