By No Doc Commercial Loans
Unlike traditional business loans, Low Doc & No DOC commercial business loans don’t require collateral. In contrast, traditional bank loans require borrowers to provide business financials, which is a burden for those with poor credit or fluctuating income. In many cases, however, a self-declaration of revenue can prove sufficient proof of your financial situation. In such cases, no doc commercial business loans may be the best option.
Generally, these loans are best suited to small-to-medium-sized businesses, sole traders, and self-employed individuals. Since no doc business loans require no financial documentation, they have become a popular option amongst these business owners. The most popular option is Lightspeed, a non-bank lender with fast turnaround times and simplified paperwork. Lightspeed is an excellent choice for those seeking a low-doc business loan.
Although traditional banks can offer Low Doc Commercial Loans, they still require the applicant to submit documentation. In such cases, a no doc commercial business loan may require a higher interest rate and larger down payments. But the benefits far outweigh the disadvantages. Low-doc business loans are a great option for start-ups or small businesses who need cash-flow and growth funding. But be prepared to wait three months for approval!
Small businesses who are looking for a low-doc commercial business loan may also be able to apply online with no documentation. Generally, this means an application process that is faster and less stressful than completing dozens of documents at a traditional bank. These loans are more flexible as well, so check out all of your options before applying for a no doc commercial business loan. If you have bad credit or no business credit, no doc business loans may be your best option.
Low Doc & No Doc Commercial Loans
No doc commercial business loans are ideal for small businesses, as they don’t require substantial documentation. Whether you’re a self-employed individual or an independent contractor, no doc business loans are an excellent alternative to loan sharks. There are a number of advantages to no doc loans. But be sure to check the conditions carefully. Some lenders only offer low doc loans to businesses that have troubled financials.
Low doc commercial business loans can be as large as $2m within 24 hours. They’re ideal for new businesses, self-employed people, builders, and constructors. Low doc loans are a popular option for small businesses, as traditional bank loans have become more difficult to qualify for. Since they don’t require a lot of documentation, they’re a hassle-free option for new business owners.
No doc commercial loans can be a better option if you have rental-producing commercial property. Low doc commercial business loans require little to no documentation and can have a term of 15 to 25 years. Smaller businesses can use a no doc loan to finance their business, while larger companies with specialised security properties will need annual reviews. While low doc loans are shorter, they tend to be more flexible than no doc commercial loans.