Bank Statement Loans

Are you self-employed? Do you earn seasonal income? Are you a consultant, promoter, tax-preparer, freelancer, landscaper or other professional with an irregular income stream? If so, our Bank Statement Program may be perfect for you!

This exciting new program offers loan amounts up to $3,000,000, Loan To Values up to 90% and credit scores as low as 660.

How does it work?

Simple. Instead of requiring 2 years of tax documents, W-2s, or proof of regular payroll checks, we base our lending decision on a combination of your Business and or Personal Bank Statements to qualify you for a low fixed rate mortgage.

You provide 12 months Business or Personal Bank Statements to qualify for a low fixed rate.  You have the option of providing 24 months of Bank Statements for an even lower rate.

Even if you earn your income in just part of the year, as long as you maintain Business and or Personal Bank accounts documenting your income stream we can help!

We offer three scenarios for our Bank Statement Program.

Here’s how each scenario works:

Scenario 1 – Your Personal and Business finances Utilize a Single Account

  • Borrower provides bank statements from the most recent 12 consecutive months
  • Borrower provides a Year-To-Date Profit & Loss (P&L) statement.  This can be supplied by you or your CPA
  • The P&L will be the primary source for information to qualify the borrower
  • The revenue from the P&L will be supported by your last 3 months of bank statements 

Scenario 2 – You Maintain Separate Personal and Business Accounts

  • No P&L Statement is required
  • Only your personal bank statements will be considered to determine eligibility
  • Borrower provides personal bank statements from the most recent 12 consecutive months in addition to business bank statements from the most recent 3 months (in order to verify the maintenance of separate accounts)
  • Annual deposits are averaged to determine monthly income
  • If an optional P&L prepared by a CPA or a Licensed Tax Preparer is provided, that will determine borrower’s monthly income

Scenario 3 – You Only Use Business Bank Statements to Qualify your Loan

  • Borrower provides business bank statements for the most recent 12 consecutive months
  • Borrower provides a Year-To-Date Profit & Loss (P&L) statement.  This can be supplied by you or your CPA

In all 3 scenarios, issues such as Non-sufficient Funds (NSF) or Over-Drafts, even if so-called Overdraft Protection is utilized, may have a bearing on our underwriter’s decision. In general, a maximum of 3 NSF notices per 12 consecutive months will be allowed, whether they occurred in a single month or over the entire 12-month span. Exceptions may be allowed on a case-by-case basis, under review of our underwriting manager.

Why not call or email us for additional information at 732-988-5000 x202 or akelly@theloantree.com.  Or you can click here MORE INFORMATION and we will respond to your request as soon as possible.