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bank statement mortgage loan
OPTIMISM GROWS IN 2024, MORE AMERICANS LOOKING TO GET A MORTGAGE LOAN THIS YEAR
12/24 Months Bank Statements Loan: Alternative Lending Services for Self-Employed Individuals
12/24 Months Bank Statements Loan: Alternative Lending Services for Self-Employed Individuals
PROS & CONS OF A
SECURED BUSINESS LOAN
PROS & CONS OF A SECURED BUSINESS LOAN
The main difference between a secured and unsecured loan is the added condition of asset-based collateral. Collateral acts as an insurance policy for lenders to protect themselves in case loan payments go unpaid.
For the borrower, collateral can be an advantageous tool towards acquiring an affordable loan. Collateral can also enable business owners to borrow more money. However, if a business fails to pay back the loan, the lender can seize their assets in return, leaving business owners in an increasingly vulnerable position.
So, if you are in the market for a business loan, make sure that you can afford to repay the loan before signing any documents.
12/24 Months Bank Statements Loan:
How to Qualify
12/24 Months Bank Statements Loan:
The Features
The main difference between a secured and unsecured loan is the added condition of asset-based collateral. Collateral acts as an insurance policy for lenders to protect themselves in case loan payments go unpaid.
For the borrower, collateral can be an advantageous tool towards acquiring an affordable loan. Collateral can also enable business owners to borrow more money. However, if a business fails to pay back the loan, the lender can seize their assets in return, leaving business owners in an increasingly vulnerable position.
So, if you are in the market for a business loan, make sure that you can afford to repay the loan before signing any documents.
12/24 Months Bank Statements Loan:
How to Qualify
12/24 Months Bank Statements Loan:
The Features
Up to $4 million
max loan amount,
$1 million max
cash-on-hand
Fixed or
adjustable rate interest
Bank deposits are viewed as income
Owner-occupied,
second homes and condos allowed
Available for those faced bankruptcy or foreclosure over 12 months ago
Higher DTI ratio
is allowed
12/24 Months BankStatements F.A.Q
WHAT IS A BANK STATEMENT LOAN?
A bank statement loan is an alternative lending service that looks at income deposited into your bank account rather than at your tax returns. In some cases, tax returns may not be the best way to showcase an applicant’s loan eligibility and income.
DOES A BANK STATEMENT LOAN COUNT AS A SUBPRIME LOAN?
A Bank Statement loan is a special type of non-QM loan specifically designed for high-earning self-employed individuals. A Bank Statement loan isNOT a subprime loan, it is a secondary-market loan known as a non-qualified mortgage (non-QM).
SHOULD I SUBMIT12 MONTHS OR 24 MONTHS OF BANK STATEMENTS?
This will largely depend on the profit/loss margins of the business over the past two years. If the businesses struggled due to a force majeure like COVID or an unusual seasonal slump, it may be preferable to submit bank statements that show a larger range of business income & profitability.Talk to our team and we can help you decide the best path forward.
WHAT LETTER FROMA LICENSED TAX PREPARER DO I NEED?
To apply for our Bank Statement Loan, you will need to provide a letter from any licensed tax preparer who can verify the legitimacy of certain aspects about your business. For instance, your profit/loss statements, how long you’ve been in business and your ownership of the business. The preparer must provide their license number.
WHO ARE BANK STATEMENT LOANS FOR?
Bank Statement loans are designed for business owners who are classified as self-employed. If you are self-employed, but not a business owner, you may wish to consider a 1099 loan instead. A 1099 loan is available for independent contractors who do not own their business.
Bank Statement Loans are especially ideal for people who may not earn a stable income, or do not earn income in a way that can be proved with traditional pay stubs.
In general, bank statement loans can be ideal for freelancers, consultants, real Estate Investors, small business owners, lawyers and soon.
12/24 Months BankStatements F.A.Q
WHAT IS A BANK STATEMENT LOAN?
A bank statement loan is an alternative lending service that looks at income deposited into your bank account rather than at your tax returns. In some cases, tax returns may not be the best way to showcase an applicant’s loan eligibility and income.
DOES A BANK STATEMENT LOAN COUNT AS A SUBPRIME LOAN?
A Bank Statement loan is a special type of non-QM loan specifically designed for high-earning self-employed individuals. A Bank Statement loan isNOT a subprime loan, it is a secondary-market loan known as a non-qualified mortgage (non-QM).
SHOULD I SUBMIT12 MONTHS OR 24 MONTHS OF BANK STATEMENTS?
This will largely depend on the profit/loss margins of the business over the past two years. If the businesses struggled due to a force majeure like COVID or an unusual seasonal slump, it may be preferable to submit bank statements that show a larger range of business income & profitability.Talk to our team and we can help you decide the best path forward.
WHAT LETTER FROMA LICENSED TAX PREPARER DO I NEED?
To apply for our Bank Statement Loan, you will need to provide a letter from any licensed tax preparer who can verify the legitimacy of certain aspects about your business. For instance, your profit/loss statements, how long you’ve been in business and your ownership of the business. The preparer must provide their license number.
WHO ARE BANK STATEMENT LOANS FOR?
Bank Statement loans are designed for business owners who are classified as self-employed. If you are self-employed, but not a business owner, you may wish to consider a 1099 loan instead. A 1099 loan is available for independent contractors who do not own their business.
Bank Statement Loans are especially ideal for people who may not earn a stable income, or do not earn income in a way that can be proved with traditional pay stubs.
In general, bank statement loans can be ideal for freelancers, consultants, real Estate Investors, small business owners, lawyers and soon.
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