Stated income lending is one of the most accessible and beneficial kinds of financing, especially for new businesses or business owners with poor or no credit. When you need capital to fund a new project, a stated income loan could be the solution you’re looking for.
How Stated Income Lending Works
A stated income loan has very different qualification requirements from traditional lending options. When you go to the bank to get a traditional loan, the first thing the banker will do is run your credit history. If you have poor or no credit history, this can stop the lending process before it really begins.
With stated income lending, lenders do not look at credit histories. Instead, they require that your business earns a profit every month, and that you have enough capital to cover the mortgage, insurance, and taxes on the loan. If you can meet those qualifications, you can receive financing, no credit check required.
Use Stated Income Lending for All Sorts of Projects
Stated income lending provides flexible financing for all sorts of projects. Startups and established businesses alike can use stated income loans to fund their next endeavors, including:
- Purchasing a new business location
- Remodeling and renovation an existing location
- Purchasing new equipment for the business
- Hiring new staff members
- Training and education for staff members
- Investing in marketing and sales opportunities
- Refinancing a current location
- Consolidating existing debt
If you have a project you’ve been putting off, a stated income loan can help you cross it off your to-do list. Hire the help you need, remodel your lobby, or get the financing you need to finally afford a location for your startup. With stated income lending, as long as you’re making a profit and can cover your monthly expenses, you can get the funding you need to move your business forward.
Ready to take the next step? Get in touch with Legendary Capital Solutions. We can help you figure out the best financing option for your project and get access to the cash you need, fast. Contact us today.
Disclaimer: The contents of this website do not constitute financial advice and are provided for general information purposes only. If you require specific financial advice, you should contact a financial advisor. We can only advise on the basis of specific client instructions and are unable to offer financial advice by email to people who are not our clients. To learn how to become a client of Legendary Capital Solutions, please contact us.