Stated Income Loans in Schaumburg IL
If you are looking to avoid the traditional commercial loan so you can refinance or purchase a property, a stated income commercial real estate loan is a great option. When we consider you for this program, we take a look at the income value of the property and whether it will be able to cover the insurance, mortgage and taxes that will be involved. Rather than looking solely at your credit history, this allows us to approve more clients who need the help.
Because of the way we approve clients for a stated income loan, the process is much quicker. With fewer documents, you are able to get started with your property in a shorter amount of time.
Which Properties Are Included?
There are various properties that are included in the list of those receiving financing with a stated income commercial real estate loan. This includes:
- Apartment buildings and other rentals
- Restaurants and other food establishments
- Retail space
- Office space
- Warehouses and distribution areas
What Can It Be Used For?
Our stated income loans are used by professionals for a variety of purposes. Some of those are:
- Working Capital – This gives you the cash you need to cover bills, hand out employee incentives or beef up the inventory without having to dip into bank debt.
- Property Purchase – Instead of renting a property, you can use stated income financing to purchase a property for your commercial endeavors.
- Refinancing – If you already own the property, you could refinance to get a fixed term and a low rate that won’t adjust.
- Debt Consolidation – Getting your debts paid off is always beneficial, and we help you do it while finding other ways to save.
- Property Improvements – Completing renovations could improve the façade of your building or the overall employee morale when the atmosphere and the property are functional.
Get Started Today
To learn more about stated income real estate financing, contact RLS Commercial Capital today. We want to ensure your success and are waiting to help you achieve it.