Asset lend

What is Asset Lend?

Get approved today for a no doc loanAn asset lend loan (or no doc loan) requires no declaration of income, assets or liabilities, in order to obtain a loan. This makes it easy to borrow! No doc loans are simple and usually processed within two working days.

Credit History

Although you may have blemishes on your credit history, you can still get approved for a no doc loan! However, lenders are likely to charge a higher interest rate.

Who can apply?

This type of loan is NOT available for those buying a home or a residential investment property, because those mortgages are regulated by the Uniform Consumer Credit Code (UCCC).

This aims to protect borrowers who lack sufficient financial knowledge to enter into a loan. This code is not applicable to investment and business loans. Further, the loan must be regulated under the NCCP (National Consumer Credit Protection Bill 2009).

This means that in most cases, the loan must be to buy a commercial property and must be in a company name. However, often no ABN is required, or just an ABN for one day or more.

How do i apply?

All you need to do is sign an affordability declaration which details the repayments and confirms your ability to afford the loan.

Who can I borrow with?

Major lenders do not offer no doc loans. However, private lenders may allow you to borrow up to 65%.

Term of the Loan

No doc loans typically have a loan term of six months, one year or three years. At the end of the loan term you need to either apply to roll over the debt, refinance ?or sell the property.

Rates and fees

The rate is higher as the lender knows very little about your ability to service the debt. Generally it can be anywhere from 2-6%.

Lenders usually charge a 1-2% application fee, as mortgage insurance does not apply. Further, most private lenders do not pay mortgage brokers commission; therefore most brokers will charge a fee to arrange your loan.

How to get approval!

Before committing to a private loan, we strongly advise that legal and financial advice is sought. Once you are aware of the entirety of the commitment, applying is easy!

Contact us today so we can help you find the right lender for your no doc loan!