How Stated Income Loans Are Different From Other Loans
While it is incredibly common for business owners to rely on financing to succeed today, traditional loans still do not appeal to many small business owners. They can be seen as difficult to apply and qualify for, and easy to accumulate debt. This is why many entrepreneurs are turning to stated income commercial real estate loans instead. While traditional loans are based on the applicant’s credit score and history, stated income loans are only based on the value and the income of the applicant’s business. This means those who have poor credit can still qualify for a loan. This makes it an especially appealing type of financing because those with poor credit are often the ones who need financing the most. As an added benefit, this kind of loan also typically involves less paperwork and a shorter filing time. Just keep in mind that your property must be able to cover the taxes, insurance, and mortgage of the loan. If you think your business could benefit from a stated income loan, contact us at SMP Legacy Funding to learn more about your financing options.
How You Can Use Your Stated Income Loan
While the application and qualification process of stated income commercial loans may be vastly different from other types of financing, the uses for it are the same. It is possible to use your stated income loans to:
- Expand or remodel your business
- Purchase initial commercial real estate
- Consolidate debt
- Build working capital
- Invest in your marketing
- Acquire new equipment
- Hire or train staff
At SMP Legacy Funding, we believe in your business. That is why we offer financing based on your potential, instead of your past. Our dedicated team of financial experts makes a point to work with you, taking your unique situation into consideration to develop the best financing option for you specifically. Give us a call and learn how a stated income loan can help you.