Stated Income Loan
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Stated Income Loan and Mortgages are for borrowers who cannot qualify for mortgages based on their income tax returns.
For numerous reasons, borrowers may have unique situations that prevent banks from lending in traditional manners. We understand the needs of these situations and Prime Resource Capital can assist where banks cannot. Our loan products are just as varied as our customer’s needs. Call for your hassle free consultation.
Client Testimonial: We were in a desperate financial situation and needed a huge loan asap. We contacted PRC and from the beginning we saw that we dealing with the right people. Our situation was pretty complex and time sensitive. PRC delved right into our case and even worked overtime for our loan. We ran into numerous obstacles and they overcame them all. We recommend them highly to all OUT there who are IN need. – A J S & M B S, Brooklyn, NY
Client Testimonial: All the banks turned us down because we had too many deductions on our taxes. Thank you Prime Resource Capital for all your help. I will certainly spread the word! – S. C. Bergen County, NJ
* NO TAX RETURNS REQUIRED*
Examples and use of a Stated Income Loan:
- New Purchase Investment SFR
- Loan amount $315,000
- Borrower could not use tax returns for traditional loans because of high deductions
- Used Stated Income loan to purchase SFR for investment
- 6-Unit Apartment Building
- Loan amount $150,000
- Used funds for refinance and cash out for improvement
- Mixed Use property
- Loan amount $400,000
- Use of funds for improvements and tax pay off
- Office Building
- Loan amount $500,000
- Use of funds for tax payoffs and mortgage balloon
- Full Service Restaurant
- Unencumbered restaurant with good cash flows but bad credit
- Loan amount $250,000
- Use of funds for another location
- Real Estate Investor with Multiple Properties
- Loan amount $1.5MM
- Borrower with less than perfect credit
- Use of funds for improvements and acquisitions of other properties
- Self Employed Dentist with a recent divorce
- Loan amount $700,000
- Credit impacted by divorce
- Use of funds to pay for legal fees and business renovations
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