Applying for finance can always be a bit stressful, and if you’re lacking up to date financial paperwork or haven’t managed to do your tax returns in recent years, then things can appear extra stressful.
If you’re in this situation, luckily, lenders have what is known as low doc commercial loans, which are perfect for borrowers like yourself.
What Are Low Doc Commercial Loans?
Low Doc loans are designed for borrowers who don’t have up to date financials but can demonstrate serviceability through an Accountant and/or Self-Certification of Income. This usually needs to be supported by the last 6-12 months of bank statements.
The less financial information that can be provided the higher the interest rate tends to get, although at Commercial Loans Melbourne we have access to very competitive low doc commercial loan rates and high LVR’s.
Your fees and charges maybe a little bit higher when compared to full doc loans, but with our guidance, we can get you through the application process and on to loan approval in no time and with ease.
Full Doc Commercial Loans?
Full Doc Commercial Loans are your standard type of commercial loan, requiring 2-3 years’ worth of tax returns, giving you access to the most competitive lender offers, with more lenient lending criteria and wider access to loan amounts.
Are Low Doc Commercial Property Loans Good?
If you have a watertight business plan with a clear vision for the future, but you might be dealing with bad credit or lacking financial documents, then you should definitely consider a low doc loan.
A small business owner armed with the right commercial property investment can do great things and that’s what lenders want to see.
Business owners should consider this type of property loans to make a swift and successful business decision if the moment is right.
Low Doc Business Loans Melbourne
If you want to have a chat about your low doc business loan options, do get in touch with us for an obligation-free chat at our Midland or West Perth locations, or have a look at our commercial loans page for more information.