Bank Statements Loans Mississauga
Mississauga Bank Statements Loans
The unfortunate reality for many business owners is that banks may often deny financing based on one’s inability to prove their income. This is why many business owners use bank statement loans. There are plenty of reasons why a business owner may have trouble documenting their income, but generally, this is due to the number of write-offs and other business expenses an owner will be faced with to run their day-to-day operations as well as receiving varying amounts of income based off of the current success of the business.
If you’ve been told by your bank that you do not qualify for financing, refinancing, or equity take-out, do not worry, you are not alone. Every day, business owners are denied coverage based on the above factors, but there are solutions and steps that can be taken so that even business owners can obtain the financing solutions they need. This is where Dominion Lending NasaKasa can help you.
Self-employed individuals can go through a process known as a stated income program. This is a specialized type of loan specifically designed for business owners, freelancers and generally those who may have trouble proving frequent income.
This type of loan does not include a lender looking through one’s pay stubs, tax returns, and other financial documents that would be examined for a traditional mortgage and instead, allows for a business owner to state their own income to lenders through bank statements.
This can be incredibly beneficial to business owners because borrowers can use bank statements to document their income. These documents are information that a business owner would have ample access to and thus give them the means to become approved for financing.
If you are looking to get bank statement loans in Mississauga, check out the requirements below:
Requirements to Obtain a Stated Income Loan
There are two primary requirements that will be necessary to become approved for a stated income loan.
1) First, a self-employed individual will have to document business ownership for a minimum period of at least two years.
2) Second, they will have to provide their business bank statements over a period of between 3 to 6 months.
As long as these two things can be proven, a self-employed business owner should have no trouble getting a stated income loan for their mortgage or other means. Dominion Lending Centres NasaKasa can further help this cause by determining whether or not you will qualify for this type of loan coverage and whether or not it is an optimal solution that fits your needs.
Here at Dominion Lending Centres NasaKasa, we believe that virtuous Canadian business owners deserve the same financial respect as their 9 to 5 working counterparts. While you may have been denied approval in the past, we have the solutions and the resources that will allow you to gain financing. Don’t wait any longer to obtain your dream mortgage, refinancing loan, or equity-take out. Contact the mortgage specialist experts at Dominion Lending Centres NasaKasa today.
We provide bank statement loans in areas like Toronto, Mississauga, Oakville, Hamilton, Newmarket, Richmond Hill / Peel.