How You Can Qualify for a Stated Income Loan
If you have applied for a small business loan in the past and been rejected, you probably feel like you could never receive financing. At Fast Commercial Money, we offer a special kind of loan that is designed specifically for this situation. It is the stated income commercial real estate loan. Even if you have poor credit, you can be approved. We do not think your past should hold you back. Just like you, we believe in your business’ ability to succeed. A stated income loan has different qualifications than nearly any other kind of small business loan. Learn more about this special kind of financing and how Fast Commercial Money can help you get approved for the loan you need.
What Sets Stated Income Loans Apart
Stated income loans are similar to traditional loans in most ways, but one incredibly fundamental aspect is vastly different. Just like any other kind of loan, you receive your new working capital quickly after being approved. You are able to use it to undertake an exciting new project or stabilize your business. The big difference is how qualification is determined. Your credit score and history are not factors at all. Instead, the monthly income of your business is the primary determining factor. With a stated income loan, you can:
- Remodel or purchase new real estate
- Purchase new equipment
- Increase marketing budget
- Consolidate debt
- Hire more staff
The other major requirement for a stated income loan is that your business can cover the insurance, mortgage, and taxes of the loan. These simple requirements make it possible for nearly any business to be approved for this kind of loan. If you think that a stated income loan is right for your business, turn to Fast Commercial Money. We are always happy to answer any questions you may have, so give us a call today.