How Stated Income Loans Are Different
If you own a small business, you likely already know how beneficial financing can be. It is a great option that business owners have access to in order to keep their business operational. However, not everyone can qualify for a loan. In fact, you might have even applied before and been denied. This is where stated income commercial real estate loans come in. They are designed for those who may not be able to take advantage of traditional loans due to poor credit. No matter what situation you are in, EvolveFlex Finance Group is prepared to help you get the capital you need.
How a Stated Income Loan Is Different
Typically, loans are based on your credit score and credit history. This means those with poor credit can have a hard time being approved for a traditional loan. Those with poor credit are usually the ones who need financing the most, making this an unfortunate fact. Stated income loans, however, are not based on credit. They are based on the income of your business. This means as long as you are earning a profit, you likely can be approved for this type of financing. You also must be able to cover the insurance, taxes, and mortgage of the loan.
How You Can Use Your Stated Income Loan
There are many different ways you can use your new working capital to improve your business. If it is leveraged right, it can make a huge difference that lasts for years. Common approaches include:
- Leasing or upgrading new equipment
- Increasing your marketing budget
- Hiring staff or providing training
- Opening a second location
- Consolidating debt
EvolveFlex Finance Group believes in your business’ ability to succeed. Even if you have poor credit, we still think you have potential and we will do everything we can to help you achieve that potential. Learn more about all our financial services.