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Keri, a freelance graphic artist, worked from home. She enjoyed having the freedom of being self employed especially since it gave her time to be with her family.
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Low Doc Loan Case Study

As Keri’s client base grew, so did her financial needs. Keri’s current computer system was too outdated to hold the amount of data she needed to complete her projects and Keri also needed the latest software to be more productive.

As a self employed individual, Keri always performed her due diligence and kept excellent records regarding income and expenses. She paid her taxes on time. But, since Keri worked for herself, her income fluctuated greatly from month-to-month. While some months Keri would make over $5,000, others she wouldn’t even make $200. This was fine for her financial situation, but when Keri applied for a loan through the bank, it became an issue. The banks wanted to see a stable, consistent income statement from Keri — something she couldn’t provide.

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Despite good credit, the banks said "no"

Even though Keri’s credit was excellent, the bank manager felt it was too risky to lend Keri the money she needed and denied her loan application.

Keri was devastated. Without the new equipment she wouldn’t be able to take on a new project that had a substantial payment attached to it. This is when a friend told her about ALC Commercial. Keri contacted a representative and after a quick over-the-phone analysis, our financial experts suggested a low doc loan for Keri’s situation. The low-doc loan didn’t require the same financial statements, tax returns that the banks required. Keri was able to get the $10,000 she needed to fund her new purchases and complete her large project. We were able to find Keri a competitive interest rate and she had a three month repayment period.

Solutions perfect for freelancers

Since her client paid her within a week of completing the job, Keri paid back her low-doc loan in just one month. Keri was so impressed with how quick and easy a low doc loan was through ALC Commercial that she now uses our services for all of her financial needs.

Low doc loans are the perfect solution for freelancers, contractors and self employed individuals who don’t meet the strict criteria from the banks. Just like Keri, ALC Commercial can help you secure the funding you need to purchase new equipment, cover expenses or just bridge a gap in your cash flow. Contact an ALC Commercial financial expert today and see how we can help.

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