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I have recently completed an advisor training course with a securitised lender who writes these types of loans. They have 2 programs in this area called ‘Low doc biz'(self-employed or F/T investors for at least 2 years) and ‘Low doc asset'(self-employed or F/T investors – no time limit – so your 1st investment property would qualify).To qualify the loan needs to be primarily for business or investment, ie over 50%.
The maximum LVR on the ‘biz’ is 75% and on the asset is 65%. Documents required on the ‘biz’ include asset/liability state’t, ‘stated’ income (proof not req’d) and loan purpose checklist and declaration. ‘No’ asset/liability/income documents are req’d on the ‘asset’ program other than a loan purpose checklist and declaration.
Obviously some other documents, such as valuation and credit reports are req’d to complete an application. I would be happy to provide full details to anyone interested in more information.
‘Commercial’ properties are excluded from the programs as I understand because of their volatile demand/value.
