If you’re like many self-employed business owners, you already know how tough it can be to secure a conventional financing. When you call a bank and ask whether they’ll be able to finance you based on your stated income, you may be used to hearing the word “No.”
But the fact is that stated income borrowers are really what’s driving the economy right now.
Stated income borrowers can include:
- Small business owners
- Business consultants
- Real estate investors
Unfortunately, traditional lenders make it tough to borrow when you own your own business. That’s true even if you are completely qualified – and you have a substantial income – to make you an excellent borrower.
Can Stated Income Borrowers Get Hard Money Loans?
In many cases, stated income borrowers – those who are self-employed and need a loan – can qualify for hard money loans. However, it’s important that you know your credit does matter (perhaps not as much as it does with a conventional lender), as does your income and the type of collateral you will be using to secure your loan.
Why Choose Hard Money?
Many people who choose to take out hard money loans in Atlanta and elsewhere find that it is easier to qualify that it is with a traditional lender. Typically, the process is also much faster. When conventional lenders take weeks or even months to approve a borrower, you can secure funding through a hard money lender within just a few weeks; in some cases, you can secure funding within a matter of days.