What You Need to Know About Stated Income Loans
If you have been denied a loan in the past due to your credit history, or if you don’t want to deal with the hassle of loan paperwork, consider taking out a stated income commercial real estate loan with White Griffin Capital.
What is a Stated Income Loan?
Stated income loans do not ask you to verify your income; instead, the loan focuses on the value of the real estate property in question. The value of the property must be able to cover the cost of the mortgage, as well as all insurance and taxes.
Why Apply?
Our stated income loans are approved much more quickly than traditional loans since all we need to do is verify the value of the property. Since you don’t need to show as much documentation, these loans are processed more quickly and get you the money you need faster.
Benefits of a Stated Income Loan
Some of the kinds of businesses that can qualify for a stated income loan include:
- Restaurants
- Apartments
- Warehouses
As long as the value of the property can cover the loan, you will be able to qualify.
What You Need to Know
Below is some of the basic information on what you need to apply and what you’ll get if you take out a stated income loan with WGC.
What You’ll Need
- A minimum credit score of 600
- Self-employment or W-2 documentation
What You’ll Get
- Fixed rates for 25-year amortized terms
- Loan amounts as large as $500,000
- Up to 65% loan-to-value for warehouse, office, self-storage or retail properties.
- Up to 70% LTV for investment properties (not owner-occupied).
- Up to 75% LTV for mixed-use or multifamily properties (note: a minimum credit score of 700 is usually required).
All of these benefits can be yours with a simple application and assessment of your property’s value. Almost all property types are welcome.
Get started today on building a better tomorrow.
Call us : 800-504-1508 or schedule a consult for a time that fits your schedule.