The lending landscape today sees no shortage of specialized loan options that are meant for the self-employed. Many loan options, coming from reliable commercial mortgage lenders, can even be tailored to serve different needs of lenders.
One such mortgage product is a low-doc loan. This financial product features a number of benefits that especially help the self-employed. That's why in this post, we're exploring each of these benefits. So without wasting a single moment, investors, let's get started.
Bringing down the paperwork
If you have a steady source of income and you're planning to secure commercial real estate, then it may not be difficult to get a traditional loan. But if you're unable to supply documentations such as tax returns and financial statements, then no-documentation mortgages serve your purpose. This loan may even be tailored for those borrowers who don't want to declare their incomes.
Variety should be the spice of your financial life
A low-doc loan will never be a one-size-fits-everyone affair. While securing a low-doc loan, borrowers may be literally spoiled for choice. For example, there are low-doc loans that are geared toward the buying of expensive commercial real estate. Whereas, you'll even find low-doc mortgages that cater to the complex needs of investors. A loan may be available in variable and fixed rates, so borrowers can get it with respect to their circumstances.
Flexibility is a major priority
Many borrowers have the misconception that commercial mortgage lenders design no-doc loans that don't have any room for flexibility. But this loan type is highly flexible, and that's one of its biggest benefits. Because there are so many options of this loan, it's flexible enough and respects the needs of borrowers. For example, if you aren't having a great credit score or if you have defaulted in the past, then you may be disqualified from securing a traditional loan; that, however, won't be the case with a low-doc loan. So even if you're having a not-so-great credit history and you want to finance or refinance a commercial property, then having a low-doc loan makes so much sense.
So here's where we'll end the post. After reading this piece, you now know how much beneficial is it to go with a low-doc loan. If you're unable to make the most of the US traditional lending mechanism, you should go with a no-doc loan. A no-documentation mortgage will always come with a wealth of benefits for every self-employed borrower.
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