Are you trying to get financing for a commercial real estate project? Do you need the process to move faster? With a stated income commercial real estate loan from POM Capital & Funding Services, you could be ready to make your purchase, renovation, refinance or debt consolidation project happen sooner than you think. This is the smarter alternative to a conventional mortgage.
When you take out a conventional mortgage, the lender examines your credit and income to determine how likely you are to pay the loan back. The focus of the approval process is on you, the borrower. The property is almost a non-factor in the calculations. This doesn’t always make sense for commercial real estate.
Conversely, a stated income loan examines the property first and foremost. If it can generate enough value to cover the mortgage, taxes and insurance, you will likely qualify for a loan. The emphasis is not on credit or income. This means there is far less paperwork, and the process moves faster. Stated income loans are great for time-sensitive projects.
Furthermore, this option is available for almost any property type. If you work in restaurants, apartments, office buildings or any other type of real estate, you can qualify for a stated income loan.
Do you think that a stated income commercial real estate loan may be the right choice for you? These are some of the basics you need to know:
Contact POM Capital & Funding Services today to learn more about our stated income commercial real estate financing. One of our representatives will help you get started with a free consultation and analysis of your needs.