Trying to get on the path toward homeownership or property investment can be tricky if you’re self-employed.
Traditional income streams and documents? Those might not be within your reach.
But don’t worry, there is a solution: a Bank Statement loan. Self-employed individuals can qualify for these loans based on bank statements, not tax returns or W-2s.
Who Can Benefit From Bank Statement Loans?
If you’re a gig worker, freelancer, contractor, small business owner, high-commission salesperson, or part of a mixed-income household, a Bank Statement loan could be your ticket to financing for your investment property.
Bank Statement Loans vs. Traditional Loans
Income Verification: Traditional home loan lenders require extensive documentation to verify your income. This typically includes tax returns, pay stubs, and W-2 forms showing your earnings and financial stability. If you have a conventional 9-5 job where you receive regular paychecks, these documents can be easy to provide.
However, gathering this documentation can be more challenging if you’re self-employed or have an irregular income. This is where Bank Statement loans come into play. These loans use bank statements from the past 12 or 24 months as the primary means of verifying income. This makes them much more accessible for people with non-traditional income sources.
Flexibility: Traditional loans often come with strict requirements regarding credit scores, debt-to-income ratios, and down payments. Bank Statement loans offer more flexibility. They consider your overall cash flow and business expenses, providing a more holistic view of your financial situation. This can make it easier for you to qualify, even if you don’t meet all of the traditional loan requirements.
Approval Process: The approval process for a traditional loan can be lengthy, with various checks and verifications needed. With Bank Statement loans, the process can be quicker as it primarily involves analyzing your bank statements. Pro Tip? With LendSure, you can get pre-qualified typically in as little as 24 hours!
Loan Amounts: Traditional loans have limits on loan amounts given based on your income docs. Bank Statement loans consider your total cash flow, potentially allowing you to borrow more.
LendSure’s Bank Statement Program
At LendSure, we offer an innovative Bank Statement solution that can help you secure funding for your next property. You can qualify for a mortgage by providing 12 or 24 months of bank statements, whether personal or business.
Here are some highlights of our program:
- Loan amounts up to $3,000,000
- Loan-to-Value up to 90%
- 12 or 24-month of business bank statements and personal bank statements permitted
- Borrower does not have to be 100% owner of the business
- W-2 with Bank Statements combinations allowed
- Profit & Loss statements NOT required
- Business expense ratio as low as 10%
- Multiple business bank accounts acceptable
Why LendSure?
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers, ratios, and data to consider, but we know that behind every file, there’s an individual with unique circumstances seeking a loan.
We’re redefining the mortgage experience one loan at a time. Thanks to our common-sense approach and dedicated lending team, we say ‘yes’ more often to today’s homeowners and investors.
Ready to reach out to learn more about Bank Statement loans for investors like you? Contact us today!
