Commercial loans that are outside the box that your bank will not do

DDA Mortgage • October 17, 2022

If you're looking for a commercial loan but don't qualify for an SBA loan, you might be thinking that you are out of options.


But what if there were another way? Let me introduce you to three lending alternatives for businesses.



A Lite Doc Commercial Loan Options For Businesses


The term "lite doc" is short for "light documentation." This means that lenders don't need to see your tax returns or other financial documents when they review your application for a loan. Instead, they rely on information from other sources: your business cash flow, personal assets (like retirement funds or property), and credit history. When applying for a lite doc loan, you will be asked to provide information about your business's gross revenue and net profit over the past year or two.


If your company has been in business for at least one year and has been profitable for at least six months, then this option could be right for you. The lite doc commercial loan can be a great option for business owners who don't want to wait weeks before they can start using their money for growth and expansion.



A No Doc Commercial Loan Options For Businesses



There are also no-doc loans with no income verification, no tax returns or bank statements required. Instead, these loans are based on your credit, your assets, and if you are buying income property, rent schedules. These loans are faster than an SBA loan and can be structured to fit your needs.



Bank Statement Commercial Loan Options For Businesses


A bank statement loan is a popular type of commercial loan. It gives you access to money based on your cash flow as reported on your bank statements. This means that you DON'T have to produce your tax return, income statements, balance sheet, or other financial statements. You don't need collateral or any other assets to get a commercial loan.


What you DO need is 12 months of bank statements and a good credit score, which measures how well you've been able to manage your debt in the past. If you have a good credit score and make regular payments on time and you have positive cash flow, then you may qualify for a bank statement commercial loan.



How To Qualify For A Commercial Loan


These commercial loan programs are great! But you have to qualify.


Contact us today at (727) 784-5555, and tell us about your business goals. We will be able to help you qualify for a commercial loan that best fits your needs.


Want to ask us a question about commercial loans? Use the form below to contact one of our specialists.



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