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 is some of the typical criteria or Business Narrative Components lenders (lender specific) like to see or will require:
Description of Business/Business Profile
- Owner Names:
- Business address(s):
- Business Property Type (i.e., office, home-based, warehouse, etc.):
- How many people do you haven employed?
- Full Time:
- Part Time:
- Percentage of Ownership:
- Date Organized/years in business:
- Do you offer a service? Ye/ No. If yes, please describe:
- Do you manufacture a product? Yes/No. If yes, please describe:
- Do you buy and then re-sell a product? Yes/No. If yes, please describe:
- Do you utilize more than one bank account for business income?
- Describe your business and provide details of how income is generated
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 qualiified early in the process for easier approval conditions and better time efficiency.
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