Qualifying for a Stated Income Loan
If you are a small business owner, you likely already know how beneficial business loans can be. Of course, it is not always easy to qualify for one. In fact, you may have already applied and been denied. Unfortunately, traditional loans rely heavily on a strong credit score, so it can be very difficult for business owners who have poor credit to receive financing. A stated income commercial real estate loan is the solution. These special loans are designed to be highly accessible, so nearly any business can take advantage of them. If you think your business could benefit from a stated income loan, turn to SkyBridge Capital and Marketing Group. We promise to work hard to get you the working capital you need.
What Sets Stated Income Loans Apart
Most loans use the applicant’s credit score and credit history to determine whether or not they qualify. Stated income loans instead focus on the income of your business. This means, as long as your business is making a profit, it does not matter what is in your past. Even business owners with very low credit scores can usually be approved. The other major requirement for a stated income commercial real estate loan is that your business can cover the taxes, mortgage, and insurance of the loan. Once you are approved, you are free to make improvements to your business. Consider the possibility of expanding to a second location. Some of the other ways this kind of financing can be used include:
- Consolidating debt
- Purchasing new equipment
- Increasing marketing
- Hiring more staff
At SkyBridge Capital and Marketing Group, we believe in your business’ ability to succeed. No matter happened with previous establishments, if your current business is your passion, we will work hard to ensure it gets a chance to thrive. We would be happy to help you get started, so give us a call today.