Lite Document Loans
Lite document loans can be a great solution for borrowers who want to invest in property without a hassle. Many private lenders want to help you get efficient, fast approval. “Lite-doc mortgages” or “Lite-doc loans” are loans accept a variety of alternative financial documentation. Lite document loans are great for commercial real estate investors that do not meet traditional income documentation and want streamlined approval. Call the Clifton, NJ office of Commercial Mortgage Depot (CMD) and ask about lite doc loans for sites in New York, New Jersey, Connecticut and Pennsylvania.
Lite Documentation Loan Basics
Many lite doc loan approvals exclude deep reviews for proof of income. However, lenders will still want to be be diligent and ensure that borrowers have the cash to float their properties. Making sure someone can pay off a loan is critical, and people want to also make cash from their investments.
Commercial Mortgage Depot has worked with many clients to find an array of lite documentation loan programs. Some will find that a lite documentation loan will carry a higher interest rate than a traditional, less risky, program. Some lenders will also ask for a larger down payment during the approval process, but that depends on your financials.
Documentation such as asset, employment, income from other investments, and other information may be reviewed during the process. Financials will vary depending on the type and size of the loan. One way to get a good rate is to ensure that you have a good lending history and credit score or demonstrate that your business is poised for great growth potential. You may need to appraise the property that you seek to purchase.
The Benefits of Using Lite Documentation Loans
Businesses will choose to obtain a lite doc loan for better efficiency and approval. Some may not have traditional sources of income to document. Entrepreneurs are prone to benefitting from lite documentation loans. Businesses can use their liquid assets or at least six months of claimed income in reserve as documentation. Other people can use profit and loss statements and bank statements from their self-owned business.
Using a lite-doc loan can also help keep your personal financial history and tax filings private from a lender. If you do this, you may end up with a higher down payment and interest rate. However, your private information will be protected from other predatory lenders.
Getting a Lite Doc Loan to Grow Your Business Today
Lite doc loans are not your only option. Commercial Mortgage Depot also works with traditional mortgage programs. We are here to help you grow your business goals. Call the Clifton, NJ office of Commercial Mortgage Depot (CMD) and ask about lite doc loans for sites in New York, New Jersey, Connecticut and Pennsylvania today!
