Commercial Lo Doc Loans
Commercial lo doc loans are specifically for self employed people who can’t provide proof of income by way of tax returns for their business.
Commercial lo doc loans have increased in popularity and have opened up new opportunities for the self employed, many of these commercial lo doc loans are used to purchase a commercial property so the business can be run from.
The lending parameters on commercial lo doc loans are tighter than that of full doc commercial loans, the reason being is the lack of substantiating income and the lender being reliant on an income declaration.
Some of the key differences between commercial full doc loans and commercial lo doc loans are highlighted below: -
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The need to sign an income declaration so the lender can assess your ability to service the commercial lo doc loan |
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More focus placed on having a clean credit history |
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Generally higher interest rates based on greater perceived risk on a commercial lo doc loan |
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Some commercial lo doc loans have restrictions on lending limits and or loan to valuation ratios |
Although there are some limitations placed on commercial lo doc loans versus commercial full doc loans there are a numbers of lenders to choose from each with different product profiles.
To find out more about which commercial lo doc loan suits your needs simply call our commercial lo doc loan specialist on or via this site. Alternatively you can obtain further information on from our parent company.
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