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Alternatives to traditional low doc loans

By May 3, 2021 December 14th, 2021 No Comments

What is a Low Doc Loan?

A low doc loan is typically used by self-employed borrowers, casual workers, contractors, and freelancers who may find it difficult to provide conventional proof of income.

Typically, when applying for a low doc loan with a traditional lender, you’ll need to provide:

  • A signed Borrower’s Income declaration
  • Your registered business name and ABN
  • Business Activity Statements (BAS) for a minimum of 24 months
  • Proof you’ve been GST registered for at least 12 months
  • 6 months of business bank statements

What if I don’t qualify for a low doc loan?

If you are unable to satisfy the minimum 2 years employment or unable to provide up-to-date tax returns, then a TechLend Low Doc Bridging Loan is a quick and stress-free alternative.

TechLend’s low doc bridging loans give you the certainty you need when buying, investing, or refinancing property.

Our loans are tailored to each borrower and their asset position with a bridging term generally up to 12 months, giving you enough time to get your documentation together for a low doc lender.

We take a common sense approach. It’s easy as:

  1. Your Company details including ACN
  2. Details of the property
  3. Details of any guarantors

How our Low Doc Bridging Loans have helped our clients

John is a self-employed builder who wanted to buy some land for a housing development. He only needed the capital for three to four months while another deal went through. Rather than going through a long and document-heavy application process for a traditional low doc loan, he decided to do without the fuss and hassle and took out a TechLend loan instead. He had funds available within 48 hours and was able to buy the property before auction.

Whether you are self-employed like John, look to buy before selling, need funds to invest, or wanting to refinance without the paperwork, looking no further than TechLend.

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