Use the Property You Own to Get the Financing You Need
Whether just starting out or have an established business but a less-than-stellar credit history, finding the financing you need for your company can sometimes be difficult. If you own commercial property, you may qualify for a stated income commercial real estate loan from Mossberg Strategic Capital.
Basics of the Loan
In most cases, qualifying for a stated income commercial real estate loan requires you to have a credit score of 600, although some types of buildings require you to have a score of 700 or above. Our loan has a fixed rate, is amortized and has a 25-year repayment term. You’ll need to fill out an application as well as provide a W-2 or documentation of your self-employment. Loans are available in amounts of up to $500,000 and you can use them for nearly any type of business-related expense, including purchasing new property or inventory, consolidating business debt and much more. The loan-to-value ratio varies depending on the top of property you own.
- 65 Percent: This rate is available for offices, retail stores, warehouses, self-storage and auto service properties.
- 70 Percent: Expect this rate for investment properties that have up to four units and that you do not occupy.
- 75 Percent: An LTV of 75 percent is available for mixed-use properties or multi-family ones that have at least five units.
Why It’s Preferable
Stated income loans are preferable because they focus on how much your property is worth instead of your personal credit history or your company’s overall financials. Keep in mind that your property’s value must be enough to pay for any taxes, mortgage payments and insurance during the course of your loan. Stated income loans are also approved more quickly than traditional loans, so this is an excellent option if you need cash fast.
Get Started Now
If you think a stated income commercial real estate loan is right for you, contact the professionals at Mossberg Strategic Capital to begin the application process.