The Quick Read: A super jumbo cash-out refinance on bank statements is reviewed around 12 or 24 months of deposits instead of traditional personal-income documentation, then caps the new loan at a leverage ceiling that tightens as the loan size grows, through select wholesale programs and subject to full underwriting. The cash you receive is the appraised value times that ceiling, less your payoff and costs.
- Deposits become income after an expense ratio is applied, and transfers from your own business into your personal account count in full.
- On a primary residence, cash-out tops out at 80% through select wholesale programs, and the ceiling steps down as the loan grows.
- Every loan above $4,000,000 is reviewed case by case before submission.
- Cash-out proceeds cannot satisfy reserves on the largest files.
This guide covers the mechanics from first classification to final cash-to-borrower math. It is written for founders, physicians, attorneys, entertainers and investors whose traditional personal-income documentation shows less than their bank accounts do.
What Counts as a Cash-Out Refinance at This Size?
A refinance is cash-out when the new loan exceeds the payoff plus costs and money comes back to you. Even modest proceeds put the file in that category. That label matters because it sets the leverage ceiling for the whole file, and cash-out ceilings sit below purchase and rate-and-term ceilings at every loan size.
“Super jumbo” is not a legal term. Jumbo means a loan above the conforming limit, and FHFA’s current one-unit baseline is $832,750, with a high-cost ceiling of $1,249,125. Past that point, the “super” line is an overlay set by investors. Across Lendmire’s wholesale network, the stricter super jumbo overlays start above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
Lendmire is a broker. It shops multiple wholesale programs and does not lend. Two programs matter at this size:
- Portfolio non-QM bank statement program. It carries files up to $6,000,000 and accepts 12 or 24 months of statements.
- Bank portfolio jumbo program. It carries twelve-month-statement files up to $30,000,000 on its own size ladder. That ladder begins above $4,000,000, overlaps the portfolio program to $6,000,000, and stands alone above that.
Total range across both: $300,000 to $30,000,000. Terms vary by program and every file is underwritten individually.
How Does Underwriting Turn Bank Statements Into Income?
Underwriters turn deposits into qualifying income in four steps: pick the account type, clean the deposits, apply an expense ratio, and divide by the statement months. Each step has a documentation requirement, and that is where files slow down or fall apart.
1. Pick the statement window. The portfolio program accepts 12 or 24 consecutive months. The bank program uses 12. Statements must be consecutive. A transaction history never substitutes for a statement.
2. Pick the account type. Personal statements work for most salaried-and-bonus or 1099 earners. Business statements need at least 25% ownership of the business.
3. Clean the deposits. Underwriters remove loan proceeds, refunds, one-off windfalls and anything they cannot identify. Transfers from your own business into your personal account count at 100%. That rule helps owners who pay themselves through transfers.
4. Apply the expense ratio and divide. On business statements, eligible deposits are reduced by an expense ratio, then divided by the statement months. Programs use fixed ratios that step up with the size and type of the business, with a service business that has no employees at the low end and a product business or a larger staff at the high end. An accountant-provided ratio is another option. A profit-and-loss method, capped at 80%, is a third path.
Stripping out unidentified deposits is not just a lender preference. The federal consumer-finance regulator’s compliance guide for the repayment-capacity rule says a lender relying on account inflows must confirm those inflows are the consumer’s personal income. Legal commentary in Consumer Financial Services Review via Lexology adds that a non-QM lender must weigh eight underwriting factors and verify the income or assets it relies on with third-party records. So a bank statement loan is not a no-income loan. The documents are different. They are not absent.
After income comes the rest of the file. Credit score floors run 660 on the portfolio program and 680 on the bank program, and 700 above the super jumbo line. Debt-to-income runs up to 50%. Reserves are 3 months up to $500,000, 6 months up to $1,500,000 and 9 months above that, plus 2 months for each additional financed property up to a 12-month maximum. First-time investors carry 12 months.
What Sets Your Maximum Cash-Out?
Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Your maximum is the lowest of several tests: leverage ceiling, income and DTI, credit, reserves, and any proceeds cap. The leverage ceiling is usually the one that binds first, and it steps down as the loan grows.
The table below shows cash-out ceilings through select wholesale programs, subject to full underwriting.
| Loan size | Primary residence cash-out | Second home / investment cash-out |
|---|---|---|
| $300K–$1.5M | 80% | 75% |
| $1.5M–$2M | 75% | 75% |
| $2M–$3M | 70% | 70% to $2.5M, 60% above |
| $3M–$4M | 65% | 55% |
| $4M–$5M (case by case) | 60% on review | 55% on review |
| $5M–$30M (case by case) | 55% to $10M, 50% above, on review | 50% to $10M, 45% above, on review |
Credit floors rise with size on these ladders. Primary residence cash-out files typically need 680 or better at the low end, 700 or better from $1M, 720 or better from $1.5M and 760 or better from $3.5M to $4M. Second homes and investment properties often run lower leverage, usually about five points, though not at every size.
Two more limits matter:
- Proceeds cap. On the portfolio program, proceeds are unlimited at or below 60% LTV. Above 60%, cash in hand is capped at $1,500,000. No published cap applies on the bank program.
- Interest-only. An interest-only structure exists on some programs, but it governs the payment structure on purchase and rate-and-term files. It never raises a cash-out ceiling. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Above $4,000,000, nothing in the table is a flat promise. Every figure at that size is reviewed case by case before submission.
How Much Cash Reaches Your Account?
Net cash is appraised value times the ceiling, minus payoff, minus costs. Because the appraisal drives the first number and the payoff is fixed, small appraisal misses cost you more than they appear to.
Run it as percentages of appraised value. This is a modeled illustration, not a quote or a commitment to lend. Say a primary residence sits in the $2M–$3M band, where the cash-out ceiling is 70%. Your existing mortgage equals 45% of the expected value. That leaves about 25 points of value before costs.
Now the appraisal comes in 5% lower. The ceiling becomes 70% of 95% of the expected value, or 66.5 points. The payoff has not moved, so about 21.5 points remain. A 5% miss on value cuts your proceeds by roughly 14%.
Costs and any other liens come out of that remainder, and so does anything you ask the title company to pay off at closing. Business lines, cards and securities-backed lines can be paid directly at settlement. That shows up on the settlement statement and may improve your debt-to-income picture. Settlement reconciliation matters here: the payoff letters have to match the final numbers.
Where Do Reserves, Seasoning and Overlays Bite?
Reserves and overlays are where strong-looking files get kicked back. The leverage ladder tells you what you can borrow. The overlays tell you whether the file is eligible to be submitted.
Above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, the super jumbo overlays apply across the network:
- 700 credit floor
- 0x30x24 housing history
- 48-month seasoning after any credit event
- U.S. citizens and permanent residents only
- No non-occupant co-borrowers
- No rural property, and ten acres maximum
- Cash-out proceeds cannot satisfy reserves
That last overlay trips up owners who plan to count the proceeds as their cushion. They need liquid assets outside the loan. Reserves documentation should show account ownership, a full statement history and the asset type. Gifts, business funds, cryptocurrency and unvested stock do not count. Retirement accounts count at 70%, or 80% at age 59½ and older.
Entity documents matter if the property is titled in an LLC. That is allowed subject to lender program eligibility, and the operating agreement and ownership percentages need to match the statements.
What If You Qualify on Assets Instead of Deposits?
Two asset paths exist for borrowers whose deposits are lumpy or whose income is mostly investment-driven. Both apply to primary and second homes.
- Asset allowance. Liquid assets are divided by 36 months (as a supplement when DTI is at or below 60%), 60 months (as a supplement when DTI is above 60%) or 84 months (standalone, or on any loan above $3,500,000). Maximum leverage is 80%.
- Assets-only. No DTI is calculated. U.S. liquid assets must equal the loan amount plus closing costs plus sixty months of any net loss on other residential property. A revocable living trust is acceptable. Other trusts do not count.
Mixed approaches happen. An owner may use business statements for most income and asset allowance to close the gap on DTI.
Edge Cases: Where the General Rule Breaks
The general rule is a leverage ceiling by size and occupancy. These cases move it.
Commingled accounts. If personal and business money run through one account, underwriters need a clear line between personal income and everything else. Unexplained deposits get excluded. A short letter and a labeled set of statements save a lot of back-and-forth.
Condos. Warrantable condos go to 85% on purchase-type files and non-warrantable condos to 80%. Condotels are tighter: 65% on a cash-out through the portfolio program and 50% on the bank program. Condo certification and HOA questionnaire completeness are common pending items.
Texas home equity. A Texas 50(a)(6) home-equity loan takes a 5-point LTV reduction and stops at $3,000,000 on the portfolio program.
Second homes. They are one-unit only. Investment properties can run 2-4 units.
Loan size above $4,000,000. Files are reviewed case by case. Prepare a fuller package: complete statement history, a reserves map, entity documents, a list of other financed properties and the appraisal order details.
Business-purpose cash-out. A cash-out on a rental can be placed as a business-purpose investor loan. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage.
Bank Statements or DSCR? Pick by Collateral
Bank statements qualify the borrower. A DSCR loan is reviewed for the property. If the home is your residence or second home, bank statements are the path. If it is a rental, run both.
A DSCR file qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, so your personal deposits matter less. Select lenders in the network will review coverage below 1.00, but leverage and terms adjust when they do. For the full mechanics, see Lendmire’s complete DSCR loans guide.
Bank statements fit a rental owner whose property cash flow is thin but whose personal deposits are strong. DSCR fits an owner whose rent covers the payment and who would rather not document personal income. Very expensive rentals can be harder on the DSCR side because rent rarely scales with value, so the coverage ratio may sit lower than on mid-priced property.
Is Cash-Out the Right Tool?
Cash-out makes sense when the equity has a use that earns more than the cost of resetting your loan. It makes less sense when you only need a modest amount, because a full refinance means full underwriting and a new appraisal.
Weigh these before applying:
- A second lien or credit line may fit better if your existing first mortgage is one you want to keep.
- A rate-and-term refinance carries higher leverage than cash-out at every size, so it suits you if you only want to restructure.
- A cash-out converts locked equity into acquisition capital or liquidity. The cost is a larger loan and a lower ceiling than a purchase.
Turning other debts into mortgage debt also puts your home behind them. The CFPB’s research on cash-out refinances and non-mortgage debt warns about foreclosure risk if payments become unsustainable. Tax treatment can depend on how the 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.
Key Terms Defined
Super jumbo: A loan large enough that investors apply stricter overlays than they do on standard jumbo loans, with no single legal definition.
Cash-out refinance: A new loan that pays off the old one and returns the extra amount to the borrower.
Bank statement qualification: Income calculated from consecutive months of personal or business deposits after an expense ratio and deposit cleanup.
Leverage ceiling: The highest loan-to-value percentage allowed for a given loan size, occupancy and transaction type.
Seasoning: The waiting period after a credit event or purchase before a program will treat the file as eligible.
Reserves: Liquid assets left after closing, counted in months of the payment.
Pre-Call Checklist
Gather these before a broker call:
1. Twelve or twenty-four consecutive months of statements for the accounts you want to use.
2. Ownership percentage and entity documents for any business account.
3. A list of every financed property, with balances.
4. Liquid asset statements and retirement account statements, kept separate.
5. Your current payoff figure and any other liens.
6. A written note explaining any large, unusual deposits.
7. Your best estimate of the property’s value and its occupancy type.
Frequently Asked Questions
Can a business owner use statements for a super jumbo cash-out?
Yes, subject to lender guidelines. The business must be at least 25% owned by you, and underwriters apply an expense ratio before dividing deposits by the statement months. Transfers from your own business into a personal account count at 100%.
How much cash can I take out of a super jumbo home?
It depends on loan size and occupancy. On a primary residence, the maximum loan-to-value tightens as the loan amount grows, and it is lowest above $4,000,000, where it is reviewed case by case through select wholesale programs. Above 60% LTV, proceeds on the portfolio program are capped at $1,500,000. Leverage and reserves vary by lender and program; the final terms follow the full file review.
Can the cash-out proceeds count toward my reserves?
Not on the largest files. Above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property, proceeds cannot satisfy reserves. Plan to document liquid assets that sit outside the loan.
Should I use bank statements or a DSCR loan on a rental?
Run both. Bank statements judge your deposits, and a DSCR file judges the property’s rent against its payment. Rent rarely scales with value, so very expensive rentals can show thinner coverage and may fit bank statements better.
Is a bank statement loan a no-income-verification loan?
No. Income is verified through statements and cleaned of transfers and unidentified deposits. Non-QM programs relax the document type, not the verification itself.
If you are financing a high-balance property on business or personal bank statements and want to see how the numbers work, Lendmire can help you compare super jumbo bank statement loan options based on your deposits, the property, credit profile, leverage and your goals. Lendmire’s consumer mortgage lending is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Nothing here is a commitment to lend, and every file is underwritten individually.
Investors weighing their equity options can start with Lendmire’s guide to cash-out refinance on an investment property.
Self-employed borrowers can compare both super jumbo programs on Lendmire’s self-employed mortgages page.
About Lendmire
Lendmire is a DSCR-focused mortgage brokerage, NMLS# 2371349, placing investor loans across 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed by the lender around a property’s rental income rather than personal income documentation, which fits LLC-held rentals, self-employed investors, and portfolios scaling past conventional financed-property limits. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Calculated Risk, quoting the FHFA release
2. CFPB ATR/QM Small Entity Compliance Guide
3. Consumer Financial Services Review via Lexology
4. CFPB research on cash-out refinances and non-mortgage debt
This article is part of Lendmire’s super jumbo bank statement loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Can a Founder Use a Super Jumbo Bank Statement Cash-Out to Invest? · How to Time a Super Jumbo Cash-Out as a Loan-Out Company Entertainer · How to Document a Super Jumbo Cash-Out Ahead of a Liquidity Event
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.