Low Doc Commercial
Loan purpose |
To assist borrowers, who do not have ready access to financial statements and tax returns, to purchase or refinance of commercial office suites, retail shops, warehouses, industrial property and rural residential holding under 40 acres.
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Suitable Borrowers |
Australian residents over 18 years of age, Companies and Trusts.
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Credit Impairment
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All defaults, judgments, writs and summons paid more than 2 years ago are disregarded. We will otherwise consider varying degrees of credit impairment including, but not limited to borrowers with current mortgage arrears and unpaid defaults.
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Loan Amounts |
From $150,000 to $3m per security. Maximum exposure per borrower $5m
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Maximum LVR |
Up to 85% loan to value ratio. (LVR) Property type, income and level of credit impairment will determine the precise maximum LVR in most cases.
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Loan Term |
Loans are written for 30 years, and may be interest only for the first 3 years.
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Interest Rate Options |
Variable or Fixed 3 years. The actual rate is determined having regard to the LVR and your creditworthiness or level of credit impairment and is outlined in a Letter of Offer or on request.
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Repayment Options |
Principal and Interest or Interest Only, payable monthly in arrears.
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Loan Principle Redutcions
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Borrowers can make once off principal reductions provided they have chosen a variable rate. Redraw is also available provided you have maintained a satisfactory repayment history and you are not in arrears on this loan at the time of the redraw request.
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Acceptable Securities |
Commercial or residential security in population centres above 20,000.
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Unacceptable Securities
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Hotels, Sporting facilities, specialised industrial, Petrol Stations, vacant land and rural zonings – farms. Company Title.
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Construction |
We do not offer construction facilities on the Low Doc Commercial.
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Establishment Fees |
Include valuation, legal fees and settlement fees. Provided the LVR is under 80% all fees excluding valuation can generally be capitalised to the loan and are not considered part of the LVR. The amount of settlement fees will vary depending on the LVR and your creditworthiness or level of credit impairment and is outlined in a Letter of Offer or on request.
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Loan Approval and Funding |
A loan Offer can generally be issued within 2 – 3 days of receiving your credit submission . Funding is generally available within 4 – 6 weeks of you lodging a successful loan application.
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