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Bank Statement Loans: A Unique Solution for Self-Employed Borrowers

March 20, 2024
Self-Employed Borrower

When it comes to finding financing for a home or real estate investment property, traditional loan options often fall short for self-employed borrowers in today’s market.

The reasons? Borrowers may not fit the 9-5 mold or lack traditional income documentation.

But there’s an answer: Bank Statement loans.

Bank Statement loans are a type of non-QM loan that allows self-employed borrowers to qualify based on their bank statements rather than tax returns, W-2s, or other standard income documents.

The primary requirement for a Bank Statement loan is to provide evidence of consistent income via bank statements. These loans consider cash flow and business expenses to provide a more accurate reflection of a borrower’s ability to repay the loan.

Who Can Benefit From Bank Statement Loans?

Bank Statement loans benefit self-employed individuals like gig workers, freelancers, contractors, and small business owners.

These loans can be particularly beneficial for those with mixed-income households. The flexibility of Bank Statement loans allows lenders to consider different forms of income, allowing these households to fund their next investment property.

Using Bank Statement Loans to Attract More Clients

The popularity of the gig economy is expected to continue, leading to a rise in self-employment. This creates a growing group of potential borrowers who could greatly benefit from Bank Statement loans.

These loans are especially attractive to millennials and Gen Z workers – with reportedly 44% of all millennials and 52% of all Gen Z having freelanced in 2023. They might lack traditional income documents, but they have regular income from their freelance work or side hustles.

By offering Bank Statement loans, brokers can cater to the financial needs of these young, self-employed borrowers, showing an understanding of their unique circumstances and providing flexible solutions. This could help brokers expand their client base with a demographic that’s becoming increasingly important in the housing market.

LendSure’s Bank Statement Program

We provide an innovative Bank Statement solution that can help brokers like you secure funding for your self-employed clients.

Instead of providing W-2s or other income docs, borrowers can qualify for a mortgage by submitting 12 or 24 months of bank statements (personal or business).

LendSure’s Bank Statement Program Highlights

  • All pre-qualifications are performed by experienced, in-house professionals, usually within 24 hours
  • Highly competitive rates and unsurpassed funding times
  • No one-size-fits-all calculations
  • LTV up to 90%
  • Loan amounts up to $3,000,000
  • 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
  • P&L statements NOT required
  • Business expense ratio as low as 10%
  • Multiple business bank accounts are acceptable

The LendSure Way

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 a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.

Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.


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