Qualifying for a Stated Income Loan
If you own a small business, you most likely already know about commercial finance and how getting a small business loan can be a huge benefit. Financing is one of the most common and appealing tools that nearly all small business owners have access to. In fact, you may have even applied for a loan in the past. While most loans are usually highly accessible, it is certainly not a guarantee to be approved. Nelson Capital Partners is committed to helping you get the working capital you need, no matter what your situation. If your credit score has held you back in the past, you can still most likely receive a small business loan. The trick is just picking the right kind. Learn more about stated income commercial real estate loans and how you can qualify for one.
How Stated Income Loans Are Unique
Most loans are the same in that they use the applicant’s credit score and history to determine whether he or she qualifies. This is problematic because those with poor credit are often the ones who need financing the most. This is not how stated income loans work. Instead, the income of your business is the primary factor to determine viability. As long as your business is earning a profit each month, the chances are good that you can be approved. In addition to this requirement, your business must be able to cover the insurance, taxes, and mortgage of the loan.
How You Can Use Your Loan
Once you have received your new stated income loan, it is up to you to implement the capital in the best way possible. You may not realize just how many opportunities a little extra capital reveals. Some of the most common applications include:
- Leasing or purchasing new equipment
- Hiring more staff members
- Investing in your marketing
- Purchasing a second location
- Consolidating debt