No Doc Loan - What You Should Know
The Lite/ No Doc Loan program is becoming a popular product today. It does not require any income to qualify for a commercial or residential investment loan. We normally require good credit history, profit, and loss statement or rental income to make the borrower able to afford to pay. If you are not showing enough income and having a qualification issue, this is your best option. This is one of our specialties to help customers to buy or refinance.
We normally require a minimum 30% down payment on commercial and 20%-25% on residential investment purchases. If you have short-term hard money, let us move it to a 30 years fixed term. The loan will be secured by either commercial/ industrial or residential investment property. This is better than a short-term hard money loan.
Commercial Lending USA offers to finance for the self-employed
Self-employed borrowers may not have the tax returns, W-2s, pay stubs, and other proof of income that salaried employees have readily available to furnish to lenders. Our lite-doc loans offer the ideal option for any of the following categories of workers:
- Owners of retail shops and other types of small businesses.
- Owners of restaurants.
- Licensed real estate agents and brokers.
- Drivers for Lyft and Uber.
- Taxi and limousine drivers.
- Barbers and hairstylists.
- Licensed professionals, including attorneys and doctors.
Borrowers needing flexibility in the application, documentation, and underwriting processes that other lenders are unable to provide find it with the lite-doc loan program offered by Commercial Lending USA.
Solutions for borrowers lacking conventional documentation
Our lite-doc loans offer the perfect solution for self-employed borrowers who may have good credit scores but lack the proof of income demanded by banks and other lenders. All we ask is that a borrower be self-employed for a minimum of one year and engaged in the same line of work for at least two years. For example, a taxi driver who quits after a year of driving for a cab company to drive for Uber and Lyft for a year would be eligible to apply for our lite-doc loan.
Borrowers must provide us with an earnings statement or earnings report for the last 12 months at the time of application. Unlike other loan programs, applicants for lite-doc loans need not produce 12 months of bank statements in order to prove income.
Commercial Lending USA offering a Lite/ No Doc Loan program from $100,000 to $10,000,000, on commercial real estate including multifamily, mixed-use, office, retail, light industrial, self-storage, warehouse, automotive, non-profit organization, mobile home park, and residential investment property. We have several options to qualify for a new purchase or refinance the existing short-term mortgage loan under this program.
Contact us today
At Commercial Lending USA, our loan officers understand the challenges faced by self-employed borrowers and work hard to provide solutions. Our lite-doc loan program recognizes that someone with good credit should not be denied the opportunity to borrow money on fair terms because of an inability to conform to conventional underwriting guidelines.
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