Get a great deal on your home loan from expert advise at LeMerit Finance.
Business lending refers to a mortgage loan secured by Business property or partial of Residential property for business purpose. The purpose of business lending is varied from purchasing commercial shop, office or industry to property development or commercial constructions. Unlike residential property loans, lending policy, terms and interest rates of business loan are rarely found on lender websites.
At LeMerit Finance, we are here to help,
- Commercial shop purchasing or refinance
- Small business lending solutions
- Lease Doc Loan
- Low Doc Commercial Loan
- Small Development Loan
Commercial Loan FAQs
Q1, How does lender look at my income documents?
Business lending is more complex than residential lending. Lenders take more serious assessment on applicant’s financial ability. Lenders will look at documents at following checklists,
- Detailed purposes of business lending
- Recent 2 Company Financials and Tax Returns
- All Directors’ Personal Tax Returns, and Asset & Liabilities summary.
- Any business lending history
- Current business account statements
Q2, What is Lease Doc Loan?
Lease Doc loan doesn’t need applicant to provide any financials, tax returns, BAS or tax portals. The borrowing capacity is purely relying on the net income between annual lease income and interest expense on the bank.
The features of this product including:
- LVRs up to 65% to maximum loan amount of $1 million
- Debt cover service ration is at least 1.00x cover
- Loan terms up to 25 years
- Quick approval
- Suitable for purchasing office, business shop and commercial place.
Q3, How does Low Doc Commercial Loan Work?
Low Doc commercial loan is designed for those applicants who cannot provide full tax returns and company financials. Alternatively, lenders will ask applicants to provide combination of followings:
- Evidence of ABN and/or GST Registration
- Current Business Activity Statements
- Business Transaction Bank Statements
- Accountant’s letter
- Personal Income Declaration Form