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 2024
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 qualified early in the process for easier approval conditions and better time efficiency.
Non-QM Lenders Serving the Following States:
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.