Why You Can Be Approved for a Stated Income Loan
Financing is a very common option that small business owners take advantage of to ensure their businesses succeed. However, traditional loans do not appeal to everyone. They can be very difficult to qualify for, especially if you have a poor credit score. Regardless of how successful your business is, a little bad credit from your past can cause problems when seeking financing. This is especially frustrating because those with poor credit are often the ones who need financing the most. Stated income commercial real estate loans are designed to be a more accessible option. Instead of credit, this unique kind of financing is based on the profits your business is receiving. This means that a successful business can qualify for a loan, regardless of what the owner’s credit score is like. The other major requirement is that the business can cover the taxes, insurance, and mortgage of the loan. If you think you would benefit from a stated income commercial real estate loan, give us a call to learn more about it and how we can help you apply for one.
How You Can Use Your Stated Income Loan
While it is easier to qualify for a stated income loan, the benefits are the same. You can receive working capital to improve your business quickly and reliably. If used wisely, it is possible to accomplish any of the following or more:
- Consolidate your debt
- Hire more staff or train existing staff
- Purchase new or initial real estate
- Invest in your marketing
- Acquire or repair equipment
At Interim Capital Lending Solutions, we believe in your business. If you are profitable, we think you should be able to qualify for a loan. We take pride in helping small business owners fulfill their dreams. So let our team of financial experts work with you and develop a financing plan to suit your needs.