What a low-doc file actually contains
Here it is the application plus the last three months of business bank statements. That is it for a first look.
No tax returns, no P&L, no balance sheet, no business plan.
Application, a few minutes
Three months of business bank statements
Soft pull, no credit impact to check
Why statements replace returns
Tax returns show last year after every deduction. Bank statements show this quarter as it happens. For a working-capital decision the second is more useful and far faster to verify.
It is also why deposit consistency matters more here than book profit.
Average daily balance of $5,000, or 10% of monthly revenue, whichever is greater. Up to 3 negative days a month, 9 per six months and up to 6 NSFs a month, 24 per six months.
When more will be asked for
Larger term-loan requests and anything near the $350,000 ceiling. The 15% of annual revenue cap on the term loan sometimes needs corroboration.
Restricted regardless of the numbers: new residential construction, residential remodelling, long-distance (TL or LTL) trucking, used car dealers, and real estate agents, brokers, managers or lessors. Funding in every US state except Vermont, North Dakota and South Dakota.
Questions
What documents do I need?
The application and three months of business bank statements.
Do you need tax returns?
Not for a first look.
How fast is a decision?
Same day on a complete file.