Avatar's Blog
» No Doc Commercial Loans
A no-doc loan is a loan that requires no documentation from the borrower to prove statements made on the loan application. While there are lenders who specialize in this kind of lending, it tends to be extremely expensive as the risks involved in giving a loan - commercial or otherwise - to a borrower who cannot prove that they make the income they claim to make or own the properties and collateral they claim to own is very great.
Avatar requires minimal amounts of paperwork to fund a loan. But we do require that borrowers be prepared to show at least two years' tax returns and at least two year's P&Ls on the subject property or purchasing entity as well as a 1003 loan application. Avatar will pull the credit report of the guarantors, although funding is not based on FICO scores.
