Do you have a property types that you banker is not friendly to? Consider Stated
Income/ Stated Asset Financing
James Synovec, Chief Executive Officer. Aquila Business Services, LLC
http://www.YourLoanOffice.com
Do you own a restaurant that's always busy? Maybe you own an auto-repair shop that has its bays full with work and your crew is putting in long hours?
These type of successful business are popular in the public and the services are available almost everywhere. Your customers know you are dependable and that your business is successful. You banker also know of your success because he sees all of your bank deposits. However, when it comes to looking for financing, restaurants and car-repair shops are on the "least popular" list for traditional banks and lenders.
It can be hard to secure loans for a small business like yours. Most traditional lenders are skeptical of approving loans to such enterprises and consider them high-risk.
Funding unique properties becomes even more complicated if there is insufficient
income documentation or if the you, the borrower, are self-employed.
These lending barriers can fall to the wayside, however, when you pursue our Stated Income/Stated Asset mortgages. A lender that offers stated loans typically does not require income verification or tax returns. If you can't meet the documentation demands and financial-reporting covenants of a bank, they may prefer the streamlined process of Stated Income/Stated Asset programs.
Let's look at some of the ways Stated Income/Stated Asset financing can provide funding for your small business.
Many auto shops perform body-repair and painting tasks that may create an environmental impact that must be managed carefully. Traditional lenders frequently view these property types as too problematic. They deny the loan requests outright.
If they do consider the loan, they may require time-consuming and expensive environmental reports. In fact, banks commonly charge small-business people for the full cost of these reports, even if they won't offer funding.
In contrast, we can help an auto-repair specialist secure a Stated Income/Stated Asset loan with fewer restrictions. For example, our lenders will typically consider environmentally sensitive property types after the completion of an environmental questionnaire.
An insurance company then reviews the information on the questionnaire to determine if the property poses an environmental risk. The cost of the premium varies depending on the loan amount and property type. The expenses involved, however, are substantially less than those involved in the reports that traditional lenders require. By using this screening process, nontraditional lenders often can finance riskier properties that many traditional lenders would not consider.
Traditional lenders are less likely to finance restaurants because of concerns about high rates of business failure, as well as your need to finance equipment.
One "solution" they commonly impose is to offer only short-term financing -- three to five years. In fact, short-term commitments may contribute to driving high failure rates for restaurants.
Alternatively, Stated Income/Stated Asset lenders are more likely to offer financing for a wide range of food-service properties. They generally offer loans that span 15 to 30 years.
Here are some property types that can benefit from this type of financing:
Mixed-
Self-storage:
Warehouses/
Special-
Health care: Included in this category are all assisted-living operations in which a license is required to operate.
