The Quick Read: Usually yes, if the seller is reviewed on bank deposits instead of the tax return. Through select wholesale programs, a lender reads 12 or 24 months of statements, trims the deposits, and applies an expense ratio to get monthly income. The full file still gets underwritten, so credit, reserves, and the property all count.
- A thin return rules out the tax-return path, not the loan itself.
- Qualifying income is eligible deposits divided by the statement months, reduced by an expense ratio.
- Leverage steps down as the loan grows, and every loan above $4,000,000 is reviewed case by case before submission.
- Credit, reserves, and clean accounts matter as much as the deposit total.
- If the property is a rental, qualification can run on the property’s rent instead of your income.
Here, “marketplace seller” means someone who sells physical products through Amazon, Shopify, Etsy, or similar platforms. It does not mean the sales-tax meaning of the phrase.
Why Does a Healthy Marketplace Business Show Thin Returns?
Because the return reports profit, not sales. A seller can move serious volume and still show little net income once costs come out.
Cost of goods is the biggest bite. Add platform fees, fulfillment charges, advertising spend, refunds, and chargebacks, and a business with strong gross sales can land near zero on the bottom line. Inventory buildup makes it worse. Cash spent on stock is real money out the door, yet it can suppress the income a returns-based underwriter sees.
A returns-based underwriter, meaning one who reviews the file based on the tax return, reads that bottom-line number and divides it into your debts. A thin figure produces a debt-to-income ratio that fails, however strong the business looks in the bank. The same seller on a deposit-based program gets a very different read.
Tax treatment varies, so consult a qualified professional about how your own deductions are handled.
Key Terms Defined
Super jumbo: a loan size above the usual jumbo range. No regulator sets the line, so each lender draws it differently.
Bank statement loan: a mortgage that is reviewed around deposits in your bank statements instead of tax-return net income.
Expense ratio: the share of deposits the lender treats as business costs rather than income.
Statement window: the number of consecutive months of statements the lender averages, usually 12 or 24.
Eligible deposits: the deposits that remain after the lender removes transfers between your own accounts, refunds, loan proceeds, and one-time windfalls.
Qualifying income: the monthly figure the lender tests your debts against.
How Does a Deposit-Based Underwriter Read the File?
The underwriter works from deposits, in a fixed order. Across Lendmire’s wholesale network, the sequence looks like this on most bank-statement files:
1. Pick the account type. Personal or business statements both work. Business statements require at least 25% ownership of the business.
2. Pick the window. Twelve or 24 consecutive months. Transaction histories do not substitute for statements.
3. Strip the noise. Transfers between your own accounts, refunds, loan proceeds, and one-off windfalls come out.
4. Divide by the months. Eligible deposits divided by the months in the window gives average monthly deposits.
5. Apply the expense ratio. Fixed ratios are 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 one. A profit-and-loss method also exists, with an 80% cap.
6. Test the debts. Your obligations are measured against that income, with debt-to-income typically up to 50%.
Transfers from your own business into a personal account count in full. That detail matters for sellers who pay themselves from a business account. It also means the personal account can carry the file when business statements are messy.
A marketplace seller sells a product, so the 50% ratio is the usual starting point. Say eligible deposits average 100 units a month. At 50%, qualifying income is 50 units. That is why the expense ratio is the lever to watch.
Scotsman Guide uses 50% as its own illustration of a standard expense factor. It also notes that a profit-and-loss statement or a third-party tax professional’s expense statement can substitute. Each lender sets its own method, and the figures above are the ones that apply through select wholesale programs, subject to full underwriting.
What Is Different About Marketplace Deposits?
Marketplace payouts are already net of costs, which creates a double-counting risk. A platform usually settles sales after subtracting fees, refunds, and chargebacks. The deposit that lands in your account is therefore not gross sales. Apply a flat 50% ratio on top, and you may be cutting the same costs twice.
That is the main reason a CPA-prepared expense ratio or profit-and-loss statement is worth the effort for sellers. It lets the lender size the true cost of the business instead of a blanket percentage. Scotsman Guide makes a related point: a one-size-fits-all expense factor can wrongly penalize asset-heavy businesses.
A few other realities show up on marketplace files:
- Mixed accounts stall files. Wages, personal spending, and platform payouts in one account force the underwriter to sort every line. Wages in the same account must be stripped out.
- Multiple platforms, multiple accounts. If Amazon pays one account and Shopify pays another, the statements need to tell a consistent story. Platform settlement reports can explain deposits that the bank statement shows only in part.
- Payout timing and held reserves. Platforms hold back balances and pay on their own cadence. Deposits can look lumpy even when sales are steady.
- Under 12 months of history. A seller with less than a year of payouts generally lacks enough deposits to average.
- Platform tax forms versus deposits. Forms that report gross sales will not match net payouts. A visible gap with no explanation looks like a red flag. A short reconciliation note avoids that.
- Heavy inventory and ad spend. These outflows are the reason the return is thin, and the expense ratio is how the lender accounts for them.
- A loss on the return. A seller whose return shows a loss is a different profile from one showing small profit. The deposit path can still work because it ignores the return, but the account behavior has to be clean.
An ownership share below 100% reduces what counts, and documentation differs for an LLC, an S-corp, and a sole proprietor.
How Big Can the Loan Be, and How Much Can You Borrow Against It?
Through select wholesale programs, loans run from $300,000 to $30,000,000, on two different programs. The portfolio non-QM program carries bank-statement files to $6,000,000.
Leverage steps down as the loan grows, and it depends on the occupancy of the home. The bands below describe the loan amount, not the purchase price.
On a primary-residence purchase, the ceilings are:
- 90% up to $1,000,000.
- 85% from $1,000,000 to $2,000,000.
- 80% from $2,000,000 to $3,000,000.
- 75% from $3,000,000 to $4,000,000.
The 90% cell needs a score of 680 or higher. The $3,500,000–$4,000,000 band needs 760 for its top cell. A lower score takes a lower cell inside the same band.
Above $4,000,000 on a primary-residence purchase, the bank portfolio program sets the ladder, and every figure is reviewed case by case. On review, it runs 65% from $4,000,000 to $5,000,000, 60% from $5,000,000 to $10,000,000, and 55% above that. Each band has its own figure, and the best cell can step up again where the bank program takes over.
On an investment-property purchase (business-purpose), the ceilings are 85% to $1,000,000, 80% from $1,000,000 to $2,500,000, and 75% from $2,500,000 to $3,000,000. From $3,000,000 to $4,000,000 the bank portfolio program takes over at 60%. From $4,000,000 to $5,000,000 the portfolio non-QM program returns at 65%, on review and case by case. Second homes follow their own ladder, so read each figure from the occupancy it belongs to.
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, extra overlays apply:
- A 700 credit floor and a 0x30x24 housing history.
- 48 months of seasoning after any credit event.
- U.S. citizens and permanent residents only, with no non-occupant co-borrowers.
- No rural property, and ten acres maximum.
- Cash-out proceeds cannot satisfy reserves.
Beyond that, the credit floor is 660 on the portfolio non-QM program up to the super-jumbo line, and 700 above it. The bank portfolio program keeps its own 680 floor at every size. Reserves are typically 3 months to $500,000, 6 months to $1,500,000, and 9 months above that. First-time investors typically need 12 months.
Cash-out is unlimited at or below 60% leverage. Above 60%, the portfolio non-QM program caps cash in hand at $1,500,000. For a closer look at how a thin-return owner uses equity, see Lendmire’s piece Can a Self-Employed Owner With Thin Tax Returns Get a Jumbo Cash-Out?. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
“Super jumbo” has no regulatory definition. It is a lender convention, so the line moves depending on who you ask. Market data points the same direction. KEYT, summarizing Bank of America Securities and Optimal Blue data, reports that loans above $1 million make up about 28% of non-QM production.
Returns-Based Jumbo Versus Deposit-Based Super Jumbo
| Factor | Returns-based jumbo | Deposit-based super jumbo |
|---|---|---|
| Income source | Tax-return net income | Bank deposits after expense ratio |
| Effect of write-offs | Lowers qualifying income | Not read directly |
| Documents | Returns, W-2s, K-1s | 12 or 24 months of statements |
| Best fit | Steady, high reported profit | Strong cash flow, thin return |
The deposit path trades paperwork for scrutiny of the account itself. You still go through full underwriting.
Should You Use 12 or 24 Months of Statements?
Twelve months favors a seller whose income recently jumped, because the lookback captures the stronger stretch. Twenty-four months smooths a heavy fourth-quarter spike or a seasonal swing, so it helps a seller whose sales swing hard from month to month. The bank portfolio program uses twelve months.
A seller whose volume has grown steadily usually leads with 12. A seller with a seasonal catalog should run both calculations before choosing.
When Is Rental Cash Flow the Better Path?
If the loan buys a rental, the property can carry the file instead of your income. 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.
A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Credit, reserves, entity documents, and an appraisal with a rent schedule still get reviewed. Programs below 1.00 coverage are available through select lenders in the network, though leverage and terms adjust. For the basics, see Lendmire’s complete DSCR loans guide.
Picking the wrong path first wastes time. DSCR does not work for an owner-occupied purchase. A bank-statement program is the wrong tool when the rent alone qualifies the property. And a big deposit history does not rescue a weak rent-to-payment ratio, because that test is about the property.
Two asset-based paths also exist for primary and second homes. An asset allowance divides liquid assets by 36, 60, or 84 months to create income. An assets-only path needs U.S. liquid assets equal to the loan plus closing costs plus sixty months of any net loss on other residential property. Retirement accounts count at 70%, or 80% at 59.5 and older. Business funds, gifts, and cryptocurrency never count.
Why Non-QM Still Means Full Verification
Non-QM changes the documents, not the duty to verify. A mortgage that falls outside the standard qualified-mortgage template is not a no-documentation loan. Under 12 CFR 1026.43, a lender must make a reasonable, good-faith determination that you can repay, using reasonably reliable third-party records. That rule asks lenders to verify what they rely on. It does not require a tax return specifically, which is why bank statements are a legitimate route.
The same rule treats genuine business-purpose loans differently. The CFPB’s regulation page says the rule does not apply to credit extended primarily for a business purpose, even when a dwelling secures it. An investment property still has to be analyzed to decide whether its purpose is consumer or business.
When This Path Won’t Work
A few profiles do not fit, and it is better to know in advance:
- Under 12 months of payouts. There is nothing to average.
- Tangled accounts. If personal and business money cannot be separated, the file stalls.
- Heavy overdrafts or returned items. These raise questions that need clear explanations.
- A credit score under the program floor. The floors are 660, 680, or 700 depending on the program and size.
- A large loan with thin reserves. Reserves scale with loan size, and cash-out cannot fill the gap on a super-jumbo file.
- A borrower outside the overlay rules. Above the super-jumbo line, overlays limit eligibility to U.S. citizens and permanent residents.
If your deposits are strong but your account habits are messy, the fix is a few months of discipline, not a different lender.
How Should You Prepare in the 6 to 12 Months Before Applying?
Separate the money first. Route every platform payout into one dedicated business account, and keep wages and personal spending somewhere else. Pay yourself by transfer from the business, since those transfers count in full.
Next, get your books in order. Ask a CPA for a prepared profit-and-loss statement or an expense-ratio letter, because that is the single biggest lever on qualifying income. Keep platform settlement reports for each month, and write a short note reconciling any gap between reported sales and net deposits. Avoid overdrafts, and keep reserves liquid and documented. For a related look at sizing by lender type, see Lendmire’s piece on how high lenders go on a super jumbo loan without tax returns.
Frequently Asked Questions
Can I use my personal account if my payouts go to a business account?
Yes, if you move money by transfer from the business into your personal account. Transfers from your own business into a personal account count in full on the programs described here. Business statements need at least 25% ownership. Either way, wages and other non-business deposits get stripped out.
Does a high gross sales number help me qualify?
Only after it becomes deposits. Eligible deposits are trimmed, then reduced by the expense ratio, so gross sales on a platform dashboard do not count by themselves. A seller with strong payouts and a clean account does better than one with large sales and scattered deposits.
Is the 50% expense ratio a law?
No. Each lender sets its own method, and trade press uses 50% as an illustration. In the network, the fixed ratios are 20%, 40%, and 50%, depending on the business. An accountant-provided ratio can replace them.
Can I qualify if my return shows a loss?
Often, on a deposit-based program, because the return is not what gets read. The deposits, expense ratio, credit, reserves, and property still have to work. A loss on the return makes clean, consistent statements more important.
What happens above $4,000,000?
Every loan above $4,000,000 is reviewed case by case before submission. Leverage figures at that size are ceilings on review, not offers. The bank portfolio program carries files from there to $30,000,000, subject to full underwriting.
The 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. Lendmire is a broker that shops multiple wholesale programs and is never the lender. Its 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. Programs change, every file is underwritten individually, and nothing here is a commitment to lend.
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 broker licensed for consumer lending in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages for self-employed and high-net-worth borrowers are arranged through wholesale lenders on primary residences, second homes and investment properties; every file is underwritten by the lender under its program guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Scotsman Guide, “Rev Up the Engine for Non-QM Lending”
2. Scotsman Guide, “Don’t Shut the Door on Quality Borrowers”
3. KEYT / Stacker, non-QM market analysis
4. 12 CFR 1026.43, Cornell Legal Information Institute
5. CFPB, Regulation Z §1026.43
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 Use 40-Year Amortization to Borrow More on a Super Jumbo Loan · Should a Founder Refinance a Super Jumbo Bank Statement Loan? · How to Get a Super Jumbo Loan After Selling Your Company
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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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.