Low doc loans are intended for self-employed or businesses who have limited documentation to verify their income.
Many small businesses have very limited income history due to the way they operate, with limited working capital. Also, sometimes your own paperwork is neglected because you are focussing on growing your business. Whatever the reason, if you’re unable toprovide income verification for your business, you could benefit from a low doc or no doc loan.
Most of the Low Doc Lenders generally require:
Income declaration made by the applicant
A Business Activity Statement Or business bank statements
Some of the Lenders provide lending up to 80% of the property’s value. Pricing is based on Loan-Value-Ratio and Interest Only terms are also available with some lenders. Low doc loans are also a viable alternative to businesses with a bad credit loan.