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Stated Income Apartment Loans Overview

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Stated Income Apartment Loans Overview

Crefcoa provides competitive financing for apartment and multifamily properties through various programs without the requirement of personal or business tax returns. Borrowers are not required to sign a 4506-T (authorization to request tax returns from the IRS), and personal income and personal debt-to-income (DI ratio) are not verified/calculated.


While tax returns aren't required, the property must be able to demonstrate the ability to service the debt (DSCR) at a specific loan amount and the sponsor(s) must meet minimum financial capacity and credit requirements.

  • No personal tax returns
  • No business tax returns
  • No 4506-T
  • No personal debt-to-income analysis

Stated Income Apartment Loans Subject Property Document Requirements

The only true stated income apartment loan where no documentation is required is a hard equity loan where the value of the property is considered the primary source of repayment. For all other loan programs that are considered "stated income," the subject property's net operating income is considered the source of repayment for the loan - not the individual's income and thus the lack of personal income document requirements.


The lender will look to verify the property's ability to service the new loan payments by obtaining the following documents for the subject property.

  • Two most recent years income and expense statements
  • Year to date income and expense statement
  • Capital improvements summary to determine which expenses are considered capital and non-recurring
  • Current rent roll
  • Sampling of leases
  • Tax bill
  • Appraisal


Stated Income Apartment Loans Sponsor Document Requirements


For loan programs that don't require personal tax returns or other documents that verify a sponsor's personal income, as part of the lender's due diligence the underwriter will require certain documents from the sponsors or key principals.

  • Personal financial statement
  • Schedule of real estate owned
  • Resume or narrative describing sponsors experience related to multifamily housing
  • Bank statements to verify liquidity
  • Credit report


A personal financial statement is required to verify the sponsor has the financial capacity to meet the lender's minimum liquidity and net worth requirements (which most lenders have). The lender is also looking at a sponsor's contingent liabilities and if any of their other properties have a negative cash flow. If the sponsor has a negatively cash flowing property, the lender may require the sponsor to provide tax returns to demonstrate the sponsor can adequately supplement the property's income to service the debt - thereby avoiding a potential future default.


While stated income apartment loans don't have personal income document requirements, the subject property's income is verified through income and expense statements. Further, a sponsor can expect the lender to require ongoing financial statement reporting requirements. Either quarterly or annually, the lender will require a rent roll and current income and expense statements for the subject property.


Crefcoa Stated Income Apartment Loan Options

Crefcoa provides apartment loans for borrowers without the requirement of personal and business tax returns under several different program options, including, some of our Banc Series, Fannie Mae and Conduit apartment loan programs.


Contact a Crefcoa Apartment Loan Specialist at 1-844-359-6413 to discuss your specific needs and see if we can customize a program to meet your individual needs and constraints. Or request a custom quote and your assigned loan specialist will contact you with available apartment financing options.

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Apartment loan availability -- including LTV, DSCR, and loan size -- may vary depending on property location, economic conditions, exposure, and other variables that may negatively influence risk. Loan programs and program guidelines are subject to change. Information provided is not an offer to make a loan and should be used for informational purposes only. Meeting the minimum program eligibility requirements doesn't automatically qualify you for a loan.