As of October 2024, nearly 10% of the U.S. workforce—about 9.8 million people—are self-employed.
While running their own businesses gives them freedom and flexibility, it often creates challenges when it comes to qualifying for traditional mortgage loans. Tax returns and pay stubs don’t always tell the full story of their financial health.
Bank Statement loan programs, like the one we have at LendSure, bridge this gap, offering a solution that focuses on cash flow rather than traditional income documentation.
Why Choose Bank Statement Loans?
Bank Statement loan programs like LendSure are specifically designed to empower borrowers who don’t fit the mold of traditional income verification. Offering flexibility, simplicity, and access to alternative financial solutions that reflect the realities of today’s entrepreneurial and self-employed borrowers.
Who benefits from Bank Statement loan programs?
- Entrepreneurs with complex income streams or significant tax deductions.
- Freelancers, contractors, and gig workers with fluctuating income.
- Real estate investors looking for a simplified solution to qualify for investment properties using alternative income verification.
By focusing on real cash flow rather than tax returns, bank statement loan programs empower borrowers to qualify for the financing they need.
How LendSure’s Bank Statement Loan Program Works
LendSure’s Bank Statement loan program evaluates personal or business bank statements over 12 or 24 months to assess income, eliminating the need for tax returns, which often underreport earnings due to deductions, and instead provides a fair and accurate representation of financial stability.
FAQs About LendSure’s Bank Statement Loan Program
How quickly can my client get pre-qualified?
Pre-qualifications are typically completed in as little as 24 hours by our experienced in-house professionals.
What Loan-to-Value (LTV) ratios are available?
Our program offers LTV ratios of up to 90%, allowing your clients to maximize their borrowing potential.
What is the maximum loan amount?
Loans are available up to $3,000,000, making this an excellent option for both small and large-scale financing needs.
Can my client combine W-2 income with bank statements?
Yes, borrowers can combine W-2 income with bank statement analysis for even greater flexibility.
Do borrowers need to be 100% owners of their business?
No, full business ownership is not required to qualify for our program.
Are P&L statements required?
No, profit and loss statements are not needed, simplifying the application process.
What expense ratios are acceptable?
Our program offers business expense ratios as low as 10%, providing unmatched flexibility for borrowers.
Can borrowers use multiple bank accounts?
Yes, we accept multiple business bank accounts, giving clients the ability to showcase their full financial picture.
LendSure’s Bank Statement Loan Program In Action
Pam, a salon owner with six successful locations, sought an $840,000 refinance for an investment property. Despite a solid 700 FICO score and a 65% LTV ratio, her unique financial structure made traditional loans unworkable.
Here’s how LendSure helped Pam achieve her goal:
- Comprehensive Analysis:
LendSure reviewed 24 months of bank statements from Pam’s six locations, applying an expense factor tailored to her business type.
- Common-Sense Underwriting:
Instead of relying on one-size-fits-all calculations, LendSure crafted a personalized solution to meet Pam’s needs.
- Fast Results:
With LendSure’s flexible program, Pam secured the financing she needed—quickly and without unnecessary hurdles.
Watch this scenario play out here.
The Bottom Line…
By offering LendSure’s Bank Statement loan program, you can address the challenges faced by underserved borrowers and expand your client base.
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 common-sense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your business.
