Bank Statement Loans in Tiburon — The Quick Read: A super jumbo bank statement loan lets a high-net-worth borrower qualify on deposit history instead of traditional personal-income documentation, on loan amounts that run from $300,000 up to $30,000,000 through two separate wholesale ladders. Leverage steps down as the loan size climbs, credit and reserve requirements tighten above roughly $3.5 million, and every file above $4,000,000 gets individual, case-by-case review before it ever reaches an underwriter’s desk. There is no federal definition of “super jumbo” — each lender in the network sets its own threshold, which is exactly why shopping matters here. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
This is a national explainer. Nothing below reflects a specific city’s pricing or a specific lender’s promise — it reflects how these files actually get built and reviewed across select lenders in Lendmire’s wholesale network.
Key Terms Defined
Non-QM (non-qualified mortgage): a loan documented in a way that doesn’t meet the federal repayment-capacity safe harbor built around traditional personal-income documentation and W-2s — it’s a documentation label, not a risk label.
Bank statement loan: a mortgage where qualifying income comes from 12 or 24 months of deposit history instead of adjusted gross income on a tax return.
Expense ratio: the percentage of gross deposits a lender subtracts before counting the rest as qualifying income, meant to approximate real business costs.
Super jumbo: market shorthand for a jumbo loan well above the conforming limit — commonly cited as starting somewhere north of $3 million, though lenders differ on the exact cutoff, since no government agency defines the term.
Reserves: liquid funds left over after closing, measured in months of the borrower’s housing payment, that a lender wants to see sitting in the bank.
Why This Product Exists
A borrower with a strong business and a great CPA often has weak income on paper. Aggressive depreciation, write-offs, and business deductions lower taxable income — and that same number is what a traditional lender uses to calculate what you can borrow. A bank statement loan looks past the tax return and measures what actually landed in the account.
That gap is not a small niche anymore. Non-QM lending rose from roughly 5.2% of mortgage volume in mid-2024 to about 8.0% a year later, and large-balance files above $1 million now make up close to a third of that production, according to trade coverage tracking non-QM origination trends. Large-balance, alternative-documentation lending is a real, growing lane — not a workaround.
Quick summary before the mechanics:
- Loan sizes run $300,000 to $30,000,000 across two separate wholesale ladders.
- Leverage steps down as the loan gets bigger, and drops again for second homes and rental property.
- Income is 12 or 24 months of deposits, minus an expense ratio, not adjusted gross income.
- Credit, seasoning, and reserve rules tighten hard above roughly $3.5 million.
- Everything above $4,000,000 is reviewed case by case — never quoted off a flat leverage number.
How Underwriting Actually Treats the File, Step by Step
The first question underwriting asks is never “how much income does this person have.” It’s “how big is this loan, and what ladder does it sit on.”
Step one — size sets the ladder. A file under roughly $6,000,000 typically runs through a portfolio non-QM program built for bank statement borrowers. A file that needs to go bigger — up to $30,000,000 — moves onto a separate bank portfolio ladder that carries 12-month-statement files with its own leverage steps: 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. These two ladders overlap between roughly $4,000,000 and $6,000,000, which is where a broker’s job is to figure out which one actually fits the borrower better.
Step two — documentation type gets decided next. Twelve or twenty-four consecutive months of bank statements, personal or business, is the core path. Consecutive matters — a transaction history printout is not a substitute for actual statements.
Step three — qualifying income gets calculated, not assumed. Eligible deposits are divided by the number of statement months, then reduced by an expense ratio. That ratio scales with business type and staffing level — lower for a service business with no employees, moderately higher once a small handful of employees are on payroll, and highest for larger staffs or any product-based business — or an accountant-documented ratio can be used instead of the fixed bands. A profit-and-loss method exists too, capped at a percentage of stated income. Money the borrower moves from their own business account into a personal account counts in full — no discount applied.
Step four — a human underwriter reads the file. There’s no automated system spitting out an approval here. A real person is looking at deposit consistency, ownership percentage, and whether the numbers actually make sense for that business.
Step five — if rental income factors in, appraisal forms carry it. Where a property’s rent supports part of the file, the industry still leans on the Fannie Mae Single-Family Comparable Rent Schedule (Form 1007) and the multi-unit equivalent, Form 1025 — not because the loan is agency-eligible, but because that’s the appraisal format the whole industry uses to document market rent.
The Leverage Ladder on a Primary Residence
Leverage on a primary home steps down every time the loan crosses a size threshold — it never sits at one flat number across the whole range.
| Loan Amount | Purchase LTV | Rate-Term LTV | Cash-Out LTV | Credit Floor |
|---|---|---|---|---|
| $300K–$1M | 90% | 90% | 80% | 680+ |
| $1M–$1.5M | 85% | 85% | 80% | 700+ |
| $2M–$2.5M | 80% | 80% | 70% | 720+ |
| $3M–$3.5M | 75% | 75% | 65% | 720+ |
| $4M–$5M | 65% | 65% | 60% (case-by-case) | 680+ |
| $6M–$10M | 60% | 60% | 55% (case-by-case) | 680+ |
| $10M–$30M | 55% | 55% | 50% (case-by-case) | 680+ |
Every figure above $4,000,000 is a ceiling. Lenders review it case by case before submission — it’s not a rate-sheet number anyone gets automatically. Second homes and investment properties run roughly five points lower at every size on this same ladder. Standard rental cash-out is scoped to a 75% ceiling. Short-term-rental collateral tops out closer to 70% at comparable sizes.
A set of super-jumbo overlays kicks in above $3,500,000 on a primary home, and above $3,000,000 on a second home or rental. These overlays include: a 700 credit floor, a clean 24-month payment history, a 48-month wait after any credit event, U.S. citizenship or permanent residency, no non-occupant co-borrowers, and cash-out proceeds that can’t count toward reserves.
Underwriters treat one thing the same way on almost every large-balance file we place. Business ownership below 25% on a business-statement application gets flagged fast. Deposit patterns with irregular large transfers also get a second look, no matter how strong the rest of the file looks. This single filter — ownership percentage plus deposit consistency — decides more marginal approvals than credit score does at this loan size.
Where the General Rule Breaks
Co-mingled accounts. Some lenders in the network will still work with an account that mixes personal and business deposits, but most guideline sets prefer clean separation from day one — a co-mingled account slows the file down even when it doesn’t kill it.
Ownership stake thresholds. Most programs want the borrower to own at least 20% of the business behind personal statements, or closer to 25% for business statements. Below that, the file usually needs a different qualification path entirely — see the network’s guidance on using business bank accounts on a super jumbo for how ownership percentage actually gets documented.
Short-term rentals break the standard rent form. Form 1007 wasn’t built to capture nightly-rate income, vacancy swings, or the extra expenses a short-term rental carries, which means STR income for underwriting purposes typically needs supplementary data sources instead of the standard comparable-rent schedule.
Retirees and first-time buyers. Bank statement programs are built around self-employment, but exceptions exist depending on the specific guideline set a given lender runs — this is genuinely program-by-program, not a blanket yes or no.
Above $4,000,000, “case by case” is the rule, not the exception. There’s no automated approval waiting on the other side of a big loan amount. Every file that size gets pulled and reviewed individually before it’s even submitted for full underwriting.
Cash-Out, Interest-Only, and the Asset-Based Alternative
Cash-out proceeds run without a stated cap at or below 60% loan-to-value on the portfolio program, but above that threshold, cash in hand is capped at $1,500,000. The bank portfolio program that carries files to $30,000,000 doesn’t publish an equivalent cap.
Interest-only structuring exists on both ladders, but it works differently on each. The portfolio program allows interest-only up to 85% loan-to-value, with a 700 credit floor. It’s structured as a 40-year term with a 10-year interest-only period. The bank program caps interest-only at 60% loan-to-value, using 5- and 7-year fixed-period adjustables. A 10-year fixed-period option on that ladder fully amortizes instead — it’s not interest-only.
Some borrowers’ income doesn’t show cleanly on deposits either — a retiree living off investments, for example. For them, an asset-based path can stand in for income entirely. Liquid assets divided by 36, 60, or 84 months can supplement or replace qualifying income, depending on debt-to-income and loan size. An assets-only path also exists with no debt-to-income calculation at all, when liquidity covers the loan amount, closing costs, and reserves. Retirement accounts count at 70% of value, or 80% once the borrower is past 59½. Business funds, gifts, most trusts, unvested stock, and cryptocurrency never count toward that liquidity test.
Bank Statement, DSCR, or Full Doc — Which One Fits?
These three paths answer three different questions, and picking the wrong one wastes time on a file that was never going to clear underwriting.
A bank statement loan qualifies off the borrower’s own deposit history. It’s a personal or business cash-flow question. A DSCR loan ignores personal income entirely. It qualifies mainly on whether the property’s rental income covers its own payment, subject to lender guidelines. Lendmire’s complete DSCR loans guide walks through how that ratio gets built. A traditional full-doc jumbo still wants two years of traditional personal-income documentation and W-2s. That’s exactly the path that penalizes a strong business owner with a smart CPA.
For an investor buying rental property, the choice usually comes down to one question. Does the property’s own rent cover its payment? Or is the borrower’s personal deposit history the stronger story? Lendmire’s breakdown of DSCR loans versus bank statement loans for investors covers this comparison in more depth. It’s a good read for anyone weighing a rental purchase rather than a primary residence.
DSCR loans are business-purpose investor loans, reviewed differently from a standard owner-occupied mortgage because they’re not underwritten against personal ability-to-repay rules the way a bank statement loan for a primary residence is.
Tax treatment can depend on how loan proceeds are used and how the property is held; investors should keep clear records and talk to a qualified tax professional before relying on any deduction.
Are you weighing a large-balance purchase or refinance? Maybe your traditional income documents don’t show what your business or portfolio really earns. If so, Lendmire can help. It compares bank statement and asset-based loan structures across its wholesale network. This helps you find the loan size and leverage tier that actually fits your file.
Frequently Asked Questions
Is there an official cutoff where a jumbo loan becomes a “super jumbo”?
No. There’s no government definition — it’s an internal threshold each lender sets, and market commentary generally places it somewhere above $3 million, though guideline sets vary widely from one lender to the next.
Can I use 12 months of statements instead of 24?
Some programs accept 12 months, and the network’s bank portfolio ladder that carries files to $30,000,000 is built specifically around 12-month statements. Twenty-four months is common on the smaller portfolio program and can sometimes strengthen a marginal file. Lendmire’s guidance on using 12 months of statements covers when that shorter window actually works.
Does a 90% loan-to-value option exist at any size?
Yes, but only in the smallest bracket — up to $1,000,000 on a primary residence with a 680 or better credit score. Leverage drops at every size band above that; nothing above $1,000,000 reaches 90%.
What happens if my income comes from RSUs or vesting equity instead of deposits?
That’s a different documentation path entirely, since equity compensation doesn’t always show up as a clean bank deposit. Lendmire’s article on using RSU and vesting income covers how that income type gets documented on a large-balance file.
Will a co-mingled bank account automatically disqualify me?
Not automatically, but it complicates the file. Some lenders in the network will still work with mixed personal-and-business statements, though cleaner separation almost always moves the file faster through underwriting review.
Why does everything above $4,000,000 get “case-by-case” treatment instead of a quoted number? Because there’s no secondary-market backstop absorbing risk at that size the way there is on a conforming loan — every large file gets pulled and reviewed individually by an underwriter before it’s even submitted, rather than approved off a published leverage chart.
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 is a non-QM mortgage brokerage (NMLS# 2371349) arranging DSCR investor loans in 40 markets, including Washington, D.C., through wholesale and investor-lending channels. DSCR loans are evaluated by the lender on rental income rather than personal income, subject to lender guidelines — a fit for LLC-owned portfolios, self-employed investors, and operators scaling beyond conventional loan caps. Recognized as a Scotsman Guide Top Mortgage Workplace in 2025 and 2026.
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 — One out of 20 mortgages are non-QM
2. HousingWire — Non-QM originations set to reach $175B in 2026
3. Fannie Mae Selling Guide — Rental Income (B3-3.1-08)
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Compliance and disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage broker and is not a direct lender, depository institution, financial advisor, or tax professional. Content in this article is general market analysis and educational information — not financial, legal, or tax advice for any specific situation. Lendmire does not guarantee loan approval; every transaction is subject to underwriting by the funding lender. Mortgage pricing and loan program guidelines are subject to change at any time without notice and vary by borrower characteristics, property type, and state regulations. Lendmire complies with Equal Housing Opportunity. Licensure verification: NMLS Consumer Access.
