Unconventional Mortgages and Loans > Current Lender Niches > Stated Income/ Owner-Occupied
A Business Purpose Loan is a unique mortgage program designed for primary residences. It is a type of stated income loan that does not require financial documentation, employment verification, or traditional income proof.
This particular Business Purpose Loan Program is considered unconventional because it can be utilized on a primary residence. Done in such a way to where it is considered compliant.
What makes this business purpose loan program special? Typically, a business purpose mortgage loan is on a non-owner-occupied. described in this case, it is on a primary residence. Must show legit business, business bank account, and business expansion intentions to which you will utilize partial capital obtained via our business loan cash out refinance.
A Business Purpose Cash-Out Refinance allows borrowers to access their home equity without providing tax returns or other financial documents.
Most Non-QM lenders offer business loans only for investment properties. However, this program allows primary residence owners to access home equity for business expansion.
Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.