Introducing Flexibility into the Commercial Real Estate Financing Process
Do you have your eye on a particular commercial property for your business? Do you already own a location, yet are interested in refinancing or cashing out your equity? In either scenario, the challenges that you’ll encounter if you choose to work with a traditional lender will be the same: antiquated qualification standards, delayed processing times, etc. Imagine how much easier securing financing would be if you didn’t have to jump through all these hoops. We here at Summit Funding Solutions can offer you such a benefit.
Benefits of a Stated Income Loan
On top of our many other financing options, we also offer a special stated income loan program designed specifically for real estate-related transactions. Through this program, you can qualify for as much as $500,000 with term benefits such as:
- 25-year amortization schedules
- Fixed rates throughout the life of your loan.
- Loan-to-value ratios between 65-75 percent depending upon the property
How do stated income loans work? While banks, credit unions and other traditional lending institutions typically use yours or your company’s credit profile as the primary factor in determining your loan eligibility, we instead consider the value of the property that you’re interested in. Specifically, we look at whether or not the income generating potential of the property is sufficient to cover the expenses associated with the loan, namely the monthly mortgage payment as well as any associated taxes and fees. If such potential exists, then your chances of qualifying increase significantly. Allowing these other factors to be considered allows us to extend financing to all manner of companies in almost any financial situation, even those with credit scores as low as 600.
Successfully completing a transaction in the commercial real estate market is already challenging enough; the last thing you should have to worry about is obtaining financing. With the Stated Income Commercial Real Estate Loan program that we offer here at Summit Funding Solutions, you can secure the capital you need in no time at all. To learn more about this unique financing option, give us a call today.