How You Can Qualify for a Stated Income Loans
If you are a small business owner, you likely already know that a loan can be hugely beneficial for improving the daily operation of your business, increasing profit, or simply getting back on your feet. However, not everyone can qualify for a small business loan. If you have poor credit, it can be very difficult to be approved. At Swiftridge Capital, we believe in your company’s ability to succeed, no matter what state your credit score is in. That is why the stated income commercial real estate loan exists. This special type of financing is designed to be more accessible than many others, with different qualifications. Turn to Swiftridge Capital to learn if you can receive a stated income loan.
How Stated Income Loans Are Unique
The biggest difference between stated income loans and other types of financing is what is used to determine viability. Most loans are based on the applicant’s credit history. This kind of financing is instead based on the income of the business. That means if your current business is profiting, you can be approved regardless of how previous businesses did. The other major requirement is that your business can cover the insurance, mortgage, and taxes of the loan. If you think your business could benefit from a stated income commercial real estate loan, choose Swiftridge Capital to make it happen. We are dedicated to helping our clients, no matter what situation they are in.
How You Can Use Your Loan
Once you are approved for your loan, there are many different ways you can leverage it to improve your business. Some of the most common loan applications include:
- Leasing or purchasing new equipment
- Remodeling your real estate
- Purchasing a second location
- Investing in your marketing
- Hiring more staff members
- Consolidating debt
If you have any questions about stated income loans or other kinds of financing, we would be happy to answer them. Give us a call today.