Tax Returns Are NOT Required
Are you unable to get a loan because your tax returns do not show enough income to qualify? We have a stated income financing program that does not rely on your tax returns for approval. In fact, we will never even ask to see them! We will base our decision for commercial income properties on bank statements, a rent roll, and leases. For owner-occupied business properties, we will base our decision on bank statements and a Profit & Loss Statement!
Banks require your tax returns to show enough income to service debt. A lot of business owners and investors write off a considerably high amount of their income due to the fact that they can. Unfortunately, this does not help their chances of getting a bank loan because it appears that there is not sufficient income to service a loan so they are turned down. This is a shame because there are a lot of investors and business owners who actually do have sufficient income. They just don’t show it on a tax return because they will have to pay more in income tax.
It becomes a trade-off. Do you show more income and pay more taxes so you can obtain a loan, or do you show less income and pay less in taxes with the end result being that you will not qualify for a loan? It is a tough choice, especially when one of the reasons people invest or own a business is to pay less in income tax. Well, we have solutions for this age-old problem.
Stated Income Financing Details
Here's Just a Few Benefits of Stated Income Financing
Up to 80% LTV on multifamily properties and this includes cash-out transactions
Recently stabilized – we only need 75% occupancy for the preceding 90 days at a 1.2 DSCR
No seasoning on title and the ability to use appraised value vs cost basis
Low liquidity – We only need 3-6 months of P&I in reserves
Why Choose ICA for Stated Income Financing?
Once we receive the necessary documents, we’ll usually have an answer within 24-48 hours.
Many Property Types
Financing for multi-family, commercial, mixed-use industrial, retail and more!
What Property Types Qualify for The Stated Income Program?
Mobile home parks