This loan is a pure asset-lend, no documentation loan. It must be unregulated i.e. business or investment purposes only and suits those borrowers who do not wish to provide any details regarding income - Income must be self-certified.
When assessing a "Private
Mortgage" application funders primarily look
at the underlying property in most
cases. If there is sufficient equity in the
security they will lend against the asset
rather then the character of the borrower or
the credit risk the borrower may pose.
Note: Residential owner occupied
securities are not accepted for No Doc Loans
The loan purpose must be predominantly (more than 50%) for business or Investment purposes.
| Applicant type | Investors, Companies or Trusts |
Location |
Case by Case - Generally 20,000 + Population |
Income requirements |
|
Loan amounts |
From $100,000 > 2 million |
Purpose |
Purchase, Cash Out or Refinance of Residential Zoned Property including vacant land |
LVR |
Up to 80% LVR |
Coded, non-coded, or either |
Non coded only - No Owner Occupied |
Credit related issues |
Considered at higher rates |
Variable, fixed or both |
Both |
P&I, I/O, or both |
Both |
Loan Term |
1 - 5 years > 80% LVR, (NSW , Vic & QLD Metro & major regional population over 20,000) |
Application Fee |
1% of Loan Amount ($1,000 paid on approval rest payed at settlement) |
Risk Fee |
1% Payable at settlement |
Lenders Legals |
At Cost payed at settlement |
| Valuations | At Cost payable before settlement |
Broker Fee |
1% Payable at settlement |
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