A Different Way To Finance Your Commercial Property
Traditional loans can be off-putting because of the large amounts of paperwork and endless hoops business owners have to jump through. If you want to avoid that, you’re in luck. Stated income commercial real estate financing from Pillar Funding Solutions offers you a different loan option that is faster and easier than a bank loan, and comes with plenty of benefits.
How Can You Use This Loan?
Our main goal is to help businesses like yours secure financing that can be used in a variety of ways that meet your needs. That includes for purchasing property, building property, refinancing, growing working capital, consolidating debt and renovating an existing piece of real estate. Some examples of properties this loan can be applied to include the following:
- Office buildings
- Retail stores
- Storage facilities
- Auto service centers
Is It Really Different From a Bank Loan?
The short answer is yes. There are two aspects of a stated income commercial real estate loan that set it apart from traditional loans. The first is that while you need a credit score of 600, your credit profile is not as important as the property’s value. The second is that there is significantly less paperwork involved, which speeds up the process, although you are required to provide income verification documents.
What Do the Loan Terms Include?
Taking out a loan is not an easy decision to make, but the terms we offer help to ease your worry. The following are some of the terms you can enjoy:
- Maximum loan amount of $500,000
- 25-year loan term length
- Maximum LTV between 65% and 75%
- Fixed rates
- Minimum closing timeframe is two weeks
Ask for Your Financing Application Today
If you need a loan for your commercial property, Pillar Funding Solutions can help you out. Contact our experts today to ask about our stated income commercial real estate loan and we’ll go over all the details with you before sending you a financing application.