Use a Flexible Loan To Build a Better Business
There are many expenses associated with growing a business, so different types of financing are essential if you want your company to thrive in the competitive marketplace. You may choose to secure several types of loans to manage different aspects of business growth or you can obtain a stated income commercial real estate loan from Progressive Capital Funding. If you choose the latter option, you are free to enrich your business in any way without the need for multiple loans.
What Is a Stated Income Loan?
A stated income loan is an alternative avenue of financing to traditional loans. Instead of looking at credit history to determine eligibility, stated income loans focus on property value so they are easier to qualify. Instead of needing a great credit score, a company only needs to own property with a value exceeding the cost of its taxes, insurance and mortgage. An additional benefit is that stated income loans require less documentation and paperwork so they are typically approved more quickly than other types of loans.
What Are the Terms for Stated Income Loans?
The money from a stated income loan can be used in any way. You may use the funding to refinance, consolidate debt, purchase equipment or improve your company in another way. If you have a credit score of 600 or greater, you can also expect to receive the following advantages with a stated income loan from Progressive Capital Funding.
- 75% LTV for mixed-use properties
- 70% LTV for investment and owner-occupied properties
- 65% LTV for commercial properties such as retail buildings and office spaces
- Loan amounts of up to $500,000
- Self-employment and W-2 documentation
- 25-year terms
- Fixed rates
Stated income commercial real estate loans are wonderful alternatives to traditional financing. Contact Progressive Capital Funding today to discuss your company’s financial needs and learn if a stated income loan is the right financial solution for you.