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Business Description for Bank Statement Loans

Self-Employed Mortgages > Business Description for Bank Statement Loans

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:

Bank Statements – 640 Credit Score 75% LTV

Description of Business/Business Profile 2022

* Owner Name(s):

* Business address(s):

* Business Property Type (i.e., office, home-based, warehouse, etc.):

* How many people do you haven employed?

* * Full Time:

* * Part Time:

* * Contractors:

* Percentage of Ownership:

* 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? 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.

Non-QM Lenders Serving 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.