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FAQs

Welcome to our FAQ section! Here, you'll find answers to a wide range of questions, organized into easy-to-navigate categories like general information and loan-specific topics. Use the search bar to quickly find what you need, or simply scroll down to explore related questions. We're here to make things simple and help you get the information you're looking for.

  • What credit score is required for a stated income loan?
    Options are available for applicants seeking no minimum credit score, and it will depend on the loan-to-value (LTV) ratio and property type. There is no minimum credit score required if the LTV is 50% or less. For LTVs between 50.01% and 60%, a minimum credit score of 600 is needed. If the LTV exceeds 60%, a credit score of 650 is required.
  • What types of commercial properties are eligible for stated income loans?
    Commercial: multifamily (5+ units), mixed-use buildings, office spaces, retail properties, warehouses, and self-storage facilities.
  • What does “stated income” mean?
    Stated income loans allow borrowers to qualify without providing traditional income verification documents.
  • What is the minimum loan amount for stated income loans?
    For commercial real estate there is $250,000 minimum loan amount. For residential investment properties we have a $75,000 minimum loan amount.
  • What loan terms are available?
    Loan terms can be up to 30 years, with both fixed rate and interest-only rate options.
  • Is there a maximum loan amount for stated income loans?
    The maximum loan amount is $6,000,000 for commercial real estate.
  • What is the loan-to-value (LTV) ratio for stated income loans?
    The maximum LTV is 75%. The maximum combined loan-to-value (CLTV) is 90%, which only applies if you have, or will have, a second mortgage.
  • Do you have a minimum occupancy rate?
    Yes, at least 70% of the units must be rented. For example, a 20-unit multifamily building would require at least 14-units (70%) to be currently rented to tenants.
  • What documents are required to apply?
    We offer light documentation. Standard documents include a completed loan application, photo ID, proof of property insurance, and lease agreement(s). Additional documentation may be required depending on the specifics of your scenario.
  • Are stated income loans available for self-employed individuals?
    Yes, self-employed individuals often benefit from this program since no tax returns are needed.
  • How long does it take to get approved?
    Approvals can be issued within 48 hours, with funding timelines varying based on loan conditions.
  • Can I use a stated income loan for commercial properties?
    Yes, these loans are a great option to finance commercial properties. Fixed rates allow for stability and predictable cash flow.
  • Are there prepayment penalties?
    Prepayment penalties may apply depending on the loan terms.
  • What industries are eligible for stated income loans?
    Any borrower meeting the credit and property requirements can qualify, regardless of industry.
  • Can I refinance with a stated income loan?
    Yes, stated income loans can be used for refinancing.
  • Do stated income loans require a down payment?
    Yes, down payment requirements vary based on the LTV and credit score.
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