You can qualify more self-employed borrowers using our Sequoia Portfolio bank statement programs. This is an excellent opportunity to review your pipeline of borrowers who were not previously able to qualify with a full doc, and breathe new life into those deals.
Here are some highlights:
- Personal bank statements – Use 100% of employment related deposits with no additional expense calculation
- Business bank statements – Use either a fixed expense ratio based on business type and size or use a borrower prepared P&L to qualify
- Blended income qualification – Qualify using a combination of bank statement documentation and full doc (W-2, retirement income, asset depletion etc.)
- Use 24 months of statements for higher LTV and better pricing, use 12 months of statements for lower LTV
- 90% LTV up to $1,000,000 – 85% LTV up to $1,500,000 – 70% LTV up to $2,500,000
- Available on Sequoia Portfolio Plus and Sequoia Expanded (more flexible credit qualification)
- 40yr fixed with 10yr IO, 30yr fixed, fully amortized and interest only ARM terms available
Sequoia features fast in-house underwriting without the delays of an investor secondary review, on average these loans close in 21 days or less.