Make Your Property Work for You
Your property can work for you in more ways than one. Instead of just being a warehouse, business center or residential rental unit, your property may qualify you for a stated income-commercial real estate loan. This loan differs in a few ways from a conventional loan and the monies you can access varies depending on the property type and amount of income it generates. Let’s take a look at some of the basic details.
Stated Income Loan Basics
Your stated income-commercial real estate loan comes with a variety of benefits. As referenced above, Wexum can help you secure funding based almost exclusively on the value of your property and its current use. Here are a few particulars to give you a better idea of what we are able to offer our clients:
- Up to 65 percent loan-to-value (LTV) for warehouses, self-storage, medical offices, and manufacturing facilities
- Up to 70 percent LTV for 1-4 residential rental units, non-owner occupied investment properties
- Up to 75 percent LTV for 5+ units, including mixed use, multifamily, office, retail, and light industrial type properties
Here are a few other aspects to consider:
- Fixed rates available
- Cash out possible
- Loans amounts of up to $8 million
Unlike a conventional loan, this program is focused on the type and value of your property, and not whether you have a perfect credit score. There is less documentation required, which means this type of loan can often be approved and funded more quickly.
Please note that your property’s income stream must cover its own mortgage, taxes and insurance in order to qualify for consideration under this particular program.
Find out More
If you own income producing property, have it work for you via a stated income-commercial real estate loan. Contact Wexum to find out more.