Finance New Construction With A Super Jumbo Statement — The Quick Read: A bank-statement loan does not fund the dirt-and-lumber phase of a build. It funds the takeout — the permanent loan that replaces a construction loan once the property is complete and ready to rent. Self-employed investors use 12 or 24 months of deposits instead of traditional personal-income documentation to qualify for that takeout, and across select wholesale programs the loan can size from $300,000 up to $30,000,000, subject to underwriting. Get the sequencing right and the construction phase and the permanent phase never fight each other.
Key Terms Defined
Statement loan — a mortgage where the lender counts deposits on 12 or 24 months of bank statements as income instead of traditional personal-income documentation or W-2s.
Super jumbo — a lender-defined tier that sits well above the ordinary jumbo line; there’s no government agency that draws this line, each wholesale program sets its own.
Takeout financing — the permanent loan that pays off a short-term construction loan once a property is finished and ready to rent or occupy.
DSCR — debt-service coverage ratio, a way of qualifying a rental property by comparing its rent to its full monthly payment, rather than qualifying the borrower’s personal income.
Certificate of Occupancy — the local inspection sign-off that says a structure is legally habitable; it’s the trigger point most lenders use to release the construction loan and move to permanent financing.
What “Super Jumbo Statement Loan” Actually Means
Two separate ideas get flattened into one phrase here, and untangling them is the whole ballgame. Loan size and documentation type are independent questions that happen to intersect in this product.
Loan size determines whether a mortgage is eligible for conforming purchase at all. Anything above the government’s annual conforming loan limit is jumbo by definition. Super jumbo goes further — it’s a second, lender-invented tier well above that jumbo floor, and where a given wholesale program draws it varies. Lendmire’s own complete guide to super jumbo bank statement financing walks through that overlay point in more detail.
Documentation is the second axis. A statement loan is reviewed based on a borrower’s deposits, not the income line of a tax return. That matters a lot for builders, developers, and self-employed owners whose returns understate true cash flow through legitimate deductions. Roughly 15 million Americans — about 10% of the workforce — now classify themselves as self-employed, according to Scotsman Guide. That population is exactly who the statement-loan documentation method was built to serve.
Put the two together and a super jumbo statement loan is a large loan, underwritten on deposits instead of pay stubs. It has nothing inherently to do with construction — until you add a new-build property into the mix.
Key Takeaways
- A statement loan finances the completed property, not the build itself. Construction financing and the permanent loan are two separate decisions.
- Across select wholesale programs, loan amounts run from $300,000 to $6,000,000 on a portfolio non-QM path, and up to $30,000,000 on a bank-program ladder for larger files. – rent used for lender review on a brand-new property usually comes from an appraiser’s rent schedule, not a signed lease, because there’s no rental history yet.
- Leverage steps down as loan size climbs, and every file above $4,000,000 gets reviewed case by case before it’s submitted.
- Timing the switch from construction loan to permanent financing before the certificate of occupancy is issued avoids a scramble at the finish line.
Can a Statement Loan Actually Fund the Construction Itself?
No. A statement loan — like a DSCR loan — is a takeout instrument, not a ground-up construction loan. The property has to exist, in a lendable, near-complete or complete state, before this kind of financing steps in.
Ground-up construction carries a different kind of risk than a finished rental. There’s no operating history, no lease, and the collateral is still being built in stages against a draw schedule. A rental-income underwrite can’t price that risk, which is why lenders keep the short-term construction phase separate from the permanent file. Trade coverage on build-to-rent execution is consistent on this point: the product most investors mean when they say “statement loan for new construction” is the loan that shows up after the certificate of occupancy, not before it.
An investor building a spec rental, a small multifamily property, or a custom home for lease needs two financings lined up in sequence — not one product doing both jobs. A single construction-to-permanent loan does exist in some corners of the market. But availability, conversion terms, and qualification differ by product and lender. So it’s worth confirming which structure is actually on the table before assuming a one-time close is an option.
The Two-Financing Setup, Step By Step
Here’s how the sequence actually plays out for most investors financing a rental build.
Step one — the construction loan. Funds get drawn in stages against a budget, tied to inspections. This phase carries completion risk: unfinished work, contractor delays, cost overruns. It’s priced and underwritten as its own animal.
Step two — completion and the C.O. Once the property passes final inspection and gets its certificate of occupancy, the clock starts on the conversion to permanent financing.
Step three — establishing rent without a lease. A newly built property has no rent roll. The appraiser’s opinion, not the builder’s pro forma, typically drives the number a permanent lender will actually use. For single-family rentals, that opinion usually rides on the Fannie Mae Form 1007 Single-Family Comparable Rent Schedule — a standardized rent-schedule form the industry references generically, even on non-agency files, because appraisers everywhere are trained on it. For 2-4 unit buildings, a parallel small-income-property appraisal report serves the same purpose.
Step four — the permanent statement loan or DSCR file. Once a market rent figure exists, the investor moves into either a pure property-income (DSCR) qualification or a hybrid file that blends personal deposit income with the property’s projected rent. Across the wholesale network Lendmire works with, that permanent loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines — Lendmire’s complete DSCR loans guide breaks down how that ratio actually gets calculated.
Step five — timing the takeout. The practical move is starting the permanent-loan conversation well before the certificate of occupancy lands — lining up rental comps, floor plans, and projected rent figures early so the file is ready to move the moment the property is legally habitable. Waiting until the C.O. Is in hand to start that process is the single most common reason investors feel rushed at the finish line.
How Lenders Size the Loan Once the Property Is Built
DSCR loans are designed for non-owner-occupied investment properties. Because they’re business-purpose investor loans, they’re reviewed differently from a standard owner-occupied mortgage.
On the size side, across select wholesale programs a portfolio non-QM statement loan runs from $300,000 up to $6,000,000, and a separate bank-portfolio program carries 12-month-statement files up to $30,000,000 on its own leverage ladder — 65% loan-to-value to $5,000,000, 60% to $10,000,000, and 55% up to $30,000,000, with interest-only capped at 60% or the band’s ceiling, whichever is lower. Those two programs overlap between roughly $4,000,000 and $6,000,000, and above $6,000,000 the bank program stands alone. Nothing above $4,000,000 gets a flat “up to” number — every file at that size is reviewed case by case before it’s even submitted.
On investment property specifically, typical leverage across the network steps down as the loan gets bigger: purchase money runs around 85% loan-to-value on files between $300,000 and $1,000,000, tightening toward 75-80% between $2,000,000 and $3,000,000, and down into the 55-65% range once a file clears $4,000,000, with credit expectations climbing alongside — 700-plus becomes typical, and 720-760 shows up on the larger, tighter-leverage bands. Cash-out proceeds run roughly five points lower than purchase or rate-and-term leverage at every size, and above a super-jumbo overlay point (roughly $3,000,000 on investment property in most programs), a 700 credit floor, a 48-month seasoning requirement on any past credit event, and a 10-acre parcel cap all kick in together. Rural collateral gets excluded outright above that line — a detail that quietly removes a category of estate-style new-construction sites some investors assume is reviewable.
Reserve requirements scale with loan size too: typically 3 months of payments on smaller files, 6 months once a loan clears $500,000, and 9 months above $1,500,000, plus 2 additional months per other financed property the investor already carries.
What the Underwriter Actually Wants to See
The file gets built around documents that answer one question: does the finished property, and the borrower’s cash flow, support this loan?
For the documentation leg, you’ll need an as-completed appraisal with a rent-schedule opinion, the certificate of occupancy, the construction budget, the final draw reconciliation, and 12 or 24 consecutive months of personal or business bank statements. Business bank statements need at least 25% ownership in the underlying entity. Qualifying income gets calculated by dividing eligible deposits by the statement period, after applying an expense ratio. That ratio scales upward for businesses with more employees or for a product-based operation rather than a service model. Transfers from the borrower’s own business account into a personal account count in full. A profit-and-loss method exists too, generally capped around 80% of stated income. This works for borrowers whose deposit patterns don’t tell the full story on their own.
Across the wholesale network Lendmire places files with, the credit floor typically sits around 660 on the portfolio program and 680 on the bank program. It tightens to roughly 700 once a file crosses into super-jumbo territory. Debt-to-income up to 50% is typical on most files. Cash-out is capped around $1,500,000 above 60% loan-to-value on the portfolio program specifically.
Bank statement construction files in Lendmire’s network tend to do best when two things match up: the deposit history and the appraisal’s rent opinion. Say a builder has steady, verifiable business deposits. And say the finished unit appraises close to the original pro forma. That file moves through underwriting with far fewer conditions. A file where either number is a surprise won’t move as smoothly.
Where This Breaks: Edge Cases and What Can Go Wrong
The clean version of this sequence assumes the appraisal, the completion date, and the rental market all cooperate. They don’t always.
Rent assumptions drift. Market rent locked in when construction started can be different by the time the certificate of occupancy arrives. Lenders re-underwrite against current comps at completion, not the original pro forma — this requalification risk is a named concern for build-to-rent investors specifically, because a rent projection that supported the deal on day one might not clear the same ratio a year later.
Short-term rental exits need a different appraisal path. The standard single-family rent schedule form isn’t built for short-term rental properties — it excludes information about vacancy patterns and business-style expenses that a nightly-rental exit strategy actually depends on. A new-construction property destined for short-term rental use typically needs a different income-support method than a standard long-term rental takeout uses.
Rate-and-term and cash-out aren’t the same conversation. Paying off the construction note with no equity extracted is a different structure — different leverage, different proceeds treatment — than converting and pulling cash out above the construction cost basis. Lendmire’s guide to cash-out refinancing on an investment property covers that distinction in more depth; treating them as interchangeable at the takeout stage is a common and avoidable mistake.
State and property-type overlays stack on top of program rules. Some states restrict how certain non-QM structures or cash-out terms get documented, and non-warrantable or unusual property types get more hands-on review the bigger the loan gets, not less. Confirming property type and state eligibility before ordering the appraisal saves a lot of wasted underwriting time.
Who This Fits — and Who It Doesn’t
This structure tends to fit self-employed builders, developers, and investors. Traditional personal-income paperwork often understates their real cash flow. It also fits investors who are growing a rental portfolio large enough to bump into conventional financed-property caps. DSCR-style permanent loans generally don’t limit how many financed properties an investor can carry. That matters to a builder-investor running several new-construction takeouts at once.
It tends to fit less well for an investor building a single small property where a conventional construction loan and a standard rental mortgage already cover the need cleanly. The statement-loan documentation path exists to solve a specific problem — income that doesn’t show up on a tax return — and it doesn’t add much for a borrower whose W-2 or simple tax-return income already qualifies them.
It’s also worth sizing the current construction environment honestly. Total housing starts came in at 1.36 million in the most recent full year, down slightly from the year before, and single-family starts fell nearly 7%, according to the National Association of Home Builders. Build-to-rent starts specifically pulled back even more over the same trailing period. That doesn’t mean deals aren’t reviewable — it means deal selection and rent-comp discipline matter more in a softer construction pipeline than they did when starts were climbing. Meanwhile the capital side of this equation is expanding, not shrinking: non-QM lending’s share of U.S. mortgages grew from under 3% to roughly 5% over a recent stretch, per HousingWire, and recent-vintage non-QM loans have closed at credit and leverage profiles indistinguishable from conforming production.
Tax treatment on a construction-to-permanent transition can depend on how funds are used and how the property is held; investors should keep clear records and speak with a qualified tax professional before relying on any deduction.
This is not legal or tax advice. Investors weighing a construction-to-permanent structure, an entity-titled purchase, or a cash-out conversion should talk with a qualified attorney or CPA about their own situation before committing to a structure.
Frequently Asked Questions
Can I get one loan that covers both the construction and the permanent phase?
Sometimes, but it’s not the default. A single construction-to-permanent loan exists in some markets, while a separate construction loan followed by a distinct permanent takeout is more common. Product availability, fees, and qualification rules differ by lender, so it’s worth confirming which structure is actually offered before assuming a one-time close.
How does a lender figure out the rent on a property that’s never had a tenant?
An appraiser produces a rent-schedule opinion based on comparable rentals in the area, and that number — not the builder’s projection — typically becomes the rent used for lender review figure. It’s built from actual market data rather than a pro forma, which is why it can shift between the start of construction and the certificate of occupancy.
Does a LLC-titled new-construction property qualify the same way?
Entity-titled purchases are common on business-purpose investment loans, subject to program eligibility and the specific lender’s documentation requirements for the entity. Ownership structure, guarantor requirements, and entity paperwork all get reviewed as part of the file.
What credit score do I actually need for a super jumbo statement loan on a new build?
Across the wholesale network, 660 is typically the floor on the portfolio program, 680 on the bank program, and closer to 700 once the loan size crosses into super-jumbo territory above roughly $3,000,000 to $3,500,000. Exact requirements depend on loan size, occupancy, and the specific program a lender selects for the file.
Can I take cash out when I convert from the construction loan to the permanent loan?
Cash-out is available on the permanent side once the property is complete, but it’s treated differently than a straight rate-and-term takeout — proceeds, leverage, and cost treatment shift depending on which structure applies, and cash-out leverage typically runs lower than purchase or rate-and-term leverage at the same loan size.
Are you planning a construction-to-permanent transition on a rental property? Do you want to see how the numbers line up? Lendmire can help compare statement-loan and DSCR options based on the property’s projected rent, your documentation profile, and your leverage goals.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
Self-employed borrowers can compare both super jumbo programs on Lendmire’s self-employed mortgages page.
About Lendmire
Lendmire (NMLS# 2371349), a non-QM mortgage broker serving investors in 40 markets including Washington, D.C., helps structure DSCR scenarios commonly evaluated around a property’s rental income rather than personal income paperwork, subject to lender guidelines. A Scotsman Guide Top Mortgage Workplace in 2025 and 2026, Lendmire places loans through wholesale investor lenders and is not a direct lender.
Lendmire’s Top Mortgage Workplace recognition is documented by Scotsman Guide 2025 Top Mortgage Workplace and Scotsman Guide 2026 Top Mortgage Workplace.
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References
1. Scotsman Guide – “Which groups are driving non-QM lending?”
2. Fannie Mae – Form 1007 Single-Family Comparable Rent Schedule
3. National Association of Home Builders – “Overall Housing Starts Inch Lower in 2025”
4. HousingWire – “2025 will be a year of Non-QM player diversification”
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.
