Stated Income / No-Doc Commercial Loan Rates 2026
What Self-Employed Borrowers Are Paying Now
Stated income and no-doc commercial loan rates in May 2026 range from 7.00% to 11.00%, with pricing driven primarily by documentation level, loan-to-value ratio, property type, and borrower liquidity. Lenders charge a premium over fully documented bank and agency executions because they cannot independently verify reported income through tax returns, and that premium widens as documentation requirements decrease. Programs span bank statement underwriting, asset depletion, property-income-only structures, and full no-doc asset-based lending, each carrying a distinct rate tier.
Current Rate Table
Rates shown are indicative ranges based on current market conditions. Your actual rate will depend on your specific property, leverage, and borrower profile. Contact Commercial Lending Solutions for a precise quote.
| Leverage Tier | Rate Range | Notes |
|---|---|---|
| Bank Statement (12 to 24 Months, Up to 65% LTV) | 7.00% to 8.50% | Most common program; strong deposits and low leverage keep rate near the floor |
| Asset Depletion (Liquid Assets Divided by Loan Term) | 7.75% to 9.25% | Qualifying income derived from asset pool; rate reflects added underwriting complexity |
| Property Income Only / Commercial DSCR (Up to 65% LTV) | 8.00% to 9.50% | Underwritten on gross rents or net operating income only; no personal income verification |
| Full No-Doc / Asset-Based Only (Up to 60% LTV) | 9.50% to 11.00% | No income or cash flow verification; rate reflects maximum documentation risk premium |
Rates are illustrative ranges as of May 2026 and subject to change. All loan programs subject to underwriting approval. Not a commitment to lend.
What Drives Stated Income / No-Doc Commercial Loan Rates
Understanding these factors helps you position your deal for the best available rate.
Documentation Level
The primary rate driver in this program category. Bank statement loans carry the smallest premium over fully documented executions, typically 75 to 150 basis points above a comparable conventional commercial loan. Full no-doc asset-based programs can carry a 250 to 350 basis point premium because the lender assumes all income verification risk.
Loan-to-Value Ratio
Stated income lenders cap leverage at 70% LTV across most programs, and pricing compresses significantly as borrowers reduce leverage. Moving from 70% LTV to 60% LTV can save 50 to 100 basis points because the lender's collateral cushion increases materially when income cannot be verified.
Borrower Liquidity and Reserves
Post-closing reserves are a critical compensating factor when income documentation is limited. Lenders typically require 6 to 24 months of debt service in liquid reserves, and borrowers who can demonstrate 18 to 24 months of reserves often qualify for the lower end of the rate range within their program tier.
Property Type and Cash Flow Visibility
Multifamily and net-leased single-tenant properties command tighter pricing because rent rolls provide an independent income signal even when personal tax returns are unavailable. Mixed-use, self-storage, and light industrial are priced in the middle, while hospitality and special-use properties sit at the wide end of each tier.
Borrower Credit Score
Most stated income lenders impose a minimum credit score between 620 and 680, with materially better pricing available above 720 to 740. A borrower at 760 or above can offset some documentation risk and may access bank statement programs at rates within 50 basis points of conventional pricing.
Entity Structure and Sponsor Complexity
Foreign nationals, complex multi-tiered ownership structures, and sponsors with large portfolios of cross-collateralized assets require additional underwriting time and legal review, which lenders price into the spread. Clean single-purpose entity structures with a domestic sponsor receive the most straightforward execution.
Deposit Consistency for Bank Statement Programs
In bank statement underwriting, lenders apply an expense factor of 40% to 50% to gross deposits to derive qualifying income. Large month-to-month swings, irregular transfer activity, or significant non-business deposits reduce the qualifying income figure and can push the loan toward a lower-documentation tier with a higher rate.
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How Stated Income / No-Doc Commercial Loan Compare to Alternatives
Choosing the right loan structure can mean a 100 to 300 basis point difference in your cost of capital. Here is how current rates compare across loan types.
| Loan Type | Current Rate Range | When to Use vs Stated Income / No-Doc Commercial Loan |
|---|---|---|
| Conventional Commercial Bank Loans (Full Doc) | 5.75% to 7.50% | Full documentation loans price 100 to 250 basis points tighter than stated income programs. Borrowers who can show two years of business tax returns with sufficient net income should pursue a conventional execution first. Stated income is the right choice when write-offs suppress reported income below qualifying thresholds. |
| DSCR Loans (Residential Investor) | 6.50% to 9.00% | DSCR residential investor loans qualify purely on property cash flow without personal income verification, but are limited to one-to-four unit properties and loan sizes typically under $3M to $5M. Commercial stated income programs access larger loan sizes and commercial property types that DSCR residential programs cannot touch. |
| SBA 7(a) Loans | 7.00% to 9.50% | SBA 7(a) loans require full income documentation, including personal and business tax returns for three years. They offer government-guaranteed lower rates for qualifying businesses, but self-employed borrowers with aggressive write-offs frequently cannot show enough taxable income to qualify, making stated income the practical alternative. |
| Hard Money Loans | 9.50% to 13.00% | Hard money lenders also underwrite primarily on collateral with minimal income verification, but they price significantly higher, carry shorter terms of 12 to 24 months, and are designed for transitional assets. Stated income programs offer longer fixed terms and full amortization for stabilized properties, making them suitable for a permanent capital stack. |
Stated Income / No-Doc Commercial Loan Rates 2026: Frequently Asked Questions
What are current stated income commercial loan rates?
Stated income commercial loan rates in May 2026 range from 7.00% to 11.00% depending on the documentation program, loan-to-value ratio, and property type. Bank statement programs at 65% LTV open near 7.00% to 8.50%, while full no-doc asset-based programs price at 9.50% to 11.00%. The premium over fully documented loans reflects the income verification risk lenders absorb.
What is the difference between a bank statement loan and a no-doc loan?
A bank statement loan derives qualifying income from 12 to 24 months of business or personal bank deposits, applying an expense factor to produce a documented income figure. A full no-doc loan requires no income documentation at all and is underwritten purely on collateral value and borrower liquidity. Bank statement programs price 150 to 250 basis points tighter than full no-doc executions because they retain partial income verification.
Who uses stated income commercial loans?
Stated income commercial loans are used by self-employed sponsors whose tax returns show low net income due to depreciation and business deductions, high-net-worth investors qualifying on asset depletion, foreign nationals without U.S. income history, and borrowers with complex entity structures that do not map cleanly to standard underwriting templates. The program exists specifically where income documentation fails, not where income itself is insufficient.
What LTV is available on stated income commercial loans?
Most stated income commercial programs cap at 70% LTV, with the most common executions at 60% to 65% LTV. Full no-doc asset-based loans typically cap at 55% to 60% LTV. Lenders compensate for reduced income transparency by requiring a larger equity cushion, so borrowers should plan for a 30% to 40% down payment or equivalent equity in a refinance.
How does asset depletion qualifying work?
Asset depletion qualifies borrowers by dividing verified liquid assets, such as brokerage accounts, savings, and retirement assets at a haircut, by the remaining loan term in months to produce a monthly qualifying income figure. For example, $2M in verified liquid assets divided by 240 months yields $8,333 per month in imputed income. The assets are not pledged as collateral; they are used solely to establish income capacity.
Are stated income commercial loans legal after the Dodd-Frank Act?
Stated income programs for commercial real estate remain legal because Dodd-Frank's ability-to-repay and qualified mortgage rules apply to owner-occupied residential mortgages, not commercial loans. Commercial lenders are not prohibited from using alternative documentation methods, though they still conduct their own underwriting and require compensating factors such as low LTV, strong credit, and substantial reserves.
Can a foreign national get a stated income commercial loan?
Yes. Foreign nationals are one of the primary borrower profiles for stated income and no-doc commercial programs because they typically lack U.S. tax returns, Social Security numbers, and domestic credit history. Lenders that specialize in foreign national commercial lending generally require an Individual Taxpayer Identification Number, a U.S. bank account, 12 months of international bank statements, and a maximum LTV of 60% to 65%.
Trevor Damyan is a commercial mortgage broker with $1B+ in loans closed and direct relationships with life insurance companies, CMBS desks, debt funds, and non-QM lenders. Rate data is compiled from active lender conversations and closed transaction experience.
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