An Alternative Option for Commercial Real Estate Financing
If you need financing for your commercial property but don’t want a traditional loan from a bank, then a stated income commercial real estate loan from Prosperity Lending Group is right for you. We can help you fund your projects and cover your expenses so you can grow your business.
General Differences of a Stated Income Loan
A stated income loan is different in two ways. First, it requires less paperwork. Second, the value of the home has more significance than your credit profile.
That being said, it is necessary for you to show proper income documentation in the form of self-employment paperwork or a W-2. You also need to have a credit score of 600 to be considered for this loan. It is also important that the insurance, taxes and mortgage costs of the loan are covered by the property’s value.
Uses of This Loan
One of the main benefits of this type of loan is that it can be used for a variety of property types. This includes retail space, restaurants, warehouses, office buildings, housing and even auto shops, to name a few. The other main benefit is that you can use the funding however you need to in order to help your business, including:
- To buy property
- To remodel an existing property
- To build your working capital
- To consolidate outstanding debts
- To refinance
Basic Information About This Loan
Your specific loan details may vary depending on the value of your property and your business, but there are some basic terms this loan offers. The following are general aspects of our loan:
- Fixed rates
- 65% to 75% LTV
- Terms as long as 25 years
- Loan amounts reaching up to $500,000
- Amortization
Finance Your Property Today
If you need financing for your commercial property, then look no further. Contact Prosperity Lending Group today to get started on your application for our stated income commercial real estate loan.