How You Can Qualify for a Stated Income Loan
As a small business owner, you likely know how beneficial a small business loan can be. It is possible to undertake exciting new projects or expand your business with even a little financing. Even if you just need to get back on your feet, a business loan can help. That is why Advanced Capital Network offers stated income commercial real estate loans. These special kinds of loans are designed for business owners with poor credit. Those with a low credit score are often the ones who could benefit the most from a loan. Turn to Advanced Capital Network to learn more about stated income loans and how you can be approved for one.
What Makes Stated Income Loans Different
Most loans use credit and collateral to determine viability. This is the primary way stated income loans are unique. Instead, they use the income of the business as the main factor. This means as long as you are earning a profit each month, you most likely can qualify. Additionally, your business needs to be able to cover the insurance, mortgage, and taxes of the loan.
Using Your Loan
Because stated income loans are more accessible than other kinds of financing, it opens up the doors to all sorts of improvements to nearly any business owner. Since you know what is best for your business, it is up to you to decide how to implement your new working capital. Some of the most common uses for a stated income loan include:
- Investing in your marketing
- Hiring more staff members
- Leasing or purchasing new equipment
- Consolidating debt
Turn to Advanced Capital Network if you think your business could use a stated income loan. We are committed to getting you approved no matter what situation you are in.