Lite Document Loans
If you are a real estate investor, entrepreneur, self-employed, or have unusual sources of income, then lite document loans may be perfect for you. “Lite-doc mortgages” or “Lite-doc loans” are loans that offer a streamlined process of approval using nontraditional financial documentation. . Let us know if you are seeking fast, efficient financing approval. Reach out to the Clifton, NJ office of Commercial Mortgage Depot (CMD) to learn more about lite doc loans for opportunities in New York, New Jersey, Connecticut and Pennsylvania.
How do Lite Doc Loans Work?
Lite doc loans offer a streamlined underwriting process that does not do a deep dive into all sources of income or check traditional employment records. You just need to provide proof that you can repay the loan, manage your assets, and ensure property cash flow. Making sure someone can pay off a loan an important step in the lite doc process; you want to make sure your investment is profitable.
Commercial Mortgage Depot has helped clients with lite documentation loan programs on an array of projects. If you have a riskier project or need for faster cash flow, than you may get a higher lite doc interest rate than you would with a traditional loan program. Going the traditional route will cause certain banks to ask for a larger down payment during the approval process, but that depends on your financials.
Banks will ask for documentation of your assets, self-employment, income from other investments, or other supportive documentation during the approval process. The type of finances reviewed may depend on the type and size of the loan, as well as the type of project. If you can show that you have repaid debts, have a good credit score, or show that your business is poised for great income and profit—then you may get a good rate. Banks may also ask to appraise the property that you seek to purchase.
Why do People Choose Lite Documentation Loans?
Many who seek efficiency and expedited approval times opt for a lite doc loan. They may also have non-traditional sources of income or prefer not to show their personal tax statements. Self-employed people and investors are among those who stand to benefit from lite documentation loans. You can choose to use certain liquid assets or at least six months of redeemable income in reserve account as documentation. Other people can use profit and loss statements and bank statements from their self-owned business.
Finding the Best Financial Products
Lite doc loans are only one type of program among several great options. Feel free to reach out and discuss your project or interests with us! Call the Clifton, NJ office of Commercial Mortgage Depot (CMD) and ask about lite doc loans for opportunities in New York, New Jersey, Connecticut, and Pennsylvania today!
