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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.