PRACTICAL FUNDING WITH FEWER DOCUMENTS
Low documentation loans provide an alternative for borrowers who may not have current financial statements or extensive income records readily available. Pronto Funds considers the available property security, loan purpose, existing debt and overall strength of the transaction rather than relying solely on traditional financial documentation.
This approach can help eligible borrowers access business funding without the extensive paperwork often associated with traditional lending. We outline the information required upfront, giving borrowers and brokers a clear understanding of what is needed to progress the application.
A FLEXIBLE APPROACH TO BUSINESS FUNDING
Low paperwork business lending can assist business owners, company directors and property investors who may not have the financial documentation typically required by traditional lenders. It can also support newer businesses with suitable property security but a limited financial history.
Pronto Funds assesses applications directly using its own capital, allowing our team to consider the available property equity, funding purpose, requested amount and proposed exit strategy. This provides a more flexible approach where the transaction is supported by suitable security and a clear plan for repayment.
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LOAN SPECIFICATIONS
Loan Feature | Details |
Loan Amount | $200,000 to $10 million |
Loan Term | 1 to 12 months |
Maximum LVR | Up to 85% |
Security | Residential, commercial or other eligible real estate |
Loan Position | First or second mortgage |
Indicative Decision | Within 24 hours |
Settlement | Ability to settle within 48 hours |
Rates | From 1.2% per month |
LOW DOC FINANCE FOR LUXURY AND CLASSIC VEHICLES
Pronto Funds also provides low documentation finance for eligible luxury, classic and sports vehicles. These loans can support a vehicle purchase or release equity from an existing collection, with security taken over the vehicle or suitable property.
The required documents for a low doc car loan application depend on the transaction but can include identification, vehicle details, purchase or valuation information, business details and the intended use of funds. We confirm the applicable requirements before assessment so the borrower and broker know what to provide.
SECURITY AND PROPERTY ASSESSMENT
The amount available depends on the value and type of security, existing secured debt, funding purpose and proposed exit strategy. For property-backed applications, Pronto Funds can review market data and insights from local real estate agents to determine an indicative property value, helping the application progress without necessarily waiting for a formal valuation upfront.
Vehicle-backed applications are assessed based on the eligible vehicle, available equity and overall strength of the transaction.
KNOW WHAT IS NEEDED FROM THE START
Pronto Funds communicates directly with borrowers and brokers throughout the application. We explain the applicable costs, conditions and settlement requirements upfront, so you understand what is required and the next steps towards settlement.
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Frequently Asking Questions
What documents are required for a low doc business loan at Pronto Funds?
Requirements vary by application but can include identification, property or security details, business information and the intended loan purpose. Pronto Funds takes a practical approach, with streamlined financial documentation requirements compared with many traditional lending processes.
Do low doc loans require full financial statements?
Not always. Low documentation loans can provide a more flexible approach where full financial statements or extensive income records are not readily available. Requirements will depend on the available security and overall strength of the application.
Are low doc business loans secured?
Low doc business loans are generally secured against eligible property. The available amount depends on the security, existing debt, loan purpose and overall application.
How quickly can a low doc loan settle?
Once the required information is available, Pronto Funds can assess the application quickly. Approved low doc loans can settle within 48 hours, subject to security, completed documentation and the overall transaction.