How Your Business Can Qualify for a Stated Income Loan
If you own a small business, you likely know that financing is one of the most powerful tools you have at your disposal for ensuring your success. Of course, one of the drawbacks of commercial financing is that it requires good credit to qualify. Unfortunately, if you have a low credit score or a poor credit history, a small business loan may be inaccessible to you. The solution is the stated income commercial real estate loan. By altering the criteria for qualification, this loan has been designed to be accessible even to business owners with poor credit. This makes it a great tool for those who may need working capital, but cannot qualify for a traditional loan. Turn to Black Wolf Capital Group to learn more about the stated income financing option.
How Stated Income Loans Are Unique
The biggest difference between a stated income loan and any other type of loan is how qualification is determined. The primary factor used when applying for this type of financing is the amount of income your business makes. No matter what your credit situation is or what is in your past, if your current business is making money, you can likely be approved. The other requirement is that your business can cover the mortgage, taxes, and insurance of the loan.
How You Can Use Your Loan
There are many different ways you can implement your loan. If you use the capital wisely, you may benefit from it long after you have finished making payments. Some of the most common uses small business owners have for the capital they gain from Black Wolf Capital Group include:
- Purchasing a second location
- Remodeling real estate
- Investing in marketing
- Hiring more staff members
- Leasing or purchasing new equipment
- Consolidating debt
Turn to us to learn more about how you can get the capital you need.