The Quick Read: At $15 million, you qualify by replacing traditional personal-income documentation with a different proof of repayment: twelve months of bank-statement deposits, a pool of liquid assets, or, on a rental, the property’s own income. All of it is reviewed case by case through select wholesale programs, subject to full underwriting. Skipping returns is not skipping underwriting.
- Only a bank jumbo program carries files at this size, and every figure above $4,000,000 is reviewed case by case before submission.
- Leverage at this size is low. On review, a $15 million purchase of a primary residence tops out at 55% LTV (loan-to-value, the loan as a share of the property’s value).
- Credit of 700 or higher, up to 50% debt-to-income, and at least nine months of reserves are the typical baseline.
- Asset-based and rental-income paths exist, but each has its own limits. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
What Actually Changes at $15 Million?
Size changes the program, not the principle. Most files in this book stay inside a rate sheet. A $15 million file does not, because the number of lenders willing to look at it shrinks fast.
Across the wholesale network, two programs matter here. A portfolio non-QM program (a lender-held loan that skips standard agency rules) carries bank-statement files from $300,000 to $6,000,000. A bank jumbo program carries twelve-month-statement files up to $30,000,000 on its own size ladder. That ladder begins above $4,000,000 and overlaps the non-QM program to $6,000,000. Above $6,000,000 it stands alone.
So a $15 million request lands with the bank jumbo program. Its ladder reads 65% to $5,000,000, 60% to $10,000,000, and 55% to $30,000,000. Every one of those numbers is a ceiling, offered through select wholesale programs, subject to full underwriting.
“Super jumbo” is a lender label, not a legal category. Each lender decides where it starts, and in this network the extra overlays begin above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property.
Which Path Replaces Your Tax Returns?
You have three real options, and they can sometimes be combined. Pick based on where your wealth sits: in business cash flow, in liquid assets, or in a rental property.
| Path | Income evidence | Best fit | Main watch-out |
|---|---|---|---|
| Bank statements | Deposits after an expense ratio | Business owners, professionals | Statements must be consecutive |
| Asset-based | Liquid assets divided over months | Asset-rich, thin income | Many asset types never count |
| Property income (DSCR) | Rent covering the payment | Investors buying rentals | Program size limits apply |
Scotsman Guide describes the same split. DSCR loans qualify on the property’s rental income, and asset-depletion loans turn idle brokerage and retirement balances into attributed income. That is the logic behind all three rows.
How Does Bank-Statement Income Work?
The lender adds up eligible deposits, divides by the number of statement months, and then subtracts an expense ratio. What is left is your qualifying income. The bank jumbo program uses twelve months of statements. Some other programs in the network accept twenty-four.
You can use personal or business statements. Business accounts require at least 25% ownership. Transfers from your own business into your personal account count in full.
The expense ratio depends on the business:
- Under typical bank-statement program guidelines, which vary by lender, the fixed expense ratio is lowest for a service business with no employees.
- A business with a small number of employees is typically assigned a higher fixed ratio.
- Businesses with a larger headcount, or any product business, are typically assigned the highest fixed ratio.
- An accountant-provided ratio, which some lenders allow to replace the fixed figure.
- A profit-and-loss method, which some programs cap at a set percentage of deposits.
Picture a founder with a consulting firm and three employees. Under a fixed expense ratio assigned to a business like this, the remaining share of average monthly deposits becomes qualifying income. That number then has to carry the housing payment and other debts within the lender’s debt-to-income limit.
At $15 million, that math is the hard part. The payment on a loan this size is large, so interest-only structures come up often. On the bank jumbo program, interest-only runs at 60% LTV or the size band’s ceiling, whichever is lower, on 5- and 7-year fixed-period adjustables. At $15 million, the band ceiling controls.
Statements must be consecutive. A transaction history never substitutes for a statement.
Can Liquid Assets Qualify You Instead?
Yes, through select wholesale programs. Your investments stay invested, and the lender converts them into income on paper. There are two versions.
Asset allowance divides your eligible liquid assets by a set number of months. It uses 36 months as a supplement when debt-to-income is at or below 60%, and 60 months when it is above 60%. It uses 84 months when assets are the standalone income source, which is also the rule for any loan above $3,500,000. This path covers primary and second homes only.
Assets-only needs no debt-to-income ratio at all. It requires U.S. liquid assets equal to the loan amount, plus closing costs, plus sixty months of any net loss on your other residential property. At $15 million, that means holding more than the entire loan in qualifying liquidity.
What counts matters as much as how much. Retirement accounts count at 70%, or 80% once you are 59½ or older. These never count:
- Business funds.
- Gifts.
- Trusts other than a revocable living trust.
- Unvested stock.
- Cryptocurrency.
Cash-out proceeds from the new loan cannot satisfy reserves either.
Can a Rental Property Carry the Loan?
For an investment property, qualification can rest on the rent instead of your personal returns. The loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Our complete DSCR loans guide walks through the ratio itself.
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 CFPB’s Truth in Lending examination manual treats credit to acquire or improve non-owner-occupied rental property as business-purpose credit. Federal Reserve guidance lists loan size as one factor in the business-purpose analysis. Size never turns the home you live in into a business loan, though.
Coverage rules vary by lender. Scotsman Guide notes that each lender sets its own LTV and credit requirements, and some make exceptions. Select lenders in the network will review coverage below 1.00, but LTV and terms adjust when they do.
Fit at this size is the real question. The DSCR product is built for one-to-four-unit residential rentals. A $15 million request may instead need commercial or multifamily financing, a portfolio loan, or a split into several loans. Each file is underwritten individually.
What Leverage and Credit Should You Expect?
Leverage falls as the loan grows. For the $10,000,000 to $20,000,000 band, these are the ceilings, each reviewed case by case before submission:
| Occupancy | Purchase | Rate-term | Cash-out |
|---|---|---|---|
| Primary residence | 55% | 55% | 50% |
| Second home | 50% | 50% | 45% |
| Investment property | 50% | 50% | 45% |
Rate-term means a refinance that changes the loan’s terms without taking cash out. These ceilings are subject to full underwriting and are not commitments to lend.
Above the super-jumbo line, the credit floor is 700. Most programs in the network also look for these:
- A 0x30x24 housing payment history, meaning no late payments in two years.
- 48 months of seasoning after any credit event.
- U.S. citizen or permanent resident status.
- No non-occupant co-borrowers.
- No rural property, and ten acres at most.
Scotsman Guide reports that the average non-QM borrower carries a 776 FICO score. In this network, 700 is the floor at this size, and most approved profiles sit well above it. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Reserves are the liquid cash left after closing. They run 3 months up to $500,000, 6 months to $1,500,000, and 9 months above that. Each additional financed property adds 2 months, up to a 12-month maximum. First-time investors carry 12 months.
What Goes in the File?
Expect a long document list and several rounds of follow-up questions. Typical items include:
1. Twelve consecutive months of personal or business bank statements, or the asset statements for an asset path.
2. Entity documents, if the business accounts carry the income.
3. A credit report and housing payment history.
4. Reserve verification, with the source of any large deposit explained.
5. A full appraisal, which carries extra weight on unique high-value homes with few comparable sales.
6. On a rental, lease evidence and the appraiser’s rent schedule.
Account hygiene helps. Keep business and personal funds separate, and avoid unexplained transfers before you apply. Rental closings in an LLC, where the program allows it, follow program terms.
Where Do the Rules Break?
A few edge cases trip up large files:
- Cash-out size. The portfolio non-QM program caps cash in hand at $1,500,000 above 60% LTV. The bank jumbo program publishes no cap, but its ladder is already low at this size.
- Citizenship. The super-jumbo overlays require U.S. citizens or permanent residents.
- Credit events. A recent bankruptcy or foreclosure triggers a 48-month seasoning period.
- Second homes. They are limited to one unit.
- Assets held in the wrong place. Funds in a business account or an irrevocable trust do not count.
- Small losses elsewhere. Net losses on other rental property can raise the assets-only requirement. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
When Is Filing Returns the Better Route?
If your returns show strong income after deductions, a standard jumbo loan can price and structure more simply. You also gain by filing if your income is steady and your bank deposits are patchy. Lendmire’s piece How to Qualify for a Mortgage With One Year of Tax Returns covers that path. 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
Bank-statement income: qualifying income calculated from eligible deposits over twelve or twenty-four months, after an expense ratio.
Expense ratio: the share of deposits a lender treats as business costs rather than income.
Asset allowance: a method that divides eligible liquid assets over 36, 60, or 84 months to create qualifying income.
Assets-only: a path that is reviewed around liquidity equal to the loan plus costs, with no debt-to-income test.
DSCR: debt service coverage ratio, meaning the property’s rent divided by its monthly housing obligation.
Reserves: liquid funds you keep after closing to cover payments.
Interest-only: a period when payments cover interest and no principal.
Frequently Asked Questions
Do I have to sell investments to qualify?
No. Asset paths convert eligible balances into income on paper while the investments stay where they are. Retirement accounts count at 70%, or 80% from age 59½. Business funds and cryptocurrency never count.
Can I combine methods?
Often yes. Asset allowance can supplement bank-statement income when debt-to-income needs help. Each program sets its own rules, and a $15 million file is reviewed case by case, so the combination is confirmed before submission.
Does this work on a second home or an investment property?
Yes, at lower leverage. On review, the $10,000,000 to $20,000,000 band allows 50% on a second-home or investment purchase, against 55% on a primary residence. Second homes are limited to one unit, and the asset paths cover primary and second homes only.
Can I buy through an LLC or trust?
An LLC may be allowed on a business-purpose investment loan, depending on program guidelines. Trusts are narrower. A revocable living trust can hold assets that count, but other trusts do not.
Is interest-only available at this size?
On the bank jumbo program, interest-only runs at 60% LTV or the band’s ceiling, whichever is lower, so it is 55% at $15 million. It applies to purchase and rate-term files and never raises a cash-out ceiling. Terms depend on the lender’s guidelines, the property type, the leverage, and a full review of the credit profile.
Next Step
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. Consumer mortgage lending is licensed in AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, and WA. Lendmire is a broker, not the lender, and nothing here is a commitment to lend.
Self-employed borrowers can compare both super jumbo programs on Lendmire’s self-employed mortgages page.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage focused on DSCR investor financing, helping arrange programs through wholesale and investor-lending channels in 41 markets, including Washington, D.C. DSCR loans are evaluated by the lender on property cash flow rather than personal income, subject to lender guidelines, supporting LLC closings and accommodating investors with four or more financed properties. Scotsman Guide Top Mortgage Workplace in both 2025 and 2026.
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References
1. Scotsman Guide: which groups are driving non-QM lending
2. CFPB Truth in Lending examination manual
3. Federal Reserve Reg Z guidance
4. Scotsman Guide: reach real estate investors by becoming an expert in these loans
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: How to Qualify for a Super Jumbo Cash-Out on Assets Alone · Super Jumbo Cash-Out Timeline With Two Appraisals and Trust Documents · Credit Score for Super Jumbo Bank Statement Cash-Out Refinance
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Required disclosures. Lendmire (NMLS# 2371349) operates as a licensed mortgage broker, not a direct lender or depository. The discussion in this article is general in nature and should not be relied upon as financial, legal, or tax advice — every investment scenario is unique and should be reviewed by a qualified professional. Any loan inquiry is subject to lender underwriting, and this article is not a commitment to lend or a guarantee of approval. Mortgage rates, loan terms, and program guidelines vary by borrower, property, and state, and may change without notice. Equal Housing Opportunity. Verify licensure at NMLS Consumer Access.