No Income Check Commercial Mortgage Loans
Select Commercial has excellent options available for no income check commercial mortgage loans. Many borrowers who are self-employed, or have trouble submitting their tax returns, have difficulty qualifying for a loan at their bank. We offer many loan options based on Stated Income, and in many cases, do not require tax returns. These loans are sometimes called No Income Check loans, No Income Verification loans, Stated Income loans, Lite Doc loans or NIV loans. Many banks are very strict with their loan approvals and underwrite their loans strictly off the borrower's tax returns. We understand that tax returns don't always tell the whole story. We use a common-sense approach to underwriting commercial mortgage loans. Why might a borrower consider a no-income check loan? Let’s consider a few examples:
- Small business owners who experience large fluctuations in income from year to year might have difficulty with their banks. A no-income check loan might be an option.
- Foreign borrowers who do not file tax returns often can’t obtain financing at their bank. A stated income loan might be the solution. This would also include out of state investors, as we have no residency requirements.
- Properties that have experienced vacancy or turnover might not reflect enough income on their tax returns to qualify for a conventional commercial mortgage. A lite doc loan might help in this case. These loans include recently rented or recently stabilized properties with limited track record.
- Borrowers who do not qualify for bank financing and need a more relaxed approach to income qualification. This might include borrowers with limited seasoning or limited experience owning their properties.
- Borrowers with limited post-closing liquidity. Our net worth and liquidity requirements are lower than the local bank.
Whether you are purchasing or refinancing, we have the right solutions available for your stated income or no income verification loan. We will entertain loan requests of all sizes, with the following programs:
- Standard Program: Best for credit worthy business owners and investors looking for an alternative to restrictive bank requirements.
- Lite Doc Investor Program: Best for investors unable to disclose certain financial data or those whose commercial properties are more valuable than a tax return might indicate.
- Owner-Occupied Stated Income Program: Best for owner occupied properties where the self-employed business owner has difficulty proving their income, as required by their local banks.
- Bank Statement Program: Best for business owners who prefer to document their income by providing their monthly bank statements instead of providing their tax returns.
Our Commercial Real Estate Loan Benefits
- No upfront application or processing fees
- Simplified application process
- Up to 80% LTV depending on property type
- 5 year and 7 year fixed rate terms, with amortizations up to 30 years
- Loans for purchase and refinance, including cash-out transactions
- 24 hour written pre-approvals with no cost and no obligation
- VERY fast approvals and closing
- Eligible borrowers include U.S. Citizens, Permanent resident aliens, and legal entities