A stated income commercial mortgage loan may be the answer for investors that are looking to get cash out of their property.
Many property investors and business owners want to get cash out of their properties for various reason, such as improving the building or money for a down payment for a new purchase.
Unfortunately many investors don’t attempt to refinance their property for cash out for a numbers of reasons.
The most common reason for the reluctance is that they believe the transaction will take too long. A Stated income commercial mortgage loan can generally be closed in 2 to 3 weeks.
Another thing that may inhibit people is a perception that too much paperwork is required. Depending on the situation, only an application, credit report, and bank statement may be required for your transaction. This is in stark contrast to a conventional or SBA loan which requires much more paperwork and may take 2-3 months to close.
Many others believe that the interest rates for a stated income commercial mortgage loan will be very high. While the interest rates will be slightly higher than a conventional loan they will still be much lower than a bridge or hard money loan. A hard money or bridge loan will generally only have a one year term. A stated income loan can start at a 3 year term and in certain situations can be up to a full 30 year fixed term.
For more information on a stated income commercial mortgage loan contact RSA Funding today at 855-475 FUND (3863) or at www.rsafunding.com
34-3 Shunpike Rd. #223