The key difference between a stated income commercial real estate loan and a conventional mortgage is that the former focuses on the property in question. While a conventional loan decision is primarily based on your ability to repay the loan, a stated income loan decision is based primarily on the value of the property.
If your target property can generate enough value to cover the mortgage, taxes and insurance, you will likely qualify. This option is available for almost all property types. You don’t need perfect credit to receive a stated income loan.
Better yet, this type of loan can turn around significantly faster than a conventional mortgage. That means that you can jump on a time-sensitive opportunity.
You can use the funds for debt consolidation, working capital or to help pay for your real estate investment. Don’t wait to choose the better option for your real estate needs.