Qualify For Excellent Financing
If your business has a poor credit history or lacks one completely, it may be difficult to qualify for a traditional business loan. One alternative is a stated income loan, which is easier to qualify for. Optimal Alternative Lending offers stated income commercial real estate loans to supply you with the funding your business needs to purchase property.
Basics of a Stated Income Loan
At Optimal Alternative Lending, we offer stated income loans with the generous terms. In addition to providing your business with the funding it needs to purchase supplies, consolidate debt, or refinance, our loans have the following benefits.
- Fixed rates
- Qualifying credit score of 600
- Loan amounts up to $500,000
- 25-year terms
- W-2 and self-employed documentation
- 65% LTV for retail, office, self-storage, and warehouse properties
- 70% LTV for investment properties
- 75% LTV for multifamily investment properties
- Any property type can qualify
You can you the funding you receive in any way you see fit to enhance your business, from improving and purchasing property to refinancing and consolidating debt. This type of funding provides you with the working capital your business needs to be successful.
Differences Between Traditional and Stated Income Loans
A company with a poor credit history has a better chance of qualifying for a stated income loan because this type of financing focuses on the piece of real estate in question instead of credit history. There is less documentation required, which allows the funds to be processed much more quickly. As long as the value of the property in question covers the insurance, mortgage, and taxes, the piece of real estate qualifies for a stated income commercial real estate loan. Nearly any business type is accepted, including those listed below.
- Apartment housing
- Real estate
- Office buildings
If your business could benefit from a stated income commercial real estate loan, contact Optimal Alternative Lending today. We are ready to discuss your financing options to help your business grow.