Commercial lo doc loans allow the self employed the opportunity to purchase commercial premises without the need to supply financials versus traditional full doc commercial loans.
Many self employed people have either not prepared their financials or are not in a position to do so, this is where lo doc loans can come into play.
Commercial lo doc loans are now more flexible than ever before from a perspective of loan term, LVR and location and nature of the security property.
These types of loans traditionally relied on residential security to secure the loan against, nowadays there are commercial lo doc loans which can lend directly against the commercial security and provide up to 85% LVR on the proposed purchase.
A commercial lo doc loan in essence caters for people who wish to purchase a commercial property but cannot provide a fully verified set of financials.
What can a Commercial Lo Doc loan be used for?
These commercial loans can be used for a variety of purposes as long as the property itself is of a commercial nature. Some of the most common uses for a commercial lo doc loan are listed below:
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Commercial lo doc loans can be used for the purchase of a factory or warehouse |
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There are also commercial lo doc loans which cater for construction |
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Rural commercial property can be purchase or refinanced by way of commercial lo doc loans |
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Commercial lo doc loans can be used to purchase vacant land |
Most commonly though, these loans are used to purchase the property which the applicant operates their business from.
There are many loan options available so to find out more just contact us and a consultant will assist.
What's the difference between a Commercial Full Doc Loan and Commercial Lo Doc Loan?
There are some key points of difference between a commercial lo doc loan and a commercial full doc loan aside from the reduced set of income evidence on any lo doc loan type.
Below is a list of some of the key points of difference for commercial lo doc loans:
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Some commercial lo doc loan providers have limitations with regard the maximum LVR |
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Commercial lo doc loans have an interest rate loading due to limited income evidence |
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The size of the loan amount can also be reduced on a commercial lo doc loan as there is no substantiated evidence of income |
To find out more about which option may suit your needs just contact us and a consultant will assist.
How can AussieWise Finance Group help with a Commercial Lo Doc Loan?
We can help by providing you with a range of commercial lo doc loan options from our panel of loan providers. So why not contact us and have one of our consultants help you achieve your goals.
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