You and your business deserve financing you feel comfortable with, and that includes loans for your commercial property. Optive Commercial Capital offers a solution called stated income commercial real estate financing that provides excellent terms, versatile uses and is different from your standard bank loan.
As with our other financing solutions, we include generous terms in our loan agreement. Some of these may vary based on your application, but here are a few highlights of what you can expect:
What properties does a stated income commercial real estate cover? There is no specific type of real estate. However, past properties covered by this loan include auto centers, restaurants, retail stores, housing, warehouses, storage facilities and office spaces. It is also possible for your business to use this financing however you need to, including for the following types of projects:
Lastly, this is not your average bank loan. Rather, it is unique because of two aspects. The first is that there is a fast approval process because there is significantly less paperwork involved. However, this is a loan based on income, so you are required to provide that proof either with self-employment paperwork or a traditional W-2.
The second unique characteristic is that the property’s value trumps your credit profile. Instead, the property’s estimated value should cover the total costs of the loan, including insurance, mortgage and taxes. That being said, your credit score should be 600 in order to qualify.
Is this the right loan for your business property? If so, Call Us today to find out more about our stated income commercial real estate financing. Our team can provide additional details and send over your application so you can start the process.