I am looking to purchase a property, and I have just started running my own business.
I want to apply for a low doc loan and I just have a couple of questions.
1. What lenders offer low doc loans to a trust (I will be investing through a trust)
2. What documentation do you have to provide to the lenders?My business has only been going a few months so I haven’t done a tax return yet, but my income is good.
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just a Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeRyan
Not quiet that easy.
Firstly how long has the ABN been registered and it is registered for GST.
Anything less than 2 years and you are going to struggle at anything over 60%.Documentation will depend on who the lender is and their mortgage insurer requirements.
Gemworth require BAS and in some cases Trading Statements.
QBE PMI dont require a lot other than a signed Lodoc Declaration Statement.
The odd variation with some of the in house insurers.Every lender will require 3 months Bank Statements showing where the 20% deposit is coming from or evidence of equity and a line of credit showing available funds.
With regards to the entity will depend on what type of Trust and whether there is a Corporate Trustee.
Lodoc lenders offering these faciliites to Trusts are not thick on the ground.Finally lodoc lending is very much post code orientated so anything too regional and you might have an issue.
Richard Taylor | Australia's leading private lender
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