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| commercial stated income loan |
Once you've made the big decision of
buying a real estate property, the next big decision you need to make is 'How'
to finance your real estate property. There is a plethora of options you could
consider for raising finance and unless you're a millionaire, raising finance
in the form of loans is the best option for you! Commercial real estate stated income loans are given both by the
banks and the private hard money loan providers. While the banks require a list
of qualifications which you need to pass, hard money lenders make your life
much easier by making loans available to you easily and quickly! Read on to
know the tips on how to find the best commercial
real estate stated income loans.
1) Interest
rates
Interest rates are the primary factor
you must be considering while thinking about which loan to buy. Banks and
private money lenders have different interest rates and choose the best deal
for you in light of your financial requirements and position.
2) The
credibility of the source
Undoubtedly, you can rely on all the
banks for the credibility of the source. But when you're choosing from the hard
money loan providers, you must run a credibility check by looking at their
website. Have no shame in asking for the details of testimonials provided and
if possible, make some calls to their previous customers and listen about their
customer experience!
3) Time
window required to sanction the loan
The time factor can literally make or
break the deal for you. If there's a very good deal and you fail to arrange for
money, there will be a hundred others who'd be rushing to grab your deal. So
it's very important that your commercial
stated income loan provider
promises you a short time window for providing you the loan.
4) The pre
payment penalty rates
Some
banks and private hard money lenders have stringent policies on account of pre
payment. The pre payment penalties can surprisingly be higher and put you in
losses. Remember that it's in best interests of you to buy a loan that has less
pre payment penalties.
