Personal/Business Bank Statement Loan

Expand your reach to a large group of high net worth potential borrowers who don’t have the traditional qualifying information on their tax returns. Logan’s Bank Statement Program gives your eligible Self-Employed Borrowers an option to borrow up to $3 million with Personal or Business Bank Statements in lieu of tax returns.

- Max Loan Amount $3 million
- Min 660 Credit Score
- Cash in hand Unlimited
- 12 or 24 Months Business, Personal or Both Ok
- 1099 plus YTD earnings Ok
- Primary, 2nd Home & Investor Properties
- No LTV Restrictions for Condos
- Non Warrantable Condos OK
- Up to 85% LTV – Exceptions possible
- Gift of Equity Ok on Primary Homes
- Sources other than Self-Employment Permitted
- Interest Only Options Available
- Max 6 loans or $5M – which ever comes first

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What is a Bank Statement Loan?
Bank statement loan is for self-employed borrowers that get paid by cash Zelle 1099 or through invoicing your deposits are used to determine your monthly income.

How do I qualify for a Bank Statement Loan?

If you are self-employed for two or more years, you do not need to have a corporation or LLC you can be a sole proprietor as long as you are not a W-2 employee.

What type of businesses qualify?

Corporations LLC’s sole proprietors all qualify. You do not need to have a license. You only have to work for yourself and not an employer being paid hourly.

How is Income calculated with Personal or Business Bank Statements?

With a personal bank statement we would take 100% of profit distribution deposits if there was a business bank statement, two months of a business bank statement accompanied with the personal bank statement. If there was no business bank statement to accompany personal bank statement, it would be treated as a business account and 50% of the income would be deducted for expenses. With a business bank statement, a flat expense factor of 50% is applied to all deposit transactions to arrive at monthly income figure.

What transactions on a Bank Statement qualify as Income?

For both personal and business bank statements all deposit transactions qualify except for transfers EPP loans and refunds.

What is the minimum FICO requirement?

The minimum file required on a bank statement loan is 660 for a primary residence purchase or rate in term 680 for a primary cash out 660 for a second residence purchase rate in term 680 for a second residence cash out 660 for an investment purchase or rate term 680 for an Investment cash out.

What is the maximum LTV for a Purchase or Rate/Term Refi with a 720 FICO (we can also do 680 and 700)?

Max LTV for rate term purchase with a 720 FO is 85% to 2.5 million eighty% to 3 million. Max LTV for a rate term or purchase with a 680 FICO is 80% to 1.5 million 75% of 2,000,065% to 2.5 and 3 million. Max LTV for 700 purchase or rate in term is 85% of 2,000,080% of 2.575% to 3 million

What is the maximum LTV for a Cash-out Refinance with a 720 FICO (we can also do 680 and 700)?

Max LTV for a cash out refinance for a primary residence is 80% max LTV for cash out for a second home is 70% max LTV for cash out for an investment property is 75%

Can my Down Payment on a Purchase be a Gift? Or a gift of Equity?

Down payment can be a gift 100% gift no borrower minimum contribution is required for down payment or closing cost. A gift of equity is allowed on primary residences. There is a 10% LTV reduction when gift of equity is used

Does my Down Payment on a Purchase have to be Seasoned?

Down payment does not need to be seasoned nor does closing cost, however reserves do you need to be in less? Funds as reserves.

Do I need Cash Reserves on a Bank Statement Refinance or Purchase?

You do need cash reserves on a bank statement for a purchase or rate term refinance. You can use proceeds from a cash out refinance for reserves.

What Type of Properties Can I Finance?

You can Finance single-family residence condo non-wearable condo