What do you need for a Bank statement loan?

Question

Hi all,

I want to get a small bank statement loan of just 80,000 but I am wondering what are all the things I need before applying for such a loan?

Thanks in advance,

Rizzy

Account Closed · Answer

Thank you very much! I never heard of that. Back 50 years ago, we got loans against our savings accounts. I run several large properties, run a construction with 60 employees and have about $1 million in all checking accounts, combined, at all times, but when I want to mortgage a property, or buy an expensive vehicle I still have to submit financials and tax records for every property and the construction business I own.

In fact, I get very angry with the banks that finance my large multi-unit properties because every bank does a financial audit, every year, and I have to submit every tax record for every property I own , my personal tax records and the financials and tax records for my construction. Every year, I have to submit the same amount of records as when I wanted to get approved for my original loan.

So, I wondering why a bank would give a loan for the amount you are asking based on only deposits, or average balances when I have $1 million in average balances and still have to produce every tax record.I just like to gripe. So, be patient, but another gripe I have is when I forget to submit the financials for one property I own, or when I forget to submit bank statements for even 1 checking account that has a near zero balance the banks catch those errors every time. It sort of annoys me to think they have the ability, or really take the time to find a property I did not report, or to find an insignificant checking account I opened and never used.

Lots of luck with your loan.

Are you using the money for investing in real estate? If so, contact Zinc Financial. They give loans up to 70% with no requirements for your records and they will finance 100% of a flip if you want to give them a percent of the profit. I don't think I am allowed to put their phone number in posts. They also do long term loans.

The best thing for flipping is to pay cash because you lock in more deals with bigger discounts and then go to Zinc Financial for the loan so you can do the rehab, or buy other properties.

I am in Gardena California if you need anything.

Account Closed · Answer

What is a bank statement loan?

Shaun Weekes · Answer

If you don't show traditional income like W2, 1040's etc you can use the deposits from your bank statements to get a mortgage loan.

Shaun Weekes · Answer

You'll need 12 to 24 months of Bank Statements and the better your fico the better the terms. Also, you’ll need to have a good amount of equity in your home.  Most Non-QM lenders use business B.S. but there are many that use personal statements now.  You might need to do a loan of 100K or more as the lender pool will increase significantly.

I hope this helps and have a good one.