Another form of finance for self employed people is what are called Low doc loans or No doc loans. These Non conforming Loan products are designed for approval based on the borrower have above average security quality (home equity) and allows the borrower then to simply certify that they have the resources to meet the interest charges for the facility.

Low or No doc loans can also be ideal facilities for investors who’s needs for debt come and go, as they change projects, and get in and out of the share market for example. These facilities can also be designed as a come and go facility (line of Credit)  so they can be used to refinance or consolidate other debts.

Self employed people often find financing their business growth a struggle without additional debt. They also find that it is extremely difficult to document and explain their business plan to a lender, or to supply them with up-to-date financial statements that demonstrate what they know about the prospects of their business.

In these circumstances refinancing a home equity loan, where the lender primarily relies on the security as their way out of the loan, can be an ideal option. Low Doc Loans or even No Doc Loans can be the answer for self emplyed..