How You Can Qualify for a Stated Income Loan
If you are like most small business owners, you may be hesitant to apply for commercial financing out of fear of being rejected. Or perhaps you have applied in the past but were not approved. Either way, there is one solution: Stated income commercial real estate financing. A stated income loan has different requirements for approval, making it one of the most accessible and beneficial kinds of financing. At Legendary Capital Solutions, we understand how difficult it can be to get approved for a loan when you have poor credit. Unfortunately, those with poor credit are often the ones who need financing the most. We are happy to say that credit plays no role in determining viability for a stated income loan, meaning you can get the working capital you need, no matter what lies in your past.
What Makes Stated Income Loans Different
So if a stated income loan does not use credit, what is the main requirement for approval? The answer is right in the name. The primary requirement is that your business is earning a profit each month. If you are doing that, you almost certainly can receive capital. The other requirements are that your business can cover the mortgage, insurance, and taxes of the loan. By receiving a loan, all sorts of different opportunities for growth are opened up to you. Some of the most common uses include:
- Hiring more staff
- Providing advanced training
- Consolidating debt
- Purchasing new equipment
- Purchasing new real estate
- Increasing the marketing budget
At Legendary Capital Solutions, we have a team of financing experts who work with each client, figuring out the best options and helping with the application and approval process. You can count on us, no matter what your unique situation is. We understand that no two businesses are the same, which is why we customize every single loan.