Re: How does a no doc loan work?
Posted: Thu May 14, 2015 10:41 am
Hi and welcome to the forums hitman.
A no doc commercial loan primarily relies on the value and saleability of the security rather than the strength of your personal situation.
You may not be required to provide supporting documents such as tax returns, business activity statements (BAS), or an accountant’s letter.
You may still need to provide other documents such as statements for your existing commercial loan, evidence of your deposit, or the particulars of the lease for the property. You may also need to sign a declaration form confirming that you are aware of the repayments and can afford them.
It should be noted that you may use the funds from the loan for commercial property investment purposes, investment in shares, or for other business purposes like day to day transactions. You may not be able to use the funds for personal purposes or to buy residential investment properties.
Cheers,
Otto
A no doc commercial loan primarily relies on the value and saleability of the security rather than the strength of your personal situation.
You may not be required to provide supporting documents such as tax returns, business activity statements (BAS), or an accountant’s letter.
You may still need to provide other documents such as statements for your existing commercial loan, evidence of your deposit, or the particulars of the lease for the property. You may also need to sign a declaration form confirming that you are aware of the repayments and can afford them.
It should be noted that you may use the funds from the loan for commercial property investment purposes, investment in shares, or for other business purposes like day to day transactions. You may not be able to use the funds for personal purposes or to buy residential investment properties.
Cheers,
Otto