Stated Income Loans – We provide loans in 43 states
Commercial Lender Link has the expertise to pre-qualify self-employed business owners for a stated income commercial real estate loan, WITHOUT the need for tax return documentation. Stated Income loans are mainly for self-employed or retired borrowers who do not show a lot of net income on their tax returns. Most major metropolitan areas and their suburbs are considered. No minimum fico, LTV’s to 75%
The primary determinants of qualifying for stated income/low doc/no doc loans is threefold.
- 1. Since the lender has no tax returns to go on, the payment history as reflected in a tri-merge credit report is mandatory for the lender. There is no minimum, but we prefer to see scores above 650.
- 2. The max loan to value is 75% for multifamily and mixed-use properties. We also can do single family to 4 Unit /non-owner occupied residential investment properties. The LTV for office, retail, self-storage, auto services, industrial/warehouse and standalone restaurants is 65%.
- 3. The property must appraise for the loan amount requested and will be adjusted accordingly. The debt service coverage ratio (DSCR) should be around 1.2 meaning that the rents minus the expenses should more than cover the principal interest, taxes, and insurance.
Because the documentation is less than a conventional loan, the turnaround times to close is significantly less than a normal conventional full doc loan. We can close a stated income loan in 30 to 90 days.
As with all of our loans, we have no upfront fees and do a preliminary prequalification of the submitted documentation for our borrowers. This way we can avoid unnecessary expenditures for an appraisal and third party fees that should not be ordered if the loan does not prequalify.
We will require the following to get started:
- 1.a completely signed and filled out 1003 (residential loan application) which we shall go over with you.
- 2. A complete description of the property with pictures
- 3. Current rent rolls
- 4. A recent (less than 30 day) tri-merge credit report with full details on payment histories
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or call 631-828-4404.