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Updated over 1 year ago, 08/13/2023
Is a W2 needed for a commercial loan?
I am looking to leave my W2 because it is an extremely intense and unhealthy work environment. I would like to get into the real estate industry, don't have any properties yet (so no rental history), have enough capital for a good downpayment for even as large as a 16-24 unit (although I don't know if I will go that big right away), but am concerned that not having a W2 will prevent me from getting a commercial loan. I know a lack of W2 will prevent me from getting a residential loan for smaller rental properties (unless someone has a suggestion), but I do not know about the ins and outs of commercial loans. My credit score is typically in the mid-800's and I have a long, solid work history in the W2 world. Any one have suggestions or answers? Thank you