Low Doc Self-Declared Income for up to $2M Business Lending:
This loan option allows you to apply for commercial finance up to $2 million with Loanbrite. You can use the loan for purposes such as business trading, buying assets, purchasing commercial property for your own use, consolidating debts, or expanding your business with the same management structure.
To apply, you need to provide some information:
– Fill out the Self-Declared Income Form online (a link will be provided by your Loanbrite service consultant).
– Show that your business has been trading for at least 12 months under the current ABN and ownership structure.
– Provide the most recent BAS (Business Activity Statement) statement, which should not be older than 4 months.
– Make sure your ATO (Australian Taxation Office) portals are clear.
– Note that this option does not cover commercial investment and development funding. We have other options for development funding via banks and private lenders
– Low Doc Paired – Commercial lending up to $2M & Home Lending up to $5M:
With this loan option, you can apply for commercial finance up to $2 million and home lending up to $5 million. The eligible purposes and information requirements are similar to the standalone option mentioned above. The only additional requirement is providing 12 months interim financials (profit and loss statement and balance sheet) for the period from July 2021 to June 2022.
Lease Doc – Commercial Property Investment Loans up to $3 million:
This loan option allows you to use a commercial investment property as security for a loan of up to $3 million. The maximum loan-to-value ratio (LVR) depends on the type of property: Upto 70% for non-retail or specialized assets, 60% for retail assets or land (excluding Englobo), and a range of 50%-60% for specialized assets. The loan term will align with the lease term or the weighted average lease term.
For non-retail assets, the net lease income must cover 1.5x-1.75x the interest cost, while for retail assets, it must cover 2.5x the interest cost. If the income cover ratio (ICR) is not met, you can use the Self-Declared (Low Doc) option to include your net profit to improve the ICR along with the Lease Doc. This option is only available for trading companies.
To apply for this loan, you need to provide the current lease agreement and ATO portals if your business is trading.
Talk to our friendly and helpful Loanbrite team today on 1300 084 031 and see just how quickly our professional team can help with all your commercial property loans.
