The Quick Read: You qualify on twelve or twenty-four months of deposits, so your portfolio stays where it is, and only the money for your down payment, closing costs and reserves has to be available and documented, through select wholesale programs, subject to full underwriting. The portfolio shows up as proof of reserves, not as the income source. Nothing has to be sold, transferred or consolidated to make the income math work.
- Income comes from deposits, not traditional personal-income documentation, so the portfolio is not what gets underwritten.
- Funds to close and reserves must be sourced. Everything else can stay invested.
- Leverage steps down as the loan grows, and every loan above $4,000,000 is reviewed case by case before submission.
- The mistakes that force asset movement are usually avoidable ones, like moving money mid-file.
What Does “Moving Your AUM” Mean in a Mortgage?
It can mean four different things. AUM, or assets under management, is the portfolio your advisor or custodian oversees and usually charges a fee on. Only one of the four is ever truly required, and only for part of the portfolio.
- Liquidating: selling positions to raise the down payment or reserves.
- Transferring: moving custody to another firm.
- Pledging: using the portfolio as collateral for a separate loan.
- Consolidating: parking everything in one place for the file.
On a bank statement file, you may need to liquidate for the cash to close. Transferring, pledging and consolidating are not part of how the income is calculated. The program figures below turn on deposits, credit, the property and leverage, not on who advises your portfolio. Lendmire’s piece Super Jumbo DSCR vs Bank Statement Loan for an AUM-Based Borrower covers the choice between the two paths in more depth.
There is a fee angle too. If assets stay put, your advisory fee base does not change. If you liquidate for a down payment, the fee base shrinks by that amount. Simple, but worth knowing.
Key Terms Defined
Super jumbo: a loan large enough that lenders add stricter overlays. No official line exists. In the programs Lendmire places, the line sits above $3,500,000 on a primary residence and above $3,000,000 on a second home or investment property.
Bank statement loan: a mortgage that is reviewed around deposits in your personal or business accounts instead of traditional personal-income documentation.
Non-QM: a loan that falls outside the standard Qualified Mortgage box. It is a legal category, not a verdict on your credit.
Expense ratio: the share of business deposits the lender treats as operating costs rather than income.
Reserves: liquid money left after closing, measured in months of payments.
Seasoning: how long funds have sat in your account, which helps the lender confirm where they came from.
Asset allowance: a way to turn liquid assets into qualifying income by dividing them over a set number of months.
How Does Underwriting Treat Your Deposits, Step by Step?
Underwriting treats your deposits like a paycheck, averaged over time. Across the wholesale network Lendmire places files with, the sequence is consistent from lender to lender, even when the details differ.
1. Choose the statement type. Personal statements work for most borrowers. Business statements work if you own at least 25% of the company.
2. Pull consecutive months. The portfolio non-QM program takes 12 or 24 months. The bank portfolio program takes 12. Statements must be complete and consecutive, because a transaction history cannot substitute for them. Market coverage in Scotsman Guide describes the same 12-to-24-month window.
3. Strip out non-income deposits. Transfers between your own accounts, loan proceeds, refunds, gifts and unexplained large deposits come out first.
4. Apply the expense ratio on business accounts. 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 is an alternative. A profit-and-loss method is capped at 80%. You do not pick the number. The program does.
5. Count owner transfers in full. Money moved from your own business into your personal account counts at 100%.
6. Divide by the statement months. Eligible deposits, after the expense ratio, divided by the months in the window gives qualifying income.
7. Test debt-to-income. Debt-to-income (DTI) compares your monthly debts to that income, and it can run up to 50%.
Credit is the next gate. The portfolio program sets a 660 floor up to the super jumbo line and 700 above it. The bank portfolio program keeps its own 680 floor at every size. Even a non-QM loan is underwritten on verified income or assets, debts and credit history, which is what the CFPB’s ability-to-repay compliance guide lays out. Alternative documentation is not the same as no documentation.
What Do Your Investments Do in the File?
Your portfolio does three jobs: it covers funds to close, it satisfies reserves, and on certain paths it can supply income. It does not need to move for any of them, except the cash you actually spend.
Funds to close come first. Down payment and closing costs are carved out of the account, and what remains is tested as reserves. Reserves run 3 months up to $500,000, 6 months up to $1,500,000, and 9 months above that, plus 2 months per additional financed property up to a 12-month maximum. First-time investors need 12 months. These are typical figures through select wholesale programs, subject to full underwriting.
Selling to raise the down payment is where AUM actually moves. Tax treatment can depend on how the funds are used and how the property is held; borrowers should keep clear records and speak with a qualified tax professional before relying on any deduction.
The remaining holdings stay invested. Retirement accounts count toward reserves at a discount: 70%, or 80% once you are 59.5 or older. Business funds, gifts, unvested stock and cryptocurrency never count, and trusts count only if they are a revocable living trust.
Which Path Moves the Least Money?
The path decides how much of the portfolio the lender touches. Here is how the common ones compare.
| Path | Reviewed on | Portfolio role |
|---|---|---|
| Bank statements | Deposits | Funds to close, reserves |
| Asset allowance | Liquid assets over 36, 60 or 84 months | Part of income, kept in place |
| Assets-only | Liquid assets alone | Must cover loan plus costs |
| DSCR | Rent against payment | Reserves only |
Asset allowance divides liquid assets by 36 months when it supplements income and your DTI before the asset income is at or below 60%. It uses 60 months when that pre-asset ratio is above 60%, and 84 months for a standalone file or any loan above $3,500,000. The combined ratio must still fit the 50% ceiling. It applies to primary and second homes only, at 80% maximum leverage.
Assets-only skips DTI entirely. It requires U.S. liquid assets equal to the loan amount plus closing costs plus sixty months of any net loss on other residential property. That is the path that most clearly ties the portfolio to the loan, so it is the opposite of a keep-it-invested strategy.
A pledged-asset structure, where investments back a separate loan, is a different product with its own lender rules. It is outside the bank statement file, so confirm how it would interact before you combine them.
What Changes at Super Jumbo Size?
Everything tightens, then partly resets. Leverage steps down with the loan amount, credit expectations rise, and above $4,000,000 each file is reviewed case by case before submission. These are ceilings through select wholesale programs, subject to underwriting. Read the band for the loan amount, not the purchase price.
On a primary residence purchase, the ladder runs like this:
- 90% for loans through $1,000,000, with credit of 680 or higher at that leverage.
- 85% for loans from $1,000,000 to $2,000,000.
- 80% for loans from $2,000,000 to $3,000,000, needing 720 or higher.
- 75% for loans from $3,000,000 to $4,000,000, with the top cell above $3,500,000 needing 760.
- 65% for loans from $4,000,000 to $5,000,000 on the bank portfolio program, on review.
- 60% from $5,000,000 to $10,000,000, on review.
- 55% from $10,000,000 to $30,000,000, on review.
The bank portfolio program carries twelve-month-statement files to $30,000,000, and its ladder begins above $4,000,000. The portfolio non-QM program stops at $6,000,000. The two overlap between $4,000,000 and $6,000,000, so a file in that range can be shopped to both. Never read any of these as a flat “up to.”
Occupancy changes the ladder. On a second home purchase, the 80% band runs from $1,000,000 to $2,500,000 before dropping to 75%. On an investment property purchase, the figures run 85% through $1,000,000, 80% from $1,000,000 to $2,500,000, and 75% from $2,500,000 to $3,000,000. Take every figure from the occupancy’s own ladder, never by subtracting from the primary figure.
Above $3,500,000 on a primary residence, and $3,000,000 on a second home or investment property, overlays add a 700 credit floor and a 0x30x24 housing history, which means no late mortgage payments in the past 24 months. They also add 48-month seasoning after any credit event, U.S. citizen or permanent resident status, and no rural property. Cash-out proceeds cannot satisfy reserves at that size.
Picture a Founder With Strong Deposits and a Big Portfolio
Consider a hypothetical founder with a six-person company, steady business deposits and a managed portfolio. They plan a primary residence purchase with a loan in the $2,000,000 to $3,000,000 band, at 80% on a purchase with 720 or higher credit.
Business statements apply, so the 50% expense ratio for six or more employees comes off the deposits. If the founder moves operating profit into a personal account, those transfers count at 100%. The portfolio funds the 20% down payment and nine months of reserves. Everything else stays invested. The advisor keeps managing it and the fee base shrinks only by the cash spent. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
That is the shape of a file where the portfolio supports the loan without ever becoming the income. Whether it fits depends on deposits, credit, property and review.
Where the General Rule Breaks
The no-move rule bends in a few named places.
Retained earnings. Profit sitting inside a business account generally does not count as personal deposits or personal assets. Only money that reached your personal account counts.
Investment property. Business-purpose investor loans are reviewed differently from a standard owner-occupied mortgage, and income still gets underwritten. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Asset allowance covers primary and second homes only, so investment property goes to bank statements or DSCR. Second homes are one-unit only. Two-to-four-unit properties can reach 85%, subject to underwriting.
Cash-out. On cash-out refinances, proceeds are unlimited at or below 60% LTV. Above 60%, the portfolio program caps cash in hand at $1,500,000. The bank program publishes no cap. On a primary residence cash-out, the best ceiling is 80%, for loans through $1,500,000. The interest-only ceiling never raises a cash-out ceiling. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Interest-only. The portfolio program offers interest-only on purchase and rate-term files to 85% LTV with a 700 floor, on a 40-year term with a 10-year interest-only period. The bank program stops at 60%. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Liquidity as a cushion. Underwriters may weigh factors beyond DTI, and the eCFR official interpretations of Regulation Z give a savings account as an example of assets that can support repayment ability. That is the logic behind letting liquidity offset a thin documented income.
Market surveys report non-QM jumbo loans reaching $3 million or more, per Scotsman Guide. The network figures above run higher, to $6,000,000 on the portfolio program and $30,000,000 on the bank portfolio program.
What Mistakes Quietly Force Asset Movement?
Most forced moves come from timing and paperwork, not from the program.
- Moving money mid-file. Transferring or liquidating between pre-approval and closing can unsettle the sourcing the file relied on.
- Mixing accounts carelessly. Commingled funds are hard to source, and deposits can get double-counted or excluded.
- Using the wrong money. Business funds, gifts, and crypto do not satisfy reserves, so a plan built on them sends you scrambling to liquidate something else.
- Cash-out for reserves. Above the super jumbo line, cash-out proceeds cannot cover reserves.
- Wrong occupancy label. Calling a rental an owner-occupied purchase changes how the file is reviewed. Don’t.
Lendmire’s piece Super Jumbo Bank Statement Loan Requirements vs Private Bank AUM Conditions is worth a read if a bank has asked you to consolidate.
Which Path Fits Which Borrower?
| Borrower profile | Usual starting path |
|---|---|
| Founder with strong deposits | Bank statements |
| Business owner with heavy write-offs | Bank statements or DSCR |
| Asset-rich, income-lumpy | Asset allowance, primary or second home |
| Rental buyer | DSCR or bank statements |
A business-heavy borrower with a poor documented expense ratio may find DSCR gives more loan on the rental side, since it ignores personal income. It is an illustration, not a rule. The complete DSCR loans guide explains how that path is underwritten.
Your Next Steps
1. Choose personal or business statements, and gather every consecutive month.
2. Mark which deposits are real income and which are transfers.
3. Add up funds to close and reserves for your loan band.
4. List which holdings count, and at what value.
5. Hold off on moving or selling anything until the lender tells you what is needed.
Frequently Asked Questions
Do I have to sell my investments to qualify?
Usually not the portfolio. The income comes from deposits, so holdings stay in place. You may need to liquidate enough for the down payment and closing costs, and the rest can stay invested, subject to the program and underwriting.
Will my advisor fee change?
Only by the amount you liquidate. If the assets stay put, the fee base is unchanged. If you sell for a down payment, the base shrinks by that amount.
Can a super jumbo loan use a business account?
Yes, with at least 25% ownership. The lender applies an expense ratio, then divides eligible deposits by the months in the window. Owner transfers into a personal account count at 100%.
What about loans above $4,000,000?
Everything above $4,000,000 is reviewed case by case before submission. Leverage figures there depend on the borrower, property, and overlays, and are never a flat promise.
Can I use an asset path for an investment property?
Asset allowance covers primary and second homes only. Investment property goes to bank statements or DSCR, subject to lender guidelines.
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 self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Scotsman Guide: One out of 20 mortgages are non-QM
2. CFPB Ability-to-Repay and Qualified Mortgage Rule Compliance Guide
3. eCFR Supplement I to Part 1026
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: Is a 40-Year Term Available on a Super Jumbo Bank Statement Loan? · How to Qualify for a Super Jumbo Bank Statement Loan in Colorado · How a Super Jumbo Bank Statement Investment Property Loan Works
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.