Non-Traditional Financing for Real Estate Investment
Real estate is an attractive investment option, but financing the purchase of commercial real estate can be cumbersome; the loan process is slow and approval is tied to credit history. Stated income commercial real estate loans, in contrast, is based on the value of the real estate. If the income value of the property covers the mortgage, taxes and insurance, then a stated income commercial real estate loan can be approved. Clearly, this type of loan is faster to process. Among the properties that can be financed using this type of loan are these:
The Many Uses of States Commercial Real Estate Loans
The funds acquired through this type of loan can be used in a variety of ways, according to the borrower’s needs. Of course you can buy property if you are tired of paying rent for your business, or you can improve a property you already own through renovation or expansion, but more options exist. Debt consolidation will allow you to pay outstanding taxes, combine equipment leases or merge credit card debt, to save you thousands on fees and interest. Access to working capital will enable you to expand inventory, meet payroll or pay your bills. If you have a high rate or adjustable rate mortgage, you can refinance your remaining debt into at fixed rate, non-adjustable loan.
Platinum Commercial Capital offers soft money loans up to $500,000 at fixed rates and up to 25 years for amortizing, and will accept nearly all commercial property types. PCL considers the borrower’s needs and objectives, and offers a mix of loans for both investment and owner-occupied commercial properties. Loan approval is fast, taking as little as 2-3 weeks. Loans can be awarded if you have a W-2 or are self-employed, and have a credit score of 600 or above.