Don’t Let You Credit Score Stop You From Getting A Loan
As a business owner, you may not have the best credit to secure a traditional commercial loan. At BizConnect Capital, we offer alternative financing solutions that can help start, grow and expand your company. A popular option is a stated income commercial real estate loan, which isn’t based on your personal credit.
A Creative Funding Source
Property value matters the most when it comes to a stated income property loan. As long as your real estate covers the cost of the mortgage, taxes and insurance, you’re good to go. Many business owners use this loan for purchasing property, improving property, and building and refinancing working capital. This type of financing is perfect for a variety of businesses, including apartments, warehouses and restaurants. The loan offers:
- Up to 75 percent loan-to-value for mixed-use and multifamily properties with five or more units
- Up to 70 percent LTV ratio for non-owner occupied investment properties (one to four units)
- Up to 65 percent LTV for warehouse, self-storage, retail, auto service and office properties
- 25-year fixed rate loan amortization
Although your credit score is not the determining factor, it does play a role in the approval process. You do need a qualifying score of 600. For mixed-use and multifamily properties, a 700 credit score or higher is normally required.
The commercial real estate loan we offer has several advantages over traditional financing. One, you don’t have to bother with mountains of paperwork. Two, the approval process is faster. You can close within two or three weeks. Third, you can qualify for up to $500,000.
Get the Money You Need Now
We don’t believe your credit should hinder the progress of your business. Our finance experts here at BizConnect Capital are ready to help you get the cash you need. Contact us today to discuss how you can qualify for a stated income commercial real estate loan.