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Re: Can I get a no doc commercial loan?

Posted: Wed Apr 22, 2015 9:31 am
by Otto Dargan
Hi and welcome to the forums ladygaga.

You may qualify for a no doc commercial loan if you want to purchase :
  • Properties in capital cities and major regional locations.
  • Unspecialised properties such as offices, factories, warehouses, and retail properties.
  • Commercial, industrial, or mixed-use zoning properties.
  • Investment properties with a current lease in place.
It should be noted that a property must be readily saleable and in a good condition to be accepted as security for a commercial loan.

It should also be noted that the lenders may not accept your loan application if you want to purchase:
  • Properties in remote locations.
  • Specialised properties such as hotels, petrol stations, and day care centres.
  • Residentially zoned properties.
  • Properties in a poor condition.
If you want to take out a loan to purchase a property that is occupied by your business, then the lender may decide whether or not to lend to you only after evaluating your case.

Does the property you are looking into fall under any of the above categories?

Cheers,
Otto

Re: Can I get a no doc commercial loan?

Posted: Fri Apr 24, 2015 2:11 pm
by Otto Dargan
Hi ladygaga,

Here is a list of documents that you may need to qualify for a no doc commercial loan:
  • Statements for your existing commercial loan.
  • Evidence of your deposit.
  • Documents of the lease for the property.
  • A declaration form confirming that you are aware of the repayments of the loan and can afford them.
You can use our Loan Repayment Calculator to find out the amount of your periodic repayments.

It should be noted that you may not need to provide evidence of your income. However, if you can provide it, then you may qualify for a more attractive interest rate.

If you want to know more about no doc commercial loans, then you can check out our website. We can be reached on 1300 889 743 if you want to speak to one of our brokers directly. You can also fill in our free assessment form and one of our brokers will contact you instead.

Cheers,
Otto

Re: Can I get a no doc commercial loan?

Posted: Mon May 18, 2015 11:45 am
by Otto Dargan
Hi aussie,

For a no doc commercial loan, you may have to pay an interest rate that is three to four percent higher than a normal home loan. This is because lenders are taking a high risk by lending to a borrower without income evidence or a certainty of a stable financial situation.

It should be noted that no doc commercial loans are not regulated by the National Consumer Credit Protection (NCCP) act. Due to this reason, lenders may charge you certain fees if you decide to switch the lender or pay off the loan before the loan term ends.

This may not apply to all lenders. You can go through our website to find out more.

Cheers,
Otto