The Quick Read: Usually about 45% of the price on a primary residence, and about 50% on a second home or investment property, through select wholesale programs, subject to full underwriting and case-by-case review, because leverage on a bank statement loan steps down as the loan grows and a $20 million purchase sits near the bottom of that ladder.
- On a primary-residence purchase, the ceiling at this loan size is 55% loan-to-value, which leaves roughly 45% for you to bring. This is on review, not a flat promise.
- On a second-home or investment-property purchase, the ceiling is 50%, so plan on about half the price in equity.
- The down payment is only one cash bucket. Closing costs and reserves sit on top of it.
- Qualifying runs on your deposits after an expense ratio, with credit at 700 or better under the super jumbo overlays.
- A pure rental at this price often fits a different loan type, which this article covers.
Why $20 Million Is Not a $1 Million Bank Statement Loan
Leverage on a bank statement loan falls in steps as the loan amount rises. A buyer at $1 million can reach 90% on a primary residence. A buyer at $20 million sits in the mid-50s, and every figure at that size is reviewed before submission.
Two wholesale programs carry these files. A portfolio non-QM program takes bank statement loans up to $6 million. A bank portfolio program takes twelve-month-statement files up to $30 million on its own ladder. Lendmire is the broker that compares them. It does not lend. The two overlap between $4 million and $6 million, and above $6 million the bank program stands alone.
The ladder is keyed to the loan amount, not the purchase price. That detail matters at $20 million. Test a 60% loan on a $20 million price: it would land above the $10 million band, where the ceiling drops to 55%. So the 55% band governs, and the down payment lands near 45% on a primary residence.
Here is how the bank program’s purchase ladder looks by loan size, through select wholesale programs, subject to full underwriting. Every row above $4 million is on review, case by case, before submission.
| Loan size | Primary residence purchase | Second home or investment purchase |
|---|---|---|
| $4M to $5M | 65% (on review) | 65% (on review) |
| $5M to $10M | 60% (on review) | 55% (on review) |
| $10M to $30M | 55% (on review) | 50% (on review) |
The drop in maximum loan-to-value from the bottom of the range to the top is not arbitrary. Lenders hold more cushion on huge balances because few buyers exist if a sale goes wrong, and appraisals on unique properties carry more uncertainty. That is why a flat percentage from a general-purpose article rarely holds up at this size.
Interest-only structures follow the same ceiling. On the bank program, interest-only tops out at 60% or the band’s ceiling, whichever is lower. At $20 million, that means 55%. A 10-year fixed-period adjustable on that program is fully amortizing, so it carries no interest-only option.
Key Terms Defined
Loan-to-value (LTV): the loan amount divided by the property’s value, expressed as a percentage. A 55% LTV means the lender funds 55% and you fund the rest. Each figure is subject to lender guidelines and a complete review of property type, leverage, and credit.
Super jumbo: a loan large enough that lenders apply extra overlays and review. There is no federal definition, and the line varies by lender. In our network the extra overlays begin above $3.5 million on a primary residence and above $3 million on a second home or investment property.
Non-QM: a mortgage that qualifies you through alternative documentation, such as bank statements, rather than traditional personal-income documentation.
Expense ratio: the share of business deposits the lender removes as operating costs before counting the rest as your income.
Reserves: liquid money you hold after closing, measured in months of the housing obligation.
Case-by-case review: an individual look at your deposits, the property, and your credit before the lender commits to any terms.
What the Cash Check Really Includes
Plan for three amounts: the down payment, closing costs, and reserves. Down payment is the equity you put into the purchase. Closing costs are the third-party and lender charges at closing. Reserves are what remains in the bank afterward.
On the percentage side, a primary residence at about 45% down and a second home or investment property at about 50% down are the working numbers at this size. Each point of leverage moves a very large amount at $20 million, so a small change in the appraisal or the program band changes your cash check materially. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
That is also where appraisal risk lives. Lenders apply the leverage ceiling to the lower of the purchase price or the appraised value. If a one-of-a-kind estate appraises under contract price, the extra gap comes out of your pocket. A buyer who only budgeted for the stated percentage can get caught.
Reserves scale with size. The portfolio program’s published tiers run 3 months to $500,000, 6 months to $1,500,000, and 9 months above that, with extra months for each additional financed property. A bank-program file at $20 million is reviewed individually, so a reviewer can ask for more. Cash-out proceeds from a refinance cannot be used to satisfy reserves on a super jumbo file.
Documentation is the part that surprises people. Both the down payment and the reserves must be sourced and documented. A large unexplained deposit in the account is a classic reason a file stalls.
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.
What Moves the Number Up or Down
Occupancy moves it first. A primary residence gets the most leverage. A second home and an investment property run about five points lower at this size. At $20 million, that is the difference between about 45% and about 50% down. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
Credit moves it next. At this size the super jumbo overlays set a 700 credit floor, 0x30x24 housing history, and 48-month seasoning on any credit event. Seasoning here means the waiting period after a bankruptcy, foreclosure, or similar event. The overlays also limit eligibility to U.S. citizens and permanent residents, rule out non-occupant co-borrowers and rural property, and cap acreage at ten.
Property type changes the ceiling too. Warrantable condos can reach 85% in lower bands, non-warrantable 80%, and condotels land at 75% on a purchase in the portfolio program and 50% on the bank program’s cash-out. None of those lower-band figures applies at $20 million. They only show that a unique property can pull the number down.
Cash-out has its own column. On a refinance with cash out at this size, the primary-residence ceiling is 50%, and 45% on a second home or investment property. All of those are on review, case by case.
Use the network ladder when you plan cash, because it keys off the loan amount. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Can Your Deposits Carry a Loan This Size?
Qualifying on a bank statement loan means proving that your deposits support the debt. The bank program uses twelve consecutive months of statements, and the portfolio program uses twelve or twenty-four. Statements must be consecutive, and transaction histories never substitute for them.
The math works in four steps. The lender totals the eligible deposits. It removes transfers and one-time windfalls. It divides what is left by the number of statement months. Then it applies an expense ratio to business accounts. Transfers from your own business into a personal account count at 100%. Scotsman Guide describes the same pattern of 12 to 24 months of statements with an expense factor or a profit-and-loss alternative.
The expense ratio is fixed by business type. A service business with no employees uses 20%. A business with one to five employees uses 40%. A business with six or more employees, or any product business, uses 50%. An accountant-provided ratio is also an option. A profit-and-loss method exists too, capped at 80%. Business statements need at least 25% ownership.
Bank statement files test your personal debt-to-income ratio, up to 50%. Other mortgages count against you. A founder with several financed properties can have strong deposits and still run out of room. At this size, the reviewer looks at the deposit pattern, the debts, and the property together.
Bank Statement Loan or Another Path at $20 Million?
A $20 million buyer has more than one way in. The choice depends on what the borrower can document and how the property will be used.
| Path | Reviewed on | Fit at this size |
|---|---|---|
| Bank statement | Deposits after expense ratio | Primary, second home, some investment |
| Asset allowance | Liquid assets divided by 84 months | Primary and second homes only, 80% maximum |
| Assets-only | Liquid assets equal to loan plus costs | Primary and second homes, no DTI test |
| DSCR | Property rent against its obligation | Rentals, but programs top out well below this price |
The asset paths count retirement accounts at 70% (80% at 59.5 or older). Business funds, gifts, cryptocurrency, unvested stock, and trusts other than a revocable living trust never count there. Business funds can appear in bank statement deposits as transfers, but they never count as assets under the asset-based paths.
For a rental, the question becomes rent against balance versus deposits against total debts. Luxury rents are often thin against price, which is often what decides it. A pure rental generally points toward a DSCR loan, which qualifies primarily on property-level rental income covering the payment, subject to lender guidelines. But DSCR programs top out well below $20 million, so a rental at this price needs individual review. Read Lendmire’s complete DSCR loans guide if the rental route fits your plan. BiggerPockets also notes that investment property generally demands more equity than owner-occupied purchases.
Where Buyers Go Wrong
Buyers assume non-QM means light underwriting. It does not. Non-QM loans still must satisfy the federal ability-to-repay standard through alternative documentation, as the CFPB’s ATR/QM compliance guide explains. The lender verifies income with third-party records, so your statements get read line by line.
Another mistake is carrying the 90% headline into a $20 million plan. Ninety percent applies only in the lowest band, up to $1 million, on a primary residence. Never assume it above that.
A third is using a primary-residence figure for a rental. Occupancy decides which ladder you are on, and the investment column runs lower.
A fourth is budgeting only the percentage. The down payment, closing costs, and reserves together make the true cash check. The appraisal can add a gap on top.
A fifth is moving large sums right before applying. Keep a clean paper trail for every large deposit.
Frequently Asked Questions
Can I put less than 45% down on a $20 million primary residence?
Not through the programs described here. The ceiling at this loan size is 55% on a primary purchase, through select wholesale programs, and it is reviewed case by case. A lower down payment would need a different structure, such as pledging other assets, which is its own conversation. Every figure here varies by lender and program, and guidelines, property type, leverage, and credit profile all apply.
Does buying a second home or investment property change the number?
Yes. The ceiling falls to about 50% on a purchase, so you put down about half the price. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review.
Do reserves count toward the down payment?
No. Reserves are what you hold after closing, and they are separate from the equity you put in. The portfolio program’s published tiers are 9 months above $1.5 million. A $20 million file is reviewed individually and the reviewer may ask for more.
Can business funds pay the down payment?
It depends on the program and how the money moves. Transfers from your own business into a personal account count in full as deposits. Business funds never count as assets under the asset-based paths.
Is a loan this size possible without traditional personal-income documentation?
It can be, through select wholesale programs, subject to full underwriting. The bank program reviews your file on twelve months of statements, and asset paths qualify on liquid assets instead. The file is still reviewed on your credit, debts, deposits, and the property. This is not a commitment to lend.
Where to Go From Here
Start by sorting the purchase by occupancy, because that decides which ladder applies. Then gather twelve months of statements and a clear sourcing trail for your cash. Lendmire’s consumer mortgage lending is licensed in 16 states, so availability depends on where the home sits.
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
As a non-QM mortgage broker (NMLS# 2371349), Lendmire facilitates DSCR investor loans across 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed around property-level rental income instead of personal income documentation, subject to lender guidelines, serving LLC-structured portfolios and self-employed borrowers who don’t fit conventional boxes. Lendmire is a two-time Scotsman Guide Top Mortgage Workplace (2025, 2026).
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References
1. Scotsman Guide, Rev Up the Engine for Non-QM Lending
2. BiggerPockets, Financing Investment Properties
3. CFPB, Ability-to-Repay and Qualified Mortgage Rule 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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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.