Commercial Low Doc Loans
Many people dream of owning and running their own business. In Australia especially, the entrepreneurial spirit is alive and well, with many thousands of family-owned businesses alongside thriving sole proprietorships. However, starting a business is not as simple as coming up with a good idea, a clever name, and a few unique selling points. Capital is an important factor not only in getting your business off the ground, but for sustaining it while it develops self-sufficiency. Unfortunately, maintaining an adequate supply of capital is not often easy, and for the self-employed, finding access to credit and liquidity is often next to impossible.
When the bank turns you away because you do not have enough documentation or because your creditworthiness is in question in their eyes, it may feel as though you have few options left. That’s not true. At the Lending Solutions Group, we believe there is always a good reason for a second look. As providers of commercial loans with lower requirements for supporting documentation, also called “low doc loans,” we may be able to help you secure the funding necessary for your next steps.
Don’t worry — it’s understandable if you find yourself thinking about the old adage, “if it’s too good to be true…” At Lending Solutions Group, however, our good reputation and strong ties to reputable alternative lenders can help to open new doors. Learn more about the process used for securing commercial low doc loans now.
Using a Commercial Low Doc Loan to Grow Your Business
At times, lenders place heavy restrictions on the ways in which a borrower can use the funds secured through a loan. However, low doc loans can offer greater flexibility in some cases to allow business owners the room to manoeuvre they need. Some of the things you can do for your business with the assistance available through a low doc loan include:
- Make payroll during shortfalls between payments. Clients aren’t always on time either when they need to pay their invoices, which can make things difficult for you as the business owner. We can help you secure faster cash to keep paying your staff in the gap between service and payment.
- Acquire inventory at a critical period. When sales increase, supply is often the biggest bottleneck preventing growth. For businesses just getting off the ground, this period is critical for success. That’s why you need a lender that will stand behind you and help secure the funds necessary for these next steps.
- Provide a cash infusion to keep the lights on and the doors open. Things might not be on track right now, but we can help to put you in a position where your business has a fighting chance to survive and thrive.
Though any of these scenarios can make things difficult, our loans can help take the pressure off while you move forward.
Consolidate Debts and Improve Your Position with Confidence
In some cases, your business may need a low doc loan because it has accrued too many debts that now weigh down the company. The application process remains the same, but what you do with the money afterwards is different. Instead of paying employees or purchasing inventory, you take the loan to pay down your other debts. The only remaining obligation you have afterward is for your loan amount, which ideally will represent a lower monthly payment and a better interest rate than what you faced spread out across your accounts.
Consolidation can help to free up all-important cash flow for your business while making the management of your debt load far less complicated. At Lending Solutions Group, we can tailor your low doc loan to provide the best opportunity for consolidation possible. By considering your overall amount of debt, current available assets, and other factors, we can identify the right solution for this specific scenario.
What to Do Before Applying for a Low Doc Loan
Is there anything else you should know before you begin the application process? While we make the entire sequence easy to follow and as straightforward as possible, there are some things you can do to make it even easier. First, gather any documentation you do have, whether it is current payslips, a tax return, or any other information related to the financial status of your business. Next, take the time to determine the loan amount that would provide the most flexibility for your purposes, whether it is for consolidation or something else. Then fill out our quote form and wait for our team to get back in touch with you. We’ll take it from there.
Our Process: How We Open Up Access to Capital
After discussing your requirements and receiving any necessary information from you, we begin consulting with our broad network of lenders. We search through the various offers available and provide your information to our most trusted partners. After identifying options that meet the criteria we identify with you during our initial conversations, we present you with an array of choices. The final decision always ultimately lies with you. We can go over the pros and cons of each loan offer in depth, including monthly payments, interest rates, and other information — then we’ll help you make sure you can win approval once you finish your application.
From start to finish, the application process usually takes about 3 to 4 weeks. In rare cases, more time may be necessary due to circumstances outside of our control. If at any point we need more information from you, we will be in contact as soon as possible. Likewise, when you have questions, you can count on our team to answer you promptly and with clarity. Why should you remain in the dark about your loan?
Explore Your Options with a Fully Licensed Service Provider
No business owner wants to face an inability to access a capital infusion when the company needs it most. If you simply want to be able to borrow against your commercial assets more easily, the Lending Solutions Group can help to identify a lender willing to work with you. Avoid the headaches and hassles that come from cutting through all the red tape imposed by banks and skip right to finding solutions that offer a reasonable alternative.
The Lending Solutions Group is a fully licensed business and member of AFCA and MFAA. While we still conduct due diligence on each situation, we believe in finding a way to say “yes” rather than seizing on any reason to say “no.” Whether a bank has already declined your loan application or you want to avoid that hassle altogether, our team is ready to work with you today to begin developing better options for the future of your financial situation.
What are your next steps? Start by filling out a free quote form with some basic information about yourself, your finances, and the type of loan for which you would like to apply. If you have further questions or concerns you’d like to explore prior to taking these steps, please contact us directly online or by phone. We look forward to learning more about we can help.
To discuss how Lending Solutions Group can assist you, please contact Scott Vine:
Mobile: 0418 10 10 65
More than 85% of business written by our team is sourced from either client or business partners.
Our Services Include:
- Unpaid defaults / judgments
- Current mortgage arrears
- Writs of possession
- Ex-bankrupts from one day
- Unlimited debts paid out
- Unemployment benefits, pensions, parenting payments, family allowance etc
- And more………
What Are "Low Doc" Loans?
“Low document” loans are exactly what they sound like — loans that you can qualify for when you do not have a whole lot of supporting documentation to back up your application. For example, if you are a self-employed individual, a bank may ask for a large number of tax returns, payslips, or other forms of proof of income. If your business is very new, you may not have some or even most of these documents. Most loan officers will curtly tell you that they can’t help you.
We and our lenders understand that not everyone has the luxury of accumulating plenty of supporting documentation before the need for a loan arises. With that in mind, our requirements are more flexible. We will evaluate what documentation you do have for us to consider, and we will provide other ways for you to demonstrate suitability for a low doc loan. Said another way, commercial low doc loans come from a special class of lenders with a greater willingness to work with individuals that a major bank would assess as too “risky.”
What Kinds of Businesses Can Use Low Doc Loans?
If you currently possess an active ABN, then you can likely qualify for one of our low doc business loans. It’s as simple as that. Instead of digging for paperwork, or worse, sheepishly explaining to a loan officer that you don’t have any yet, you can begin the loan application process with our team today. While some traditional businesses may find themselves in a position where such a loan is a necessary step, most of the business owners with whom we work are self-employed.
From the mobile tradesman to the Internet entrepreneur, we’re happy to support a wide range of small businesses with greater access to capital. Our connections to trusted lenders allow us to provide business owners with better options, because our partners can often provide interest rates similar to what you might receive if you did pursue a more traditional route for a loan.