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Stated Income Loans For Apartment Buildings

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Stated Income Loans For Apartment Buildings

Stated Income Loans For Apartment Buildings

Stated income loans have returned for multifamily property investors.
After years of waiting stated income loans are back. For multifamily property investors this is welcome news which clears the way for many to return to the market, expand their acquisition activity and holdings, and to refinance existing maturing commercial mortgage loans.

Stated Income Loans

Stated income loans offer real estate investors the ability to maximize financial leverage without the time constraints, headaches, and ominous paperwork burden of full documentation loans. They offer efficiency, speed, and the ability to navigate the market and access superior opportunities.
With no income verification loans borrowers do not need to provide personal income documentation including W2s and tax returns. Some options may even allow for no personal asset verification. The property itself, and its income potential acts as the collateral for credit extended.

Property Types Eligible for Funding

Multifamily properties eligible for stated income loans include:

  • Apartment buildings
  • 5+ unit multifamily properties
  • Mobile home parks
  • Senior housing
  • Assisted living facilities
  • Student housing

Beyond the multifamily sector stated income mortgage loans may be available for lines of credit for portfolios of single family rental homes, retail properties, self-storage,office buildings, and mixed-use projects.

Multifamily Loan Purposes

Stated income loans can be used for virtually loan purpose:

  • Purchasing new multifamily properties
  • Refinancing the maturing mortgage debt
  • Accessing pent up capital and bridging out to new acquisitions
  • Accessing to fresh capital for value add improvements
  • Providing an exit to partners
  • Acquiring distressed properties to be repositioned and redeveloped

Commercial Loan Features

Flexible stated income loan terms from the best direct money lenders may include:

  • Loan amounts from $50k to $5M
  • Rate and term or cash out refinances
  • 50% to 90% LTVs
  • Up to 90% CLTV
  • Credit scores from 600 and up
  • Past credit challenges OK, including bankruptcy
  • Limited asset verification
  • Fixed rate mortgages
  • Fully amortizing loan terms
  • Adjustable rate mortgage programs
  • Owner and non-owner occupied commercial properties
  • Micro loan amounts
  • Funding for small businesses

Stated Income Mortgage Interest Rates

2017 is expected to begin a new era or rising interest rates. While property values and transaction volumes may be heading up, so are interest rates. This may further fuel lender’s eagerness to make loans, but the next few weeks could be the optimal time for investors to secure the best financing.

Applying for an Apartment Building Loan

Technology has greatly streamlined the apartment building loan process. Lenders are now able to operate more efficiently than ever; making the process of getting a loan, and the terms more attractive. Now virtually everything can be done over the internet via a mobile device. Start the process by providing the basic details of your scenario, then your executive summary. Closing times can be as short as 30 to 45 days.

Summary

Stated income loans are back. They are likely to have a big impact on the market, by fueling even more investment. These highly versatile and faster loans are ideal for a variety of loan purposes and borrowers, even among those with no problem verifying income, but who don’t want the hassle. This is a great time to explore these financing options while mortgage rates are still low.
Find out how low the rates on your next deal could be now…

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