The Quick Read: Usually 40% to 45% of the purchase price, and sometimes more, because leverage on a $15 million purchase tops out near 55% to 60% through select wholesale programs, subject to full underwriting. Every file at this size is reviewed case by case before submission, so these are ceilings, not promises.
- On a primary residence, the leverage ceiling is about 60%, which means roughly 40% down, on review.
- On a second home or investment property, the ceiling is about 55%, which means roughly 45% down, on review.
- Interest-only structures stop at 60% LTV on the bank portfolio program.
- Reserves of nine months or more sit on top of the down payment.
- The 90% figures advertised for bank statement loans belong to much smaller balances. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
The Short Version: What Sets the Number at $15 Million
At this size, the down payment is a leverage ladder result. It is not a fixed minimum. No federal rule and no universal industry standard sets one. Each program publishes its own ceilings by loan size and occupancy, and a loan this large is reviewed individually.
Bank statement qualification matters here because many buyers at this price are founders, physicians, attorneys, entertainers or investors whose traditional personal-income documentation understates what they earn. These borrowers qualify on deposits, assets, or property cash flow instead of traditional personal-income documentation. A $15 million purchase is the case where that flexibility meets the hardest leverage limits.
Lendmire is a mortgage broker. It does not lend. It places files with wholesale programs, and those programs set the leverage. What follows is how the brokerage sees the ladder behave across its network.
How the Leverage Ladder Works Above $10 Million
Leverage shrinks as loan size grows. On a primary residence, the ladder runs about 90% on balances up to $1,000,000, 85% to $2,000,000, 80% to $3,000,000 and 75% at the top credit tier to $4,000,000. Past that, the bank portfolio program takes over on its own ladder. It allows about 65% to $5,000,000, 60% to $10,000,000 and 55% to $30,000,000, all case by case.
Two details matter for a $15 million purchase.
First, the band is set by the loan amount, not the purchase price. At 60% leverage, the loan on a $15 million home stays under the $10,000,000 break. So the 60% band is the first one to test on a primary residence, on review. If the loan crosses into the next band, the ceiling drops to 55%. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Second, the bank portfolio program is the only one that reaches this size. A separate portfolio non-QM program carries files to $6,000,000. The bank program overlaps it from above $4,000,000 and then stands alone. A $15 million home sits entirely on the bank program’s ladder.
Here is how the ceiling moves with occupancy at this size, through select wholesale programs and subject to underwriting:
| Occupancy | Purchase LTV ceiling | Implied down payment |
|---|---|---|
| Primary residence | About 60% (on review) | About 40% |
| Second home | About 55% (on review) | About 45% |
| Investment property | About 55% (on review) | About 45% |
The percentages are the answer to the title question. A buyer should expect to put down at least the figure in the right-hand column, and more if the file is thin. The article leaves the dollar math to the reader because the ceiling shifts with each file.
Why Not 10% Down?
Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
The 10% figure comes from a market statement about smaller loans. A trade publication reports that some non-QM lenders will lend at LTVs as high as 90% with no mortgage insurance requirement. That is accurate for the strongest files at modest balances.
In the Lendmire network, the 90% ceiling applies to a primary residence up to $1,000,000. Above that size, the network never offers 90%. By $15 million, the ceiling is 55% to 60% on review.
The lesson for a high-end buyer is simple. Headline leverage figures describe the bottom of the size ladder. A search that returns 10% down is describing a different loan. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Does a Loan This Large Exist on Bank Statements?
Yes, through a narrow set of wholesale programs. The bank portfolio program in the network uses twelve consecutive months of statements and carries files up to $30,000,000. That is a small group of lenders, and each one reviews high-balance files by hand.
For the borrower, that means the file is judged on its overall strength. Deposit consistency, credit, reserves, the property and the borrower profile all count together. A strong file may reach the ceiling. A file that is strong on deposits but short on reserves may not.
Lendmire’s complete DSCR loans guide covers the investor side of the alternative. A buyer who wants to compare property-income qualification against deposit qualification can start there.
What Moves the Percentage Down
The ceiling is the starting point. These factors push it lower.
Occupancy. A primary residence gets the highest ceiling. A second home or investment property runs about five points lower at this size on the ladder. At $15 million, an investment purchase will likely sit at or below the primary-residence figure and is quoted on review.
Credit. The bank program starts at a 680 floor. Above the super jumbo line, the floor is 700. Super jumbo overlays above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, add a 0x30x24 housing history and 48 months of seasoning on any credit event. They also exclude non-occupant co-borrowers and rural property.
Transaction type. Purchase gets the highest ceiling. A cash-out refinance is lower. On the bank program, a cash-out on a primary residence runs about 55% in the $6,000,000-$10,000,000 band and about 50% in the next band up. Second homes and investment properties run five points lower, on review. Cash-out proceeds also cannot be used to satisfy reserves.
Borrower profile. Citizenship status, entity ownership, and the history of the borrower’s business all feed the review. A U.S. citizen or permanent resident with a long-running business and clean credit sits at the top of the range.
Down Payment Is Not the Whole Cash Requirement
The down payment is the largest check, but it is not the last one. Buyers at this price also need closing costs and reserves.
Reserves scale with loan size. Programs in the network typically require three months of payments to $500,000, six months to $1,500,000 and nine months above that. Each additional financed property adds two months, up to a twelve-month cap. First-time investors typically carry twelve months. At $15 million, assume the nine-month or twelve-month tier.
Reserves must be liquid, and they must stay separate from the funds used at closing. That is why the all-in liquidity target is well above the down payment alone.
A second point catches buyers off guard. Leverage applies to the lower of the purchase price or the appraised value. If the appraisal comes in below the contract price, the buyer funds the gap with more cash. At luxury price points, comparable sales are scarce, so appraisal risk is real. A buyer should plan for the possibility of a second appraisal and for a shortfall.
Where the Down Payment Money Can Come From
Lenders in the network trace the source of large funds and look for seasoned deposits. A large, unexplained deposit invites questions. Proceeds from a sale, a brokerage account, and savings with a visible history are straightforward to document.
Lendmire has written a companion piece on the sourcing question: how to source a down payment on a second-home bank statement loan. The same sourcing logic applies at this size.
The sourcing rules differ when the borrower is reviewed on assets. Under the asset-based paths, retirement accounts typically count at 70%, or 80% at age 59.5 and older. Business funds, gifts, unvested stock and cryptocurrency never count toward the asset calculation. Those limits apply to the qualifying assets, not to every dollar the borrower can show. A buyer relying on assets should confirm how each account is treated before choosing a path.
How a Bank Statement Loan Counts Income
The lender reviews twelve or twenty-four consecutive months of personal or business statements. The bank program uses twelve. Eligible deposits are totaled and divided by the number of months. Then an expense ratio is applied.
The ratios depend on the business. The fixed options 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 can supply a ratio instead. A profit-and-loss method is also available, capped at 80%. One trade publication confirms the general method, noting that a lender can apply a standard expense factor such as 50%.
Business statements need at least 25% ownership. Transfers from the borrower’s own business into a personal account count in full. The statements must be consecutive. Transaction histories never substitute for them. Debt-to-income can run to 50%.
This is a documented income path. The file is reviewed on documented income under the applicable program, subject to lender guidelines. At the loan sizes here, the income needed to carry the debt is large, and it is a gate that many buyers underestimate. A borrower should run the deposits through the expense ratio before house shopping, not after.
Two Borrowers at the Same Price
Consider a founder buying a $15 million primary residence. Her business deposits are steady and her credit is above 740. She keeps well over a year of reserves. Her file tests the 60% ceiling on review, so she plans for roughly 40% down. Every figure here varies by lender and program; guidelines, property type, leverage, and credit profile all apply.
Now consider an investor buying the same price as a rental. His deposits are solid, but the property’s rent would not cover its monthly obligation at this price. A DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, would not fit the property. Some select lenders will review sub-1.00 coverage, but leverage and terms adjust. For a luxury asset, bank statement qualification may be the only workable path. His ceiling is about 55% on review, so he plans for roughly 45% down.
The difference in down payment is five points on a very large price. The difference in the path is larger. The first borrower is buying a home. The second is financing a business-purpose asset, and his deposits carry the file.
Should You Put Down More Than the Minimum?
It depends on what the cash would otherwise do. A buyer with a large invested portfolio may prefer to leave it working and borrow to the ceiling. A buyer whose liquidity is thin should not stretch to the ceiling, because reserves are a hard requirement at this size, not a suggestion.
Interest-only structure changes the picture. On the bank program, interest-only is available up to 60% LTV, through five- and seven-year fixed-period adjustable structures. Those lower the early obligation, but they do not raise the leverage ceiling. A buyer who wants the structure needs to land at or below 60%, so a purchase at the 55% second-home ceiling would qualify for it. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
There is also a middle path. A buyer can put down more than the ceiling requires to improve the file, particularly when reserves are borderline or credit sits near the floor. More equity may support a stronger review, though it carries no guarantee.
Bank Statement, Asset-Based or DSCR: Which Route?
| Path | Reviewed on | Best fit |
|---|---|---|
| Bank statements | Eligible deposits after an expense ratio | Self-employed owners with steady deposits |
| Asset allowance | Liquid assets divided by 36, 60 or 84 months | Asset-rich buyers with thin income |
| Assets-only | Liquid assets equal to loan plus costs | Buyers with large U.S. liquidity |
| DSCR | Property rent versus the payment | Rentals where rent covers the obligation |
Asset allowance divides liquid assets by 36, 60 or 84 months. The 84-month version is the standalone path, and it applies to any loan above $3,500,000. It works for primary and second homes only, at 80% maximum. Assets-only needs no debt-to-income calculation, but U.S. liquid assets must equal the loan amount plus closing costs.
A buyer can compare these paths in a single review. The brokerage’s role is to run the same borrower through several programs and show how leverage, reserves and documentation differ.
Key Terms Defined
Down payment: The share of the purchase price the buyer pays in cash, which is the price minus the loan.
LTV (loan-to-value): The loan amount divided by the lower of the purchase price or appraised value.
Reserves: Liquid funds the buyer must hold after closing, counted in months of payments.
Expense ratio: The percentage of deposits treated as business costs when income is calculated from bank statements.
Super jumbo: A loan large enough to leave standard jumbo guidelines. There is no official definition, so programs set their own lines.
Case-by-case review: A manual look at the whole file before submission, applied to every loan above $4,000,000.
Frequently Asked Questions
Is 20% down possible on a $15 million bank statement loan?
Not through the programs in this network. The leverage ceiling at this size is about 55% to 60% on review, so the buyer should plan for 40% to 45% down. Smaller balances see far higher leverage, but the ladder steps down with every size band. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Do I still have to prove I can repay a loan this large?
Yes. Non-QM loans still require a good-faith determination of repayment ability, and the lender must verify the information it relies on through reasonably reliable third-party records. Bank statements are one accepted way to document income. The rule sets minimum standards and does not mandate a single underwriting model.
Does a second home or rental need more down than a primary residence?
Yes, typically more down at every size on the ladder. At $15 million, that means roughly 45% down on a second home or investment property, versus roughly 40% on a primary residence, both on review.
Can I use a cash-out refinance instead of a purchase?
Cash-out leverage runs lower than purchase leverage. On a primary residence, the ceiling is about 55% in the $6,000,000-$10,000,000 band and about 50% above it, on review. Second homes and investment properties run five points lower. Cash-out proceeds cannot satisfy reserves at the super jumbo level.
How many months of reserves does a $15 million loan need?
Typically nine months or more, plus two months for each additional financed property, capped at twelve. First-time investors typically carry twelve. Reserves must be liquid and separate from the funds used at closing.
The Bottom Line for a High-End Buyer
A $15 million purchase on bank statements typically needs 40% to 45% down, plus nine to twelve months of reserves and a file that survives a manual review. Those are program ceilings through select wholesale programs, subject to full underwriting. They are not a commitment to lend.
Lendmire’s consumer mortgage lending is licensed in 16 states. A buyer outside that footprint should confirm availability before planning around these figures. Programs and parameters change, and every file is underwritten individually. Tax treatment varies; consult a qualified professional.
Call 828-256-2183 or request a quote to start.
For current guidelines and terms, see Lendmire’s super jumbo bank statement loan programs page.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
Lendmire (NMLS# 2371349), a non-QM mortgage broker serving investors in 41 markets including Washington, D.C., helps structure DSCR scenarios commonly evaluated around a property’s rental income rather than personal income paperwork, subject to lender guidelines. A Scotsman Guide Top Mortgage Workplace in 2025 and 2026, Lendmire places loans through wholesale investor lenders and is not a direct lender.
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References
1. Scotsman Guide, “Rev Up the Engine for Non-QM Lending”
2. CFPB ATR/QM Small Entity Compliance Guide
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 Much Can Authors Borrow With a Bank Statement Loan? · How Much Can E-Commerce Sellers Borrow With a Bank Statement Loan? · How High a Credit Score Does a Super Jumbo Bank Statement Second-Home Loan Need?
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.