Brooklyn stated income loans have been on the rise as the “go to” financing solution for local commercial real estate investors. Quite frequently, banks and similar lending channels in Brooklyn offer financing with requirements that the average commercial real estate investor cannot meet. Brooklyn stated income loans provide an alternative to route, which bypasses the red tape of traditional lending institutions.
Traditional Financing
Commercial real estate investors must meet certain requirements to get approved for traditional loans. Applicants must have impeccable credit, sufficient collateral, and proof of a regular salary. The last part, unfortunately, prevents many Brooklyn commercial real estate investors from securing the financing they need. Most commercial real estate investors get their revenue from purchasing and selling properties, or through rent from tenants. Even if local commercial real estate investors operate under a corporate structure of some sort, they often take advantage of tax benefits to lower the amount they pay each year to the IRS, making their total revenue seem like less than it really is when applying for loans.
The Advantages Of Brooklyn Stated Income Loans
Brooklyn stated income loans operate differently from traditional loans. Instead of requiring proof of salary, stated income loans operate directly from bank statements and other documents which show the actual amount of revenue generated from property investments. By using Brooklyn stated income loans, local commercial real estate investors can sidestep the red tape of traditional lending channels, and secure financing proportional to their credentials. Brooklyn stated income loans can be arranged quickly, so local property investors do not have to miss out on time-sensitive opportunities, or string together numerous loans to cover the total amount needed.
Using Brooklyn State Income Loans
Brooklyn stated income loans have a wide range of uses. Some Brooklyn area investors use stated income loans for property acquisitions. Others use Brooklyn stated income loans for renovations, construction, and rehab projects. Whether financing is needed for fix and flip properties, rentals, or construction, Brooklyn stated income loans are more efficient, flexible, and accessible than traditional financing programs.
Learn More About Stated Income Loans
At Express Capital Financing, we offer a wide range of solutions for commercial real estate investors in the Brooklyn area. If you are tired of the bureaucracy and high requirements of traditional lenders, and want a faster and more robust option, contact our offices at 718-285-0806 and ask how Brooklyn stated income loans can help with your next project.
