(Presseportal openBroadcast) - Los Angeles, California - Borrowers looking for purchase and refinance loans for investment property are turning to Stated Income Loans over SBA and Conventional loans to close quickly without the strict underwriting requirements.
Buying Commercial Property Quickly
Buying commercial real estate can be a long and protracted process when it comes to securing a loan for investment property. More and more, buyers are turning to stated income loans for commercial real estate. The reason is simple: speed and efficiency. Buyers and owners of commercial real estate know that a traditional loan can take months to close, as compared to 30 days for a state income loan.
Experienced real estate investor loans agents are able help buyers from the initial search to the close of the purchase. More and more, the best commercial agents need to have a strong grasp of loan requirements and the underwriting hurdles.
According to Darryl Bledsoe, a representative from QKMortgage.com, “the buyer needs to fully understand investment property loan requirements before deciding to purchase or refinance. Many commercial real estate brokers don’t know enough about what it takes to qualify for a loan, and the buyer gets very frustrated trying to qualify when they don’t see the big picture.”
Investors are strongly advised to look for commercial real estate brokers with experience in investor home loanguidelines. Buyers should look for an agent that helps buyers qualify for commercial properties at affordable rates.
Advantages of Stated Income Loans:
- Quick closing times; funds in less than 30 days
- High Loan to Value ratios: borrow up to 70% - 80% with carry backs
- High FICO scores are not required; scores over 600 will qualify
- Interest Rates are comparable to conventional loans
Conventional Loan Hurdles
- Long closing times; funds are typically not available in less than 90 days
- Loan to Value ratios do not allow seller carry backs in most cases
- High FICO scores are absolutely required; scores over 700 are standard
- Interest Rates are low only for few qualified borrowers
Stated income loans are making it possible, once again, for more borrowers to qualify for purchase and refinancing options. With the strengthening economy commercial real estate values have shown robust gains and lenders are now approving more loans without the strict underwriting guidelines that apply to conventional loans.
QKMortgage.com offer free buyer services to explain financing options and loan requirements. QKmortgage.com has leading loan agents that help to approve investment home loans for investors who are looking to purchase or refinance a rental property.
For Media Enquiry:
Contact Person: Darryl Bledsoe
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