Commercial Loan with No Income Verification: Your Questions Answered
A commercial loan with no income verification is supposed to finance a property acquisition only meant for business. This program enables you to get a loan without providing proof of income. This is ideal especially if you are self-employed or your job is commission-based. When applying for this loan, various issues come up. Its best to be aware of these issues to avoid misunderstandings.
Is it Possible to get a Cash Out?
If you are planning to renovate, expand or remodel your property, a cash out is the best source of funds for you. You need to understand whether your lender can offer this feature or not.
Is There a Limit to the Use of Funds?
Lenders place restrictions on what you can use the cash out on. It is therefore vital that you understand exactly what you can (and cannot) do with the funds.
Are there Options for Clients with Bad Credit?
Bad credit can happen to anyone. When you find yourself in such a situation, you need to have options when it comes to financing your property. Make sure you understand the options you have less than perfect credit.
What is the Borrowing Limit?
Each commercial project is unique. This means that the financial needs of your project are very different from those of another project, even within the same locality. This is why you need to understand the borrowing limit to know whether the lender can match your project needs or not.
We Have The Answers You Need
At Velocity Commercial Funding, we are knowledgeable about no income verification loan products. Our experienced staff have answers to all your questions to help you make a decision based on facts. Therefore, if you are looking for a commercial loan with no income verification, we have the resources you need.