Qualifying for a Stated Income Loan
There is no question that financing is a great tool for small business owners to make growth and success possible, but not all small business owners can qualify for a loan. The unfortunate fact is that many business owners have poor credit, which can make it a real challenge to qualify for a traditional loan. Those with poor credit are often the ones who need financing the most, which makes it a difficult situation. The solution is the stated income commercial real estate loan. This special kind of financing is designed specifically for those with poor credit. It uses an entirely different set of requirements to determine viability, which makes it more accessible. In fact, you may be able to qualify even if you have applied for a loan in the past and been denied. Learn more about how MWFSG (Miller-White Financial Services Group) can get you approved for the loan your business needs.
What Makes Stated Income Loans Different?
Instead of using credit, stated income loans are based around the business’ profit. As long as your business is earning a profit each month, you most likely can be approved. The other major requirement is that your business can cover the mortgage, taxes, and insurance of the loan. Just like any other kind of loan, you receive your new working capital quickly after being approved. This opens up the door for all sorts of opportunities. With a stated income loan, you can:
- Purchase new equipment
- Remodel or purchase new real estate
- Consolidate debt
- Refinance
- Increase marketing budget
- Hire more staff
It is up to you to decide what to use your loan for. After all, you know your own business best and you know what the most beneficial use would be. If you leverage the new capital wisely, you may be able to permanently increase your profits. Turn to MWFSG (Miller-White Financial Services Group) to learn more.