The Quick Read: A super jumbo cash-out releases the new loan minus your payoff and costs, and the new loan is held down by a leverage band that tightens as the balance grows, so headline equity rarely turns into cash dollar for dollar. Through select wholesale programs, subject to full underwriting, the answer depends on loan size, occupancy, credit tier, and reserves. A client with a private-bank relationship usually has deep deposits and liquid assets, and those assets can shape which qualification path fits.
- Cash-out ceilings fall as the loan grows, with the highest leverage available on a primary residence at the low end of the ladder and the tightest limits at the top.
- Every loan above $4,000,000 is reviewed case by case before submission.
- Above 60% LTV on the portfolio program, cash in hand is capped at $1,500,000.
- On super jumbo files, the cash you take out cannot count as your reserves.
- Qualification can run on bank statements, a profit-and-loss statement, or liquid assets instead of traditional personal-income documentation.
What Counts as a Super Jumbo Here?
Super jumbo is an industry label for a very large loan above the conforming limit, and no rule defines the starting line. The current conforming limit is $832,750 for a one-unit home, with a ceiling of $1,249,125 in high-cost areas. Anything above that is jumbo. Lenders then use their own thresholds for “super.”
Lendmire is a mortgage broker, and it shops this size range across two wholesale programs. The first is a portfolio non-QM bank-statement program that carries files up to $6,000,000. The second is a bank portfolio jumbo program, called the bank program from here on. It carries twelve-month-statement files up to $30,000,000 on its own ladder. That ladder begins above $4,000,000 and overlaps the portfolio program up to $6,000,000. Above $6,000,000 it stands alone.
A borrower with a private-bank relationship often holds large deposits, investments, and perhaps a securities-backed line. That wealth matters here, but it does not set the loan amount. The loan size band, the property, and the credit tier set the ceiling.
How Is the Release Calculated, Step by Step?
The release is the new loan, minus the payoff of the old first lien and any junior liens, minus closing costs and prepaids. Underwriting builds that number in a fixed order, and the lowest limit wins.
1. Classify the transaction. Cash-out gets the tightest leverage. A refinance that returns no cash is rate-and-term and runs a higher ceiling.
2. Set the value. The appraisal sets the LTV denominator. LTV, or loan-to-value, is the loan divided by the appraised value.
3. Find the band. The loan size picks the row on the leverage ladder, and occupancy picks the column.
4. Apply the ceiling. The ceiling times the appraised value is the largest loan allowed. Equity above that line cannot be borrowed.
5. Check the dollar cap. On the portfolio program, cash in hand is unlimited at or below 60% LTV. Above 60%, it is capped at $1,500,000. The bank program publishes no cash-in-hand cap, though its ladder still binds.
6. Subtract payoff and costs. What remains is the gross check.
7. Test reserves separately. Liquidity must remain after closing, apart from the check. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Run one example. Say a founder owns a primary residence worth $3,000,000, with an existing mortgage equal to 30% of value. The new loan lands in the $2,000,000 to $2,500,000 band. Through select wholesale programs, subject to full underwriting, the cash-out ceiling for a primary residence there is 70%, with a 720 credit tier. The new loan can reach 70% of value, so the release is roughly 40% of value before costs and prepaids. Because 70% is above the 60% line, the $1,500,000 cash cap on the portfolio program applies, and a release of 40% of this value sits under it. Reserves at this size run nine months.
For the same math on a rental, see Lendmire’s breakdown of what a super jumbo DSCR cash-out releases on a $4 million rental.
How Do Releases Shrink as the Loan Grows?
Cash-out ceilings step down as the loan gets larger, and second homes and investment property match the primary-residence ceiling at some sizes and run lower, by up to ten points, at others. The table shows cash-out ceilings only, not purchase or rate-and-term. Every figure is a ceiling through select wholesale programs, subject to full underwriting.
| Loan size | Primary residence | Second home | Investment property |
|---|---|---|---|
| Up to $1.5M | 80% | 75% | 75% |
| $1.5M–$2M | 75% | 75% | 75% |
| $2M–$2.5M | 70% | 70% | 70% |
| $2.5M–$3M | 70% | 60% | 60% |
| $3M–$4M | 65% | 55% | 55% |
| $4M–$5M (case by case) | 60% | 55% | 55% |
| $5M–$10M (case by case) | 55% | 50% | 50% |
| $10M–$30M (case by case) | 50% | 45% | 45% |
Credit tiers rise with size. A primary residence cash-out generally needs a 680 score at the low end, 700 from $1,000,000, and 720 through most of the middle bands. The $3,500,000 to $4,000,000 band on a primary residence wants 760. Second homes in that range and investment property from $4,000,000 want 760 as well. The portfolio program has a 660 floor, the bank program a 680 floor, and both move to 700 above the super jumbo line.
Notice the cliff. A borrower asking for a larger loan can land in a lower band and receive less leverage on the whole amount. Sometimes a slightly smaller loan sits in a better band. A broker checks the band edges before the file is built.
Why Cash-Out Proceeds Can’t Double as Reserves
Reserves are liquid money you hold after closing, counted in months of the monthly obligation. On most files the requirement is 3 months up to a $500,000 loan, 6 months up to $1,500,000, and 9 months above that. Each additional financed property adds 2 months, to a 12-month maximum. First-time investors typically carry 12 months.
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, cash-out proceeds cannot satisfy reserves. The check you take out cannot also be your safety cushion. That is why the extra liquidity must already sit in your existing accounts.
For a private-bank client, this is rarely a problem, since liquid wealth is usually the strength of the file. The planning point is timing. If the reserve money is parked in a pledged account, a business account, or an illiquid fund, it may not count.
Which Qualification Path Fits a Private-Bank Client?
Lead with the path, because traditional personal-income documentation often understates a high-net-worth client’s real cash flow. Through select wholesale programs, a file is reviewed on documented income under the applicable program, subject to lender guidelines. Three routes are common.
Bank statements. Twelve or 24 consecutive months of personal or business statements are used. The portfolio program takes either length, and the bank program uses 12. Income is eligible deposits divided by the statement months, after an expense ratio. Business statements require at least 25% ownership. The fixed expense ratios are:
- A lower fixed ratio applies to a service business with no employees.
- A middle ratio applies to a business with a small number of employees.
- The highest fixed ratio applies to a larger business or any product business.
- An accountant-provided ratio is another option.
Transfers from your own business into your personal account count at 100%. Statements must be consecutive, and a transaction history never substitutes for them. Debt-to-income can reach 50%.
Profit-and-loss method. A P&L can support income, capped at 80%.
Asset paths. These fit clients whose wealth sits in portfolios rather than monthly deposits. Asset allowance divides liquid assets by 36 months when it supplements income and DTI is at or below 60%. It divides by 60 months when DTI is above 60%. It divides by 84 months when assets stand alone or the loan exceeds $3,500,000. It applies to primary and second homes only, up to 80%.
Assets-only needs no DTI when U.S. liquid assets equal the loan plus closing costs, plus sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% at age 59.5 and older. Business funds, gifts, unvested stock, cryptocurrency, and most trusts never count. A revocable living trust is the exception.
The same dollars cannot qualify you and also fund reserves. Assets earmarked for one purpose come off the top before the next test.
Private-Bank Loan or Wholesale Bank-Statement Program?
A private-bank loan and a wholesale bank-statement program are built on different tests. Neither is better in general. The table shows where each tends to fit.
| Factor | Private-bank relationship loan | Wholesale bank-statement program |
|---|---|---|
| What drives the decision | Often the total relationship | Deposits, assets, or property cash flow |
| Documentation | Often traditional personal-income documentation plus statements | 12 or 24 months of statements, or an asset path |
| Vesting | Often individual or trust | Program-specific |
| Best fit | Strong relationship, standard income | traditional income documentation understates income, or the file sits outside the box |
A decline from a private bank is usually a fit problem, not a verdict on the borrower. Common causes include income that is lumpy or reduced by deductions, a property type outside the bank’s box, or an entity title. Some of those can be fixed by changing the path. A broker can compare several programs for the same file, and a single bank cannot.
Where the Number Disappoints
Several edge cases cut the release below what headline equity suggests.
- The dollar cap binds. On the portfolio program, a high-value property at more than 60% LTV hits the $1,500,000 cash-in-hand cap first.
- Rent can bind on a rental. On a rental, the property-income path tests coverage on the new, larger payment. Rent that barely covers a larger note can produce a smaller check than the value test suggests. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust. The complete DSCR loans guide explains that test in full.
- Property type trims the ceiling. Warrantable condos run to 85% and non-warrantable condos to 80%. Condotels run 75% on a purchase and 65% on a cash-out, and 50% on the bank program. Second homes must be one unit. Rural property runs to 80% on ten acres or less and is never offered above $3,000,000.
- Texas home-equity loans. A Texas 50(a)(6) loan takes a 5-point LTV reduction and stops at $3,000,000 on the portfolio program.
- Super jumbo overlays. Above $3,500,000 on a primary residence and $3,000,000 on other occupancies, expect a 700 credit floor and a 0x30x24 housing history. A credit event needs 48 months of seasoning. Borrowers must be U.S. citizens or permanent residents, with no non-occupant co-borrowers.
- Above $4,000,000, everything is case by case. Any figure at that size is a starting point for review, not a flat ceiling. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
For a larger need, how much a super jumbo cash-out releases from a $5 million property shows how that review works.
Does the Purpose of the Loan Change the Rules?
It can. 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. The Federal Register preamble treats investment-purpose credit as business-purpose.
The label follows the use, though. Business credit later refinanced for personal purposes can become consumer credit, per the CFPB’s commentary on exempt transactions. If you plan to spend rental cash-out proceeds on personal items, tell your broker up front.
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
Cash-out refinance: a new, larger loan that pays off the old one and hands you the difference.
LTV (loan-to-value): the loan amount divided by the appraised value.
Cash-in-hand cap: a dollar limit on the cash you can take at closing, separate from the percentage ceiling.
Reserves: liquid money you must still hold after closing, counted in months of the monthly obligation.
Expense ratio: the share of business deposits removed before income is calculated.
Asset allowance: a method that turns liquid assets into monthly qualifying income by dividing them over 36, 60, or 84 months.
Frequently Asked Questions
How much cash can a super jumbo cash-out put in my hands?
It is the new loan minus payoff, costs, and prepaids, and the new loan is capped by a ceiling that falls as the balance grows. On a primary residence, cash-out ceilings step down as the loan amount increases, through select wholesale programs, subject to full underwriting. At the largest loan sizes, each file is reviewed case by case.
Can I use my investment portfolio instead of conventional personal-income paperwork?
Often yes, on primary and second homes. Asset allowance divides liquid assets by 36, 60, or 84 months to create qualifying income. Assets-only needs liquid assets equal to the loan plus closing costs, plus any net loss on other residential property. Retirement accounts count at 70%, or 80% at 59.5 and older.
Do my cash-out proceeds count toward reserves?
Not on super jumbo files at the sizes where the overlay applies. That means above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property. Reserves must come from existing liquid accounts, separate from the check.
Why would a private bank decline a loan another program could take?
Usually the file does not fit that bank’s box. Lumpy income, a property type outside its guidelines, or entity title can all cause it. A different qualification path or program, such as bank statements or assets, may fit the same borrower, subject to lender guidelines.
Is there a limit on how much cash I can take out?
On the portfolio program, cash in hand is unlimited at or below 60% LTV and capped at $1,500,000 above that. The bank program publishes no such cap, but its leverage ladder still limits the loan. Both are subject to underwriting review. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Next Steps
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 is a mortgage broker, not a lender, and its consumer mortgage licensing covers 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, and WA. Programs change, nothing here is a commitment to lend, and every file is underwritten individually.
For the mechanics of pulling equity out of a rental property, see 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. Orrick InfoBytes: FHFA announces conforming loan limit increases
2. Federal Register: Ability-to-Repay and Qualified Mortgage Standards final rule
3. CFPB: Regulation Z § 1026.3 exempt transactions
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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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.