How You Can Qualify for Stated Income Loans
As a small business owner, you likely already know how hugely beneficial a small business loan can be. This is one of the best and most common tool that business owners just like you use on a daily basis to achieve success. Of course, if you have poor credit, it can be incredibly difficult to be approved. Priority Commercial Lending offers a unique type of loan that is designed specifically for this kind of situation. It is called the stated income commercial real estate loan. It is incredibly accessible, allowing you to almost certainly be approved as long as your business is earning a profit of any kind. This allows successful business owners to keep from being held back from businesses in their past that may not have been as successful. At Priority Commercial Lending, we believe that you should only be judged based on your current business’ performance. Learn more about the stated income loan and how we can help you be approved for one.
How Stated Income Loans Are Different
Stated income financing uses the income of your business as collateral, which is what makes the unique from other types of loans. Your credit score and history play a minimal role in being approved. The other requirement is that your business can cover the insurance, mortgage, and taxes of the loan. We help small businesses just like yours be approved for loans the owners did not think possible.
How You Can Use Your Loan
Using the capital gained from your loan is entirely up to you, but some of the most common ways it is leveraged include:
- Remodeling real estate
- Leasing or purchasing new equipment
- Purchasing a second location
- Hiring more staff members
- Investing in marketing
- Consolidating debt
If you think you could benefit from a stated income loan, give Priority Commercial Lending a call today. We would be happy to answer your questions.