Low Doc Loan
These loans are designed for commercial or business use only. We have an extensive range of products that are low doc and designed for those who may not have all their documents in order.
The term low doc loan is used more commonly in the mortgage industry however is more often used when applying for a commercial loan. There are a range of different type of low doc style commercial loan products in the market with interest ranging from low to high depending on the business’s status including directors credit history, and length of operation can affect the interest rate.
What are some of the criteria?
Low doc commercial loans are identified firstly but the qualification of use of the vehicle and that it meets the minimum criteria of 51% business test.
ABN can in most cases must have held their ABN for a minimum of 12 months however there are some instances or products that will approve you trading less than 12 months.
If you qualify for a Low Doc Loan then you are still required to declare your income without the need in providing any financial evidence but will need to sign off on a declaration depending on the lender.
Low doc loans are designed for those who may not have their financials up to date or are a relatively young business who has been trading for long period. Low doc loans are designed for both personal and commercial use for self employed people.
Benefits of a Low Doc Loan