Stated Non Conforming Commercial Real Estate Mortgage
What is non confirming commercial real estate mortgage?
For all those borrowers who do not qualify for a commercial mortgage that provides low cost and good rates for their mortgaged assets can now apply for it with the help of a stated non conforming commercial real estate mortgage. This type of mortgage is mainly aimed for small business owners because they can carry out their businesses better if they get this commercial mortgage. The reasons why it can be useful to borrowers are the lender does not ask for a tax return records thus allowing the borrowers to show their profits earned from their property which will in turn meet the loan qualifications that will also cover the debt services. The funds are not required to be seasoned but they only require money to be sourced. The borrowers can now easily qualify for the stated non confirming commercial real estate program.
In order to qualify for this program, the borrowers need professional help. The documentation process might be quite difficult to handle especially for small businesses. Companies like New City Financial provides services to those individuals and commercial entities for any financial trouble or help they need. At one point in everyone’s life, well, most of the people will require loans to carry out their future endeavors or to expand their current business. With the help of professional experts, it becomes easier to get to know about the rules and regulations that need to be adhered to in order to get a loan or a mortgage sanctioned. So getting an advice about the procedures that needs to be followed is necessary.
It takes around 60 days for normal commercial loans for closing and it is much higher when it comes to taking agency loans- 90 days minimum is required. But for a stated non confirming real estate mortgage, the closing will take within 2 to 4 weeks. It is a good opportunity if an individual or a commercial entity is planning to take up this program because it will benefit in the long run.