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Business Description for Bank Statement Loans

Self-Employed Borrowers

Bank Statement Program Business Descriptions and Information

One thing that you should know about qualifying or getting pre-qualified for a bank statement loan is the Non-QM lender will always require a Business Description upon underwriter submission or upon pre-underwrite submission. Some lenders call it a Business Narrative or Business Summary. Below are some of the typical criteria for non-qm lender Business Narrative Letters.

Criteria lenders (lender specific) like to see or will require:

Description of Business/Business Profile 2023

  • Owner Name(s):
  • Business Address(s):
  • Business Property Type (i.e., office, home-based, warehouse, etc.):
  • How many people do you have employed?
    • Full Time:
    • Part Time:
    • Contractors:
  • Percentage of Company Ownership:
  • Date Organized/years in business:

Business Product(s)/Service(s)

  • Do you offer a service?
    • If yes, please describe:
  • Do you manufacture a product?
    • If yes, please describe:
  • Do you buy and then re-sell a product? Yes/No. If yes, please describe:

Income Documentation: Bank Statements

  • Do you utilize more than one bank account for business income?
  • Describe your business and provide details of how income is generated.
  • Do you offer a service?
    • If yes, please describe:
  • Do you manufacture a product?
    • If yes, please describe:
  • Do you buy and then re-sell a product? Yes/No. If yes, please describe:

Note: This information will help your loan officer summarize your business and structure your loan. To ensure favorable results and a smooth process, certain parts of your loan should be properly qualified early in the process for easier approval conditions and better time efficiency.

Loan Scenario Form – No Credit Check

Non-QM Lender is Available in the Following States (via broker merchant portal):

Available in the Following States:

Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

Alternative Income Documentation

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Non-Qualified Lending

Non-Qualified Lenders

Unconventional Lenders