How You Can Qualify for a Stated Income Loan
If you own a small business, you likely know how beneficial small business loans can be. However, many small business owners are hesitant to apply for financing out of fear of being rejected. You may have even been rejected yourself. If this is the case, the stated income commercial real estate loan may be an option for you. At Norus Capital, we strive to get all our clients approved, no matter what may lie in their past. Having poor credit or a bad credit history does not stop you from qualifying for a stated income loan. Learn more about this special kind of financing and how Norus Capital can help you receive the working capital you need to undertake a new project, expand your business, or simply get back on your feet.
What Sets Stated Income Loans Apart
Stated income loans do not use credit scores as a factor for determining viability. This is especially beneficial because those with poor credit are often the ones who need financing the most. Instead of credit, your business’ monthly income is used to determine whether you can qualify. Additionally, your business needs to be able to cover the insurance, taxes, and mortgage of the loan. With your new working capital, many opportunities are possible, such as:
- Purchasing new equipment
- Remodeling or purchasing new real estate
- Consolidating debt or refinancing
- Increasing marketing
- Hiring more staff
If you think a stated income loan sounds right for your small business, turn to Norus Capital today. Of course, even if it does not sound like the right option for your business, we can help you figure out what the best financing option is. That is exactly why we have a team of financial experts who work alongside every client. To learn more about how we can help your small business and get the process started right away, give us a call today.