The Quick Read: A $15 million refinance on bank statements runs through a bank portfolio jumbo program. It reads twelve consecutive months of deposits, applies an expense ratio to business accounts, and tests the resulting income against the new obligation. Leverage sits near half of collateral value, and every file at this size is reviewed case by case before submission. Credit, reserves, and overlays tighten here, and asset-based or property-level paths exist when the deposit test falls short.
- Loan size: A portfolio non-QM bank-statement program carries files to $6,000,000. A bank portfolio jumbo program carries twelve-month-statement files to $30,000,000, through select wholesale programs, subject to full underwriting.
- Leverage at this size: In the $10,000,000 to $20,000,000 band on a primary residence, the ladder shows 55% on rate-and-term and 50% on cash-out, on review.
- Income: Eligible deposits, less an expense ratio, divided by the statement months. Transfers from the borrower’s own business into a personal account count in full.
- Credit and reserves: Expect a 700 credit floor above the super-jumbo line, debt-to-income up to 50%, and nine months of reserves.
- Alternatives: Asset allowance, assets-only, and DSCR structures qualify on something other than deposits.
Key Terms Defined
Bank statement loan: A mortgage that qualifies the borrower on documented deposits instead of traditional personal-income documentation.
Non-QM: A loan written outside agency guidelines. It is not a synonym for subprime. Scotsman Guide reports that non-QM was about 5% of originations, up from 3% a few years earlier.
Expense ratio: The share of business deposits treated as the cost of running the business. What remains counts as income.
Super jumbo: A balance above the standard jumbo range. Above $3,500,000 on a primary residence, extra credit and housing-history overlays apply.
Reserves: Liquid assets held after closing, measured in months of the new obligation.
Asset allowance: A path that converts liquid assets into monthly qualifying income by dividing them over a set number of months.
What Changes When the Balance Hits $15 Million
The lender pool shrinks, and review becomes individual. Across the wholesale network, most non-QM bank-statement programs top out far below this size. The portfolio program reaches $6,000,000. Only a bank portfolio jumbo program, which carries twelve-month-statement files to $30,000,000 on its own ladder, reaches $15,000,000. That program’s ladder begins above $4,000,000 and overlaps the portfolio program to $6,000,000. Above $6,000,000 it stands alone.
Because the file is above $4,000,000, it is reviewed case by case before submission. No figure here is a flat promise at that size. Underwriting at this level is mostly manual, as Scotsman Guide’s coverage of non-QM underwriting describes.
Collateral matters as much as income. A 55% LTV means the property must be worth about 1.8 times the loan. At 50% it must be worth twice the loan. At 45% it must be worth about 2.2 times the loan. High-value properties also draw closer appraisal scrutiny, and the appraisal sets the real ceiling. The exact numbers vary by lender and program and follow a full review of property, leverage, and credit.
How Deposits Become Qualifying Income
The method is simple, and the discipline is in the scrubbing. For a deeper look at how deposit-based and property-based qualification fit together, see the complete DSCR loans guide.
1. Choose the statement type. Personal statements, business statements, or a blend. The bank program at this size uses twelve consecutive months. Transaction histories never substitute for statements.
2. Confirm ownership. Business statements need at least 25% ownership of the business behind them.
3. Scrub the deposits. Transfers between the borrower’s own accounts, refunds, loan proceeds, and one-time windfalls come out. Deposits that are not income do not count.
4. Apply the expense ratio. Fixed ratios run 20% for a service business with no employees, 40% for one to five employees, and 50% for six or more employees or any product business. An accountant-provided ratio can replace the fixed figure. A profit-and-loss method is capped at 80%.
5. Divide by the statement months. The result is monthly qualifying income.
6. Test the file. Credit, debt-to-income, reserves, appraisal, and sourced funds are checked against the new obligation.
Transfers from the borrower’s own business into a personal account count at 100%. That is why many high-net-worth borrowers qualify on personal statements even when the business is large. The business has already paid its costs before the money lands.
| Deposit type | Typical treatment |
|---|---|
| Business deposits | Counted after expense ratio |
| Business-to-personal transfers | Counted in full |
| Transfers between own accounts | Removed |
| Refunds and loan proceeds | Removed |
| One-time windfalls | Usually removed |
How Much Deposit Volume a $15 Million Balance Needs
The deposit test gets steep at this size, and it helps to run it as a ratio. Debt-to-income is capped at 50%. Suppose a file sits at that ceiling.
- At a 50% expense ratio, qualifying income is half of deposits. Total monthly debts can then be about a quarter of deposits. Deposits must run at roughly four times the monthly obligations.
- At a 20% expense ratio, deposits must run at about two and a half times.
- On personal statements fed by business transfers counted in full, deposits must run at about twice the obligations.
These ratios assume the file is at the 50% ceiling. Lower existing debts, a lower-leverage structure, or interest-only terms change the picture. The point is that a business with modest profit but large gross deposits does not qualify on gross numbers. The expense ratio is the lever, which is why an accountant-provided ratio is worth pursuing when the real costs run below the fixed percentage.
Leverage at $15 Million: What the Ladder Shows
Every figure below is a ceiling through select wholesale programs, subject to full underwriting. Every loan above $4,000,000 is reviewed case by case before submission, so treat each cell as the top of a range.
| Occupancy | Rate-and-term LTV | Cash-out LTV |
|---|---|---|
| Primary residence | 55% | 50% |
| Second home | 50% | 45% |
| Investment property | 50% | 45% |
These are the cells for the $10,000,000 to $20,000,000 band, and credit floors are 680 or higher on the ladder. The 700 floor above the super-jumbo line is the one to plan around.
The trade-off between the two columns is five points of leverage. Cash-out has no published proceeds cap on the bank program. Cash-out proceeds cannot be counted toward reserves, though. A borrower who plans to use the cash to meet the reserve test will find the file stalls.
On interest-only, the bank program offers it to 60% LTV or the band’s ceiling, whichever is lower. At this size that means the band ceiling on purchase and rate-and-term files. The structure is a 5-year or 7-year fixed-period adjustable. A 10-year fixed-period adjustable is fully amortizing. Interest-only never raises a cash-out ceiling. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Credit, Reserves, and Overlays
Above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property, the super-jumbo overlays apply through select wholesale programs:
- 700 credit floor.
- 0x30x24 housing history.
- 48-month seasoning on any credit event.
- U.S. citizens and permanent residents only.
- No non-occupant co-borrowers.
- No rural property, and ten acres maximum.
Reserves step up with size: three months to $500,000, six months to $1,500,000, and nine months above that. Add two months per additional financed property, up to a 12-month maximum. First-time investors carry 12 months. Cash-out proceeds cannot satisfy reserves at this size.
Second homes are one-unit only. Investment property is reviewed as business-purpose lending, which brings in the next point.
Where Business-Purpose Lending Fits In
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 commentary on business-purpose credit lists transaction size as one factor, and the CFPB’s Truth in Lending reference treats credit to acquire or improve non-owner-occupied rental property as business purpose.
Owner-occupied and mixed-use properties can fall back into consumer treatment. That is a classification question for counsel, not a shortcut. The brokerage’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. A property or borrower outside that list gets a scope review first.
When Statements Are the Wrong Tool
Bank statements are the right tool when deposits are strong, steady, and clean. They are the wrong tool in four situations.
Strong assets, thin deposits. Asset allowance divides liquid assets by 36, 60, or 84 months. On any loan above $3,500,000 the standalone version uses 84 months. It applies to primary and second homes only, at 80% maximum. Assets-only needs no debt-to-income test when U.S. liquid assets equal the loan amount, closing costs, and sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% at age 59.5 and up. Business funds, gifts, trusts other than a revocable living trust, unvested stock, and cryptocurrency never count. Scotsman Guide’s coverage of non-QM underwriting describes a borrower with large cash holdings but a short statement history, where underwriters weigh assets and credit alongside the statements.
Seasonal or lumpy revenue. A twelve-month window that captures only the high season overstates income. Underwriters read the trend, not just the average.
Commingled accounts. Personal and business activity in one account weakens the file, because the scrub removes transfers and the remainder may fall short.
Property cash flow. When the property rents well, qualification can rest on rent covering the payment instead of personal deposits. Lendmire’s piece DSCR Loan Vs Bank Statement Loan For Investors covers that trade-off. Programs below 1.00 coverage are available through select lenders in the network, with LTV and terms adjusted.
| Path | Reviewed on | Best when |
|---|---|---|
| Bank statements | Deposits after expenses | Business income is strong and steady |
| Asset allowance | Liquid assets over set months | Assets exceed deposits |
| Assets-only | Liquidity vs. loan plus costs | Income is lumpy or nearly absent |
| DSCR | Property rent vs. payment | Collateral is an investment rental |
A borrower with several separable properties may also split the debt into more than one loan. Each loan is then sized on its own band of the ladder. Each additional financed property adds two months of reserves, up to the 12-month cap.
Documents to Gather
- Twelve consecutive months of statements for every account used, with all pages.
- Business ownership proof showing at least 25% for business accounts.
- An accountant letter or profit-and-loss statement if replacing the fixed expense ratio.
- Current mortgage statement and property details.
- Sourced reserve assets, with retirement accounts documented at their qualifying percentage.
- Identification and proof of citizenship or permanent residency.
- A written explanation for any large, unusual deposit.
Why Files at This Size Stall
Most delays trace to the same preventable gaps. Unexplained large deposits with no paper trail are the most common one. Reserves that depend on cash-out proceeds come next, and then business funds counted as personal liquidity. Missing or non-consecutive statements stall files too, as do 24-month histories submitted when the bank program reads twelve. Last is credit that clears 680 but not the 700 overlay.
Preparation is the fix. Pull the statements, mark every transfer, document each large deposit, and confirm reserve sources before the file goes to a lender. The network’s programs change, and each file is underwritten individually. 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.
Next Step
Reach the team at 828-256-2183 or request a quote.
Frequently Asked Questions
Can a $15 million refinance really be done on bank statements?
Through a bank portfolio jumbo program, yes, subject to full underwriting and case-by-case review. That program reads twelve months of statements and carries files to $30,000,000. The portfolio non-QM program stops at $6,000,000. Leverage at $15,000,000 is on review and sits near 55% on a primary-residence rate-and-term.
Is the 50% expense ratio a rule?
No. It is one of several fixed settings, alongside 20% and 40%. An accountant-provided ratio can replace the fixed figure, and a profit-and-loss method is capped at 80%. Transfers from the borrower’s business into a personal account count in full.
What credit score is needed?
Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. Plan on 700 for a $15 million file. The overlays also require 0x30x24 housing history and 48 months since any credit event.
How much can I cash out?
On the bank program there is no published cap on cash-out proceeds. The ladder shows 50% LTV on a primary-residence cash-out in the $10,000,000 to $20,000,000 band, and 45% on a second home or investment property, on review. Cash-out proceeds cannot count toward reserves. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
What if my deposits are too low?
Asset allowance or assets-only may fit. Both rely on documented liquid assets, and the standalone version applies the 84-month division above $3,500,000. For an investment property, DSCR qualifies primarily on property-level rental income covering the payment, subject to lender guidelines.
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 41 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.
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References
2. Scotsman Guide, getting hands-on with non-QM
3. CFPB, Regulation Z §1026.3 commentary
4. CFPB, Truth in Lending Act reference
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 Cash-Out Refinance a Super Jumbo Acreage Property on Bank Statements · How to Cash-Out Refinance a Super Jumbo Home as a Private Bank Client · Super Jumbo Cash-Out Refinance Documentation Using Bank Statements
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.