The Quick Read: Usually about 55% of the price on an investment-property purchase, and only on case-by-case review, because leverage is the limit at this size, not paperwork. Through select wholesale programs, a file like this is reviewed on documented income under the applicable program, subject to lender guidelines. That income comes from bank deposits, property rent, or personal liquid assets. Net worth alone does not set the number.
At a Glance: A family office can typically borrow about 55% of a $10M investment-property purchase through select wholesale programs, subject to lender guidelines and case-by-case review, because leverage is usually the binding limit at this size. The loan is reviewed on documented income, not traditional personal-income documentation.
- The lowest of three limits controls the loan: the leverage cap, what the rent can carry, and the program’s dollar ceiling.
- Investment-property cash-out runs around 50%, and a purchase typically requires an equity check of roughly 45% of the price or more.
- Three qualification paths exist: bank statements, property income (DSCR), and asset allowance. The right one depends on where the family’s money sits.
- Lenders usually underwrite a guarantor personally, even when an LLC holds title, so plan for personal credit review and a U.S. citizen or permanent resident signer.
- Dropping traditional personal-income documentation does not drop documentation. Statements, an appraisal, credit, entity documents and sourced reserves still apply.
Key Terms Defined
DSCR (debt service coverage ratio) is monthly rent divided by the full monthly obligation: principal, interest, taxes, insurance and any HOA dues. A result of 1.00 means the rent just covers the payment.
Non-QM means a mortgage that sits outside the standard qualified-mortgage box. Lenders write it for borrowers whose income is real but does not show up cleanly on traditional personal-income documentation.
Bank-statement income is the average of your eligible deposits over 12 or 24 months, after an expense ratio. It replaces traditional income documentation as proof of income.
LTV (loan-to-value) is the loan as a percentage of the price or appraised value, whichever the lender uses.
Asset allowance turns personal liquid assets into monthly qualifying income by dividing them over 36, 60 or 84 months.
Reserves are liquid funds left in the bank after closing, counted in months of the property’s payment.
Guarantor is the person who signs personally for a loan made to an entity. The lender underwrites that person’s credit and income.
How Much Can a Family Office Borrow on a $10M Property?
Three limits decide it, and the lowest one wins:
1. The leverage cap. This is a percentage of price or appraised value, set by loan size and occupancy.
2. What the rent can carry. This applies on a property-income file, where the lender checks coverage.
3. The dollar ceiling. Each program band has its own maximum loan.
At $10M, the leverage cap almost always binds first.
Two programs matter here. A portfolio non-QM bank-statement program carries files to $6,000,000. A second, larger-loan program begins above $4,000,000 and overlaps the first program up to $6,000,000. A $10M purchase lands on the bank portfolio program’s ladder.
Leverage on that ladder falls as the loan grows. It also depends on how you will use the property. The figures below are ceilings through select wholesale programs, subject to full underwriting. Every one is reviewed case by case before submission.
| Occupancy | Purchase LTV | Cash-out LTV | Credit for this leverage |
|---|---|---|---|
| Primary residence | 60% | 55% | 680+ |
| Second home | 55% | 50% | 680+ |
| Investment property | 55% | 50% | 680+ |
These figures cover loans of roughly $5,000,000 to $10,000,000, which is where a $10M purchase lands at these leverage levels. Rate-and-term refinances take the same percentages as purchases in these bands.
Read the credit column as the score that band’s top leverage needs. It is not a program floor. The floors are 680 on the bank portfolio program and 700 above the super-jumbo line. A lower score takes a lower leverage cell in the same band. Cash-out proceeds cannot count toward reserves at this size.
Most family offices buy through an entity, so the investment-property row is the one to plan around. Start from the price. Take roughly 55%. Expect the lender to review it, not simply grant it. The rest is your equity.
Run the $10M Property Through Three Paths
The answer changes with the qualification path, so here is the same $10M asset run three ways. These are modeled scenarios, not market data.
Path one: bank statements. The guarantor shows 12 consecutive months of deposits on the bank portfolio program. Business statements require at least a 25% ownership stake. The lender divides eligible deposits by the statement months, then applies an 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 is also an option. So is a profit-and-loss method capped at 80%.
Transfers from the borrower’s own business into a personal account count at 100%. Family-office cash often moves between related entities, so this matters. Clean, consecutive statements make the file. Transaction histories never substitute.
Debt-to-income can run to 50%. Statements show income, and the 55% leverage cap sets the loan. Binding constraint: leverage.
Path two: property income. This is the DSCR route. The lender compares the property’s rent to its full monthly obligation. The rent comes from a lease or an appraiser’s market-rent schedule. Borrower wealth never enters the ratio. A $10M asset with a thin rent-to-price relationship can fail on coverage even when the owner is very wealthy.
Say the rent covers the payment around 1.2x. Coverage is fine, so leverage and the program’s size band still govern. Say it covers only 0.8x. Select lenders in the network do review coverage below 1.00, but loan-to-value and terms adjust. Binding constraint: coverage, then leverage.
Residential DSCR programs are generally built around one to four units. Larger multifamily typically moves to commercial underwriting. Scotsman Guide describes DSCR as a non-QM, low-documentation product that looks mainly at whether the property covers the payment, with each lender setting its own rules. For the mechanics, see Lendmire’s complete DSCR loans guide.
Path three: assets. This path suits a principal buying a primary residence or second home, not a rental. Asset allowance divides liquid assets by 84 months on any loan above $3,500,000. The maximum is 80% on the program’s own terms, and the qualifying ratio with that income counted must still fit the 50% ceiling.
Retirement accounts count at 70%, or 80% at age 59.5 and older. Business funds, gifts, cryptocurrency, unvested stock, and trusts other than a revocable living trust never count. So money parked inside the family office’s operating entity does not help here. Personal liquid assets do. Binding constraint: the asset total, then leverage.
Which Path Fits Which Family Office?
Pick the path that matches where your money sits. A family that owns an operating business usually leads with deposits. One that owns stabilized rentals leads with property income. One with a large personal portfolio and a home purchase leads with assets.
| Path | What drives lender review | Best fit | Occupancy |
|---|---|---|---|
| Bank statements | Deposits after expense ratio | Operating-business owners | Primary, second, investment |
| Property income | Rent versus full payment | Rent-heavy assets | Investment |
| Asset allowance | Liquid assets over 36/60/84 months | Liquid-rich individuals | Primary, second |
Here is a genuine toss-up. A family with a strong operating business and a well-rented asset can use either of the first two paths. Deposits often give more room on a lower-yielding trophy building. Property income is cleaner on a high-yield asset. A broker who sees several programs’ guidelines can run both before you commit.
Who Is Actually the Borrower?
A family office is not a loan category. To a lender, the borrower is a legal entity or a person. Family-office guides, such as Pitcairn’s overview of family investment LLCs, describe each property often sitting in its own LLC. The family may also hold those under a central investment LLC.
Whether a given program lends to the entity or to an individual varies by program. Entity-titled purchases are subject to program terms. Plan for a guarantor either way. That person must be a U.S. citizen or permanent resident at this size, and the lender underwrites that person’s credit and deposits. A layered structure (trust, holding company, property LLCs) adds paperwork, so settle the ownership chart before you shop.
Now the business-purpose point. 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. Federal truth-in-lending examination guidance treats credit to acquire rental property that the borrower does not occupy as business-purpose credit. The final ability-to-repay rule says the same of investment loans. That is why a rental can be underwritten on the property. It is not a loophole. The lender still analyzes the file.
One caution. A trust that borrows for personal use, such as a family residence, is a different matter. Do not assume the investor treatment follows you there.
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.
What a Lender Will Still Ask For
Skipping conventional personal-income paperwork does not mean skipping proof. Expect to produce the following, subject to the program:
- 12 consecutive months of statements (24 on the portfolio program if you choose that option), personal or business
- Proof of at least 25% ownership for business accounts
- An appraisal, plus a lease or rent schedule on a property-income file
- A credit report on the guarantor
- Entity documents and an ownership chart
- Reserves, sourced and seasoned
Reserves scale with size. The network requires 9 months above $1,500,000, plus 2 months per additional financed property up to a 12-month maximum. First-time investors need 12 months. Reserve months are counted against the property’s full monthly obligation.
Credit matters too. A score of 680 is the floor on the bank portfolio program, and 700 applies above the super-jumbo line. Super-jumbo overlays add a 0x30x24 housing history and 48-month seasoning after any credit event. They also exclude rural property, acreage above ten acres and non-occupant co-borrowers. Another point: if you want interest-only, the bank portfolio program offers it on five- and seven-year fixed-period adjustables. It caps interest-only at 60% or the band’s ceiling, whichever is lower.
What Happens When $10M Is Too Big for One Loan?
When the size, the equity check, or the coverage will not work, there are three adjustments to consider. Each is reviewed case by case at this size.
Lower the loan. Bring more equity. The percentages above are ceilings, and a smaller loan sits in a more flexible band.
Change the collateral mix. A cross-collateralized or split structure can change how coverage and leverage read. Whether it fits depends on the program and the entity chart.
Change the occupancy or program. If a principal will live in the property, the primary-residence row steps up to 60% on a purchase. If the asset has five or more units, or is a stabilized commercial property, it usually belongs on a commercial track where net operating income drives coverage. That route runs on different rules than anything above.
Another rule that surprises people: above $4,000,000 nothing is a flat maximum. Every loan above that size is reviewed before submission, and the answer you get is a range, not a promise.
Frequently Asked Questions
Can an LLC borrow, or does a person have to?
It depends on the program. Many programs underwrite the guarantor personally, even when the property is titled in an LLC, so plan for a personal signature and personal credit review. LLC-titled purchases are handled per program requirements, and your broker should confirm vesting before you pay for an appraisal.
Does no standard personal-income documentation mean no documentation?
No. Under the program’s terms the file is reviewed on documented income, whether that is 12 or 24 months of bank statements, the property’s rent, or personal liquid assets. An appraisal, credit, reserves and entity documents still apply. What drops out is the tax return as proof of income.
Is cash-out available on a $10M property?
Yes, at lower leverage. On an investment property the ladder runs about 50% cash-out in these bands, on review. The bank portfolio program publishes no cash-out cap. The portfolio non-QM program caps cash in hand at $1,500,000 above 60% LTV, but that program stops at $6,000,000. Cash-out proceeds cannot satisfy reserves at this size. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Can the property sit in a trust?
Sometimes, and it is program-specific. For the asset path, only a revocable living trust’s assets count toward qualification. Other trusts, business funds and gifts do not. Confirm vesting early, because a trust borrowing for personal use is treated differently from an investor entity.
Do reserves change at this size?
Yes. Reserves step up to 9 months above $1,500,000, plus 2 months for each additional financed property, up to 12. First-time investors need 12. They are counted in months of the full property obligation, and cash-out proceeds cannot cover them.
Next Step
Lendmire is a broker that places files through select wholesale programs, subject to full underwriting, and nothing here is a commitment to lend. 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.
At $10M, the family office that wins is usually the one that decides its equity check before it decides its documentation.
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 — is a mortgage broker that arranges bank statement, P&L-only, 1099-only and asset-based home financing in 16 states through wholesale lenders, on primary residences, second homes and investment properties. Every option is subject to the lender’s guidelines and full underwriting. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
Investors who want the broader program framework can review how DSCR loans work.
Get Started
Ready to find the right loan for you?
In about 30 seconds you can review financing options available for your home or investment property. No commitment required.
Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
1. Scotsman Guide: Reach real estate investors by becoming an expert in these loans
2. CFPB Truth in Lending Act examination manual
3. Federal Register: Ability-to-Repay and Qualified Mortgage Standards final rule
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 You Borrow With an Assets-Only Mortgage? · How Much Can Tech Founders Borrow With a Bank Statement Loan? · Pledged-Asset Mortgage vs PAL vs Margin Loan for a Property Purchase
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- 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.