How You Can Qualify for a Stated Income Loan
If you own a small business, you probably know how beneficial commercial financing can be. Of course, many business owners feel like they could never qualify for a small business loan due to poor credit. This is exactly the situation the stated income commercial real estate loan was designed for. At Acorn Business Financials, we believe in your business’ ability to succeed, no matter what is in your past. Even if you have applied for a loan in the past and been rejected, you may be able to qualify for a stated income loan. This is because the stated income loan uses completely different qualifications than nearly any other kind of financing out there. Turn to Acorn Business Financials to learn more about this special kind of financing.
What Sets Stated Income Loans Apart
The aspect that makes a stated income loan different than a traditional loan is that credit is not used to determine viability. Instead, your monthly income is the primary factor. This means that as long as your business is earning a profit, you most likely can be approved. In addition to this, your business must be able to cover the insurance, taxes, and mortgage of the loan. With a stated income loan, you can undertake all sorts of exciting projects you never thought were possible, such as:
- Consolidating debt
- Purchasing new equipment
- Remodeling or purchasing new real estate
- Increasing marketing
- Hiring more staff
No matter what situation your business is in, Acorn Business Financials can help you get approved for the right kind of loan. We have a team of financial experts who can work alongside you to figure out what your best option is. No two businesses are the same, so no two loans should be the same either. We are always happy to answer your questions or get the process started right away, so give us a call today.