No doc commercial loans
Commercial real estate financing without tax returns or pay stubs. Approval rests on your credit, your assets and the value of the property.
The pre-qualification form takes about a minute.
Who it’s for
A no doc commercial loan, also called a no income verification loan, skips traditional proof of income. There are no tax returns, pay stubs or W-2s. Instead, our lending partners approve the loan based on your credit history, your assets and the value of the property.
It suits borrowers whose income is real but hard to document the usual way.
A good fit if you are:
- Self-employed, or have complex or irregular income
- A real estate investor with several properties
- A foreign investor without U.S. credit or income history
- Someone with strong credit and significant assets
Probably not the right fit if:
- You can fully document income and want the lowest cost. See conventional commercial loans.
- You’ll occupy the building with your own business. See SBA 7(a) loans for commercial real estate.
- Your request is under $250,000, the minimum for our commercial real estate programs.
We also place no income verification construction loans for ground-up and renovation projects.
Typical terms
| Loan amount | $250,000 to $4 million |
| Credit score | 650+ (not applicable to foreign investors) |
| Loan-to-value (LTV) | Generally 75%, up to 85% depending on the scenario |
| Down payment | Typically 15% to 30% of the purchase price |
| Loan term | From short term (1 to 5 years) to long term (15 to 30 years) |
| Interest rate | Typically higher than a conventional loan |
| Reserves | Proof of assets, such as bank or investment statements |
Loan-to-value is the loan amount as a share of the property’s appraised value. At 75% LTV on a $1 million property, the loan would be $750,000.
Properties you can finance
- Investment residences and office condos
- Investment commercial properties
- Storage facilities and mobile home parks
- Vacation homes held as investment properties
- Industrial warehouses
- Multifamily properties
- Ground-up construction or renovation of single-family homes, condos, townhomes or multifamily
These loans are for investment property, including rentals, fix-and-flip projects and commercial real estate.
How approval works without income docs
Without tax returns, lending partners weigh three things instead:
- Your credit. A solid history of paying debts on time. Typically 650 or higher; foreign investors are reviewed without a U.S. score.
- Your assets and reserves. Bank or investment statements show you can make the down payment and carry the loan.
- The property. It must be worth enough to secure the loan. The appraisal sets the value, and the LTV limit sets the loan size.
The stronger each of these is, the better your terms are likely to be.
No doc or conventional?
| No doc loan | Conventional loan | |
|---|---|---|
| Income documents | Not required | Full tax returns and financials |
| Typical cost | Higher | Lowest for well-qualified borrowers |
| Down payment | Typically 15% to 30% | Typically higher than SBA |
| Best for | Self-employed, investors, foreign buyers | Strong credit and full financials |
If you can document income easily, compare a conventional commercial loan first. It usually costs less.
What you’ll need
The list is short, which is the point of the program:
- Address of the property
- Loan purpose
- Copy of Social Security card and ID
- Loan application
- Articles of incorporation for the borrowing entity
- Most recent three consecutive months of bank statements
- Your estimate of your credit score (credit is pulled later)
With those in hand, approval turnaround is typically 24 to 48 hours. Closing often takes a few weeks, depending on the lending partner and how complex the file is.
Costs and trade-offs
Less paperwork comes with real trade-offs. Know them before you apply.
- Higher rates. Rates typically run above conventional loans, which raises your total cost.
- More money down. Expect a larger down payment and a lower LTV than on a full-doc loan.
- Prepayment penalties. Most non-construction no doc loans carry a prepayment penalty. On most programs you can buy it out or reduce it, which normally means a higher rate.
- Foreclosure risk. As with any mortgage, the lender can foreclose if payments stop.
Typical fees:
- About 2% of the loan amount in points, collected at closing. Complex files can carry more.
- The appraisal fee, paid by you if you choose to move forward with the loan offer.
How it works
- Apply online. A short, 1-minute form tells us about the property and your goals.
- Talk to your loan expert. A Standout loan expert is assigned to your file and guides you through the process.
- Choose your loan. Your loan expert brings you the best available options from our lending partners.
All terms, fees and requirements on this page are typical figures. They are subject to credit approval and can change without notice.
Common questions
What is a no doc commercial loan?
It's a commercial mortgage where the lender doesn't ask for tax returns, pay stubs or W-2s. Approval is based on your credit, assets and the property's value.
Can foreign investors qualify?
Yes. Foreign investors without U.S. credit or income history are a common fit, and the credit score requirement doesn't apply to them.
How fast is a no doc loan?
Approvals typically come back in 24 to 48 hours once we have your documents. Closing often takes a few weeks, depending on the lending partner and the file.
Are no doc loans more expensive?
Typically, yes. Rates run higher than conventional loans because the lender takes more risk, and most non-construction loans carry a prepayment penalty.
What are the typical fees?
Normally about 2% of the loan amount in points at closing, sometimes more on complex files. You pay the appraisal if you choose to move forward.
Is a no doc loan available to everyone?
No. Lending partners look for strong credit, meaningful assets and a property with enough value to secure the loan.
Other options to compare
All loan programs- Loan program No income verification construction loans Ground-up construction approved without tax returns or pay stubs. Investment property only
- Loan program Foreign investor loans For international investors buying homes, condos, multifamily and commercial property in the U.S. No U.S. visa required
- Loan program Conventional commercial loans Bank and credit-union financing. For strong credit and full documentation, usually the lowest-cost path. Banks and credit unions
Ready to take the next step?
Apply in about a minute. Your loan expert will guide you from there.