Self-Employed Portfolio Loan

Self-employed borrowers must have credit 640+, strong asset base. Business with high sales but low profits which does not qualify for traditional financing. For example, closed a loan for a business owner with consistent gross sales of $700,000 but net profit of $50,000. Purchased a $750,000  second home, 30% down payment.  Borrower had substantial ($300,000+) asset reserves remaining after closing: minimum of twelve months housing payment. Debt-to-income ratio 60%+ was not an issue.  Two years verified personal and business tax returns required.

12 Month Bank Statement Program

Personal or Business deposits averaged over consecutive 12 month period to calculate monthly gross income in lieu of W2 or tax returns.  Cannot use a combination of personal or business bank statements.  Use 100% of personal bank deposits or 70% of business bank deposits.  Transfers between accounts are excluded.  Business must be in business a minimum of two (2) years. No tax returns. Credit scores 580+ may require 24 bank month statements.

Investment Property  15% down payment 

Good credit 620+ credit score required but no verified tax returns.  Three months bank statements to show source of down payment. Large deposits must be verified and sourced. Gift is okay as long as buyer has 5% of their own funds used in transaction. Residential (1-4 family) or commerical property. 1 day out of Bankruptcy discharge is okay too with 50% down payment!

 Submit On-Line Inquiry.