After a short hiatus, Simple Doc (Lease Doc) is back. A customer's ability to service this loan is based exclusively on the strength of the lease agreement.
While there are some slight changes to the old product...
• Acceptable applicants are now companies/trusts (not individuals)
• Maximum total loan(s) per borrowing group is now less than $900k
...its great bones remain, including:
• Adelaide Bank do not require financials, tax returns or Accountant letters
• The lease from an unrelated party is to have at least 12 months to run at the time of formal loan approval
• Loan term up to 25 years
• Debt Service Cover ratio (interest cover) from 1.00x
• LVR up to 65%
• Rates from 5.79% variable (LVR <60%).