LOW DOC DEVELOPMENT FUNDING
View product matrix below then click on apply if you wish to qualify for this loan and receive a detailed assessment and full cost proposal.
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Low Doc Loans for Development Funding |
If you are self employed and you do not have up to date company or personal tax returns then a low doc loan may be the right solution for your lending needs if you are developing a property.
Most construction finance applications are assessed according to the standard process and many of the same documents are required, along with a fully completed documentation which includes:
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Loan purpose | Construction of Residential or Commercial Property |
Loan term | 6 months > 2 years. |
Interest type | Interest only during construction period |
Repayment type | Interest will be capitalised during construction period within the maximum LVR’s |
Residual stock options | Yes |
Take-out options | Yes |
Maximum Loan to | 65% of GRV in high population areas (Capital Cities and Major Regional Towns Only)
Stretched Senior Facilities to 75% of GRV & 90% of TDC with pre-sales. |
Credit history | Past credit impairment can be considered if over 2 years at higher rates and fees |
Minimum loan size | $2,000,000 (see construction loan page for smaller loans) |
Maximum loan sizes | $250,000,000 |
Acceptable Applicants | Companies and Trusts |
Contingency | Cost to Complete basis that includes a 5% contingency. This will be advanced progressively following ongoing Valuer / Quantity Surveyor inspections. |
Pre-Sales | with or without presales |
Current Mortgage Arrears in last 6 months | NO |
Land Component maximum LVR | Up to a maximum of 65% of the project related site value. 100% of the development costs are retained on a cost to complete basis |
*Interest Rates: All rates are subject to change without notice. Please check all rates and terms before applying.
Low Doc loans are designed for the self-employed or small company borrower/s whose financial statements may not be available. Reasons for this may encompass: Their accountant hasn’t completed and lodged their financials.