© LOAN PROGRAMS PROGRAM 07 OF 09
Mortgage programs for business owners and self-employed borrowers the standard box leaves out: qualify on bank statements or a profit and loss statement, finance owner-occupied commercial real estate through SBA 7(a) and 504, or take a VA adjustable rate for the lowest initial payment.
REQUIREMENTS
BENEFITS
© BANK FINANCING TERMS 5 TO 30 YR
Bank financing at Loan Goat means the programs a bank would run if it read your business the way you do, on terms of 5 to 30 years. Conventional loans run to $726,200, or $1,089,300 in high-cost areas; Non-QM loans run from $200,000 to $10,000,000, including the bank statement loan on 12-24 months of statements and the P&L-only loan on a 12 month profit and loss statement, with no tax returns or W2s required; and portfolio loans run from $500,000 to $30,000,000. SBA 7(a) and 504 cover owner-occupied commercial real estate and expansion, and the VA 3/1 and 5/1 ARMs give eligible veterans up to 100% LTV with a fixed rate for the first three or five years.
The VA Elite and VA IRRRL home loans are on the owner occupied loans page.
© PUBLISHED TERMS 4 PRODUCTS
Every figure is the one printed on the product's live terms card. Rates and pricing are subject to change and are not a commitment to lend.
| Product | LTV Up To | Terms | Loan Amounts |
|---|---|---|---|
| BANK STATEMENT MORTGAGE LOANS | 5 to 30 years | $200,000 to $10,000,000 Non-QM | |
| P&L-ONLY BUSINESS MORTGAGE LOANS | 5 to 30 years | $200,000 to $10,000,000 Non-QM | |
| SBA 7(A) & 504 LOANS | 5 to 30 years | Sized to the property | |
| VA 3/1 & 5/1 ARM LOANS | 100% | 3/1 & 5/1 ARM | $4,000,000 |
© THE PRODUCTS 4 STRUCTURES
Each structure has its own page with the verbatim terms card, the criteria, how it differs from the others here, and the questions borrowers ask about it.
Qualify on your deposits instead of your tax returns. Non-QM loans from $200,000 to $10,000,000 on terms of 5 to 30 years, using 12 to 24 months of personal or business bank statements, owner occupied or not.
Qualify on your business profit and loss statement. Non-QM loans from $200,000 to $10,000,000 on terms of 5 to 30 years, with no tax returns and no W2s required, owner occupied or not.
Two Small Business Administration programs under one roof. SBA 7(a) and SBA 504 for commercial real estate and business expansion, at up to 90% LTV, terms to 25 years and 10 to 15% down, with a 51% owner occupancy minimum.
The lowest possible initial payment for a veteran who is not planning to stay thirty years. Fixed for the first 3 or 5 years, then adjusting with the market, at up to 100% LTV with no down payment and loans to $4,000,000.
WHO IT IS FOR
Self-employed borrowers, business owners and veterans whose income or plans do not fit a conventional file.
OUR PROCESS
Four steps, with the documentation step reading the statements or the business plan that the program is built on.
© BANK FINANCING
Bank statement, P&L-only and SBA programs for business owners outside the standard mortgage box.
PUBLISHED TERMS
© QUESTIONS 6 ANSWERS
A Non-QM loan is a mortgage that does not fit the "qualified mortgage" rules written for conventional lending, usually because income is documented differently, not because the borrower is weaker. Bank statement and P&L-only loans are Non-QM: they qualify a borrower who has demonstrated the ability to repay but cannot qualify for a standard mortgage program.
Self-employed borrowers and business owners whose tax returns understate their income, buyers with strong bank deposits and irregular pay, and anyone a conventional underwriter has turned away on documentation rather than on ability to repay. Loan Goat's bank statement program qualifies on 12-24 months of statements on Non-QM loans from $200,000 to $10,000,000; the P&L-only program on a 12 month profit and loss statement.
Not on the bank statement and P&L-only programs: the P&L-only loan qualifies on your business's 12 month P&L statement with no tax returns or W2s required, and the bank statement loan on 12-24 months of statements. Investor programs are underwritten on the property.
SBA 7(a) lets you purchase real estate with as little as 10% down, with loan amounts between $350,000 and $5.5 Million, up to a 25-year term on commercial real estate and cash out for working capital eligible, provided at least 51% of the space is owner-occupied. SBA 504 has more rigid use standards, no cash out, must be used for real estate or equipment purchases only, is structured 50% from a traditional lender, 40% from the SBA/CDC and 10% from the borrower, and serves projects as large as $10 Million and above.
No. Investors commonly vest in an LLC for liability and tax reasons, and lenders accept it, but an LLC is not a requirement to borrow. Owner-occupied and consumer loans are made to individuals. Vesting is confirmed on the Letter of Intent.
Yes. Investor loans are underwritten on the property, so the length of your self-employment is not the gate it is at a bank. For a home loan, the bank statement program qualifies you on 12-24 months of bank statements and the P&L-only program on your business profit and loss statement, with no tax returns or W2s required. Self-employed borrowers are a large part of who we serve.
© LOAN REQUEST 2 MINUTES
The loan information form with this program already selected. A lending advisor from our firm will reach out. Or just give us a call now: (619) 617-2797.
