This borrower had a difficult time locating financing since he could not document his personal or property income with tax returns and many lenders are shying away from retail property loans. We are still actively financing retail properties and don't require tax returns for income verification.
We funded this stated income commercial real estate loan and provided over $170,000 of unrestricted cash-out at closing. Proceeds also went to pay off delinquent real estate taxes and address over $190,000 in roof repairs (we only required an $18,000 roof repair hold-back to close). Even though the borrowers had 649 and 671 middle FICO scores, we still funded a stated income 3 year fixed loan, amortized over 30 years with a 10% rate.
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