Servicing read from the lease — not from your tax returns.

On an investment-grade tenanted commercial property — a national retailer on a 7+7+7, a government-occupied office on a long lease, a logistics shed leased to an ASX-listed 3PL — the income is the story, not the borrower. Lease-doc lending recognises that. The credit officer reads the lease, looks at the tenant covenant, satisfies themselves the rent covers the loan at a sensible interest-cover ratio (ICR), and approves. Your tax returns aren't required. Your BAS isn't required. Your personal income is barely looked at. That makes lease-doc the right product for three kinds of borrower. Self-employed investors whose tax returns are complicated by trust structures or recent business changes. SMSF trustees buying tenanted commercial where the fund itself doesn't have a long earnings history. And high-net-worth investors who simply don't want to share their broader financials to write a loan on a clean tenanted asset. The lender shortlist is narrow but stable. A specialist non-bank leads the lease-doc market; other specialist non-banks and a business-specialist bank compete sharply on bigger files. LVRs depend on the strength of the tenant and the lease — our live rate cards carry current pricing, so we don't quote a figure here that would age. Weaker tenants or shorter leases push the rate up and the LVR down. The ICR is the lever everything turns on. On investment-grade tenanted assets, some lenders will write with rent covering interest as little as 1.2–1.4x; many sit nearer 1.5x as a comfortable target, and weaker tenants or shorter leases push the required cover higher. The stress test is typically the actual rate + 1.5–2%. The net rent needed to service comfortably follows from the loan size and the lender's stressed rate — we run the ICR before approaching anyone, and if it doesn't fit, the file doesn't go in.