The Quick Read: Usually yes, when a wholesale lender outside the private bank places the loan, because those programs set eligibility on deposits, liquid assets, or rental income rather than where the portfolio is managed, though a loan this size sits at the top of the ladder and is reviewed case by case. Leverage drops sharply at this size, and the documents decide the outcome. A private bank can still win on price if you move assets there, which is the trade-off to weigh.
- A loan near $6M is reviewed case by case before submission, through select wholesale programs, subject to full underwriting.
- On a primary-residence purchase in the $5M to $6M band, the ladder tops out at 60%. Investment property and second homes top out at 55%.
- Qualification can run on 12 or 24 months of bank deposits, on liquid assets, or on property cash flow. Your assets can stay where they are.
- A pledge is different from a transfer. Pledged-asset loans lock your securities, and that adds a risk the other paths do not carry.
Why Does the Private Bank Ask for Assets at All?
The bank is pricing a relationship. It is not following a lending rule. A private bank usually keeps a jumbo loan on its own books, underwrites it on full personal-income documents, and rewards clients who hold deposits or investments with it. Moving assets is a way to earn better terms. It is not a condition set by mortgage law.
Three terms get blurred in these conversations. Blue Vectis separates assets under management, custody, and a pledge as three different things. Managed assets are the ones an advisor invests for you. Custody is where the assets sit. A pledge is security the lender holds over named assets. The loan documents decide which one applies to you.
Many banks ask clients for a share of the loan amount in managed or custodial assets. Others only ask that you bank with them. A wholesale lender asks for none of this. It asks for proof that your funds exist, are liquid, and are yours.
Key Terms Defined
Assets under management (AUM): Money a bank or advisor invests on your behalf for a fee.
Custody: The institution that holds your assets, which may be different from the one that manages them.
Pledge: Assets that serve as lender-held security for a loan, so you cannot freely sell or move them.
Relationship pricing: A discount a bank gives clients who keep deposits or investments with it.
Bank-statement qualification: Income calculated from 12 or 24 months of deposits after an expense ratio, not from traditional personal-income documentation.
Asset allowance: A way to turn liquid assets into qualifying income by dividing them over a set number of months.
Four Ways to Structure the Loan
The table shows what you move, what you keep, and what you accept under each structure.
| Structure | What moves | What you keep | Trade-off |
|---|---|---|---|
| Move AUM to the bank | Assets shift to the bank | Full-doc underwriting | Concentration, relationship tie |
| Pledge assets | Assets locked as security | Assets stay invested | Forced-sale risk |
| Keep deposits only | Some cash at the bank | Portfolio stays put | Pricing may be less favorable |
| Outside lender, no tie | Nothing | Advisor and custodian | Lower leverage at this size |
The fourth row is the one this article focuses on. It is not a more affordable path for every client. It is the one that leaves your portfolio, your advisor, and your custody arrangement unchanged.
How a Loan Near $6M Is Sized
Every figure at this size is reviewed case by case before submission. Through select wholesale programs, leverage steps down as the loan grows. On a primary residence, typical ceilings run 90% to $1,000,000, 85% to $2,000,000, and 80% to $3,000,000. They reach 75% at the top credit tier to $4,000,000. Above that the file goes to case-by-case review.
Two programs handle the top end. The portfolio program is a non-QM bank-statement program that carries files to $6,000,000. The bank program is a bank-held jumbo program that takes twelve-month-statement files to $30,000,000. Its ladder is 65% to $5,000,000, 60% to $10,000,000, and 55% to $30,000,000. It begins above $4,000,000 and overlaps the portfolio program up to $6,000,000.
Here is what the $5M to $6M band looks like, on review in every cell:
| Occupancy | Purchase | Rate-term | Cash-out |
|---|---|---|---|
| Primary residence | 60% | 60% | 55% |
| Second home | 55% | 55% | 50% |
| Investment property | 55% | 55% | 50% |
Those are ceilings, not offers. Above the super-jumbo line the overlays tighten. The line sits at $3,500,000 on a primary residence and $3,000,000 on a second home or investment property. Past it, expect a 700 credit floor and a clean 0x30x24 housing history. Expect 48 months of seasoning after any credit event. Cash-out proceeds cannot count toward reserves.
Other conditions apply as well. The borrower must be a U.S. citizen or permanent resident. No non-occupant co-borrowers are allowed. Rural property is out, and ten acres is the maximum.
Debt-to-income can run to 50%. Reserves are 3 months to $500,000, 6 months to $1,500,000, and 9 months above that. Each additional financed property adds 2 months, up to a 12-month maximum. First-time investors need 12 months. A single borrower’s reserve documents are often the slowest part of the file to assemble, so start them early.
Qualifying Without Tax Returns or a Transfer
The first path is deposits. The lender reads 12 or 24 consecutive months of personal or business statements. Business statements need at least 25% ownership. Qualifying income is eligible deposits divided by the statement months, after 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 or a profit-and-loss method capped at 80% also works. Transfers from your own business into your personal account count in full.
Statements must be consecutive. A transaction history printout does not substitute. Large deposits need an explanation, and a lender will ask for one.
The second path is assets. The asset allowance divides liquid assets by 36, 60, or 84 months. The 84-month divisor applies to a standalone case or any loan above $3,500,000. This path serves primary and second homes only, at 80% maximum leverage. Assets-only qualification needs no debt-to-income test. It does need 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 age 59.5 and up. Business funds, gifts, most trusts, unvested stock, and cryptocurrency never count. A revocable living trust is the one trust that does.
None of this requires a transfer. The lender wants statements showing the money is liquid and unencumbered. Funds pledged elsewhere or borrowed shortly before the application are commonly excluded.
The Rental Property Case
If the $6M loan is for an investment property, the cleanest no-transfer route is the one the property funds itself. A DSCR loan is reviewed primarily on property-level rental income covering the payment, subject to lender guidelines. Divide gross monthly rent by the full monthly obligation, including taxes and insurance. Our complete DSCR loans guide walks through the test and the file.
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.
The catch is size. Many published DSCR ceilings sit below $6M, so a loan this large often needs a different program or a different documentation path. The rent also has to carry the payment. On a property with ordinary rent, a $6M loan can fail the coverage test before it fails anything else. Programs below 1.00 coverage are available through select lenders in the network, but leverage and terms adjust.
For a private bank client buying through an entity, the asset allowance does not apply, since that path serves only primary and second homes. Entity-held rentals typically run on property cash flow or on bank statements. Eligibility for an entity-titled loan depends on program guidelines. A borrower who owns the business that pays them can often use business statements instead.
One more point on portfolio growth. DSCR underwriting does not count your personal debt-to-income, so existing debts do not shrink what the property can support. A fully documented jumbo adds to your personal ratios with each new loan.
Worked Example
Run the numbers on a hypothetical client. She is a physician-owner with a practice, a managed portfolio at a private bank, and a purchase of a $6,000,000-band loan on a second home. Her traditional personal-income documentation shows less income than her business deposits do.
1. Pick the path. The bank-statement path fits, because her practice deposits are large and her returns understate income.
2. Set leverage. On a second-home purchase in the $5M to $6M band, the ceiling is 55%, on review. She needs a substantial down payment, and the funds must be seasoned.
3. Pull the statements. Twelve or twenty-four consecutive months of business statements. Transfers from the practice into her personal account count in full.
4. Apply the expense ratio. Her practice has six or more employees, so the fixed ratio is 50% unless her accountant supplies a lower documented one.
5. Show reserves. Nine months of obligations, in liquid funds, with statements. They sit at the private bank where they already are.
6. Review. Credit at 700 or higher, a clean housing history, and an appraisal. Each file is underwritten individually.
Her portfolio never moves. Her advisor never changes. She pays for that in lower leverage than a smaller jumbo would offer, and she may give up whatever price break the private bank would have offered for the assets.
Pledged-Asset Loans: The Version That Does Touch Your Portfolio
A pledged-asset loan keeps assets at your own institution, but it locks them. Securities-backed lines of credit are the common form. They avoid a sale, and the SEC and FINRA joint alert notes that borrowing against holdings lets investors keep accruing dividends, interest, and gains. The same alert warns about the risks.
FINRA’s explainer says a line can force the sale of holdings if the market moves against you. A loan secured by volatile assets can turn a market drop into a liquidity event. That is the margin-call risk, and a standard bank-statement or DSCR loan does not carry it.
There is also a documentation question. A lender may treat down-payment money borrowed against your portfolio as a liability, or may restrict its use. Check the specific program before you build a plan on it. Lendmire’s piece How to Tap Equity Without Losing Your Low First-Mortgage on Bank Statements covers a related way to use equity without disturbing assets.
Stay With the Bank or Go Outside?
Stay if you are fully documented, the bank offers relationship pricing you value, and you are comfortable consolidating assets. A fully documented client may well get the best price at the private bank. That is the real cost of leaving.
Go outside if any of these is true:
- Your traditional personal-income documentation understates your income.
- You do not want to move custody or change advisors.
- The property is a rental held in an entity.
- The bank is slow to prioritize non-owner-occupied jumbo loans.
- You want to avoid cross-default or relationship-termination language tied to your assets.
Before you decide, ask your banker three things. Is the best price tied to assets, deposits, or both? What happens to the loan terms if I move the assets out later? Can you quote the loan on the same terms with no asset requirement? Get the answers in writing. If the answer to the last question is no, the file is a candidate for the wholesale route. Lendmire’s article on how a private bank client approaches a super jumbo cash-out covers the owner-occupied side.
This is a real toss-up for many clients. The private bank may win on price. The outside route wins on freedom. The right choice depends on how much the assets matter to your overall plan.
Documents by Borrower Type
| Borrower | Core documents | Often added |
|---|---|---|
| Business owner | 12-24 months of statements | Ownership proof, CPA letter |
| Salaried with bonus | Pay history, returns | Bonus documentation |
| Asset-heavy, low income | Liquid asset statements | Retirement account terms |
| Rental investor | Lease or rent survey, appraisal | Entity documents |
All borrowers add credit, reserve statements, and explanations for large deposits. Entity files add operating agreements and a certificate of good standing. A complete set of these up front gives a lender fewer preventable gaps.
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.
Frequently Asked Questions
Do private banks require AUM for a large mortgage?
Some do and some do not. Many tie their best terms to deposits or assets held with them, and some ask for a share of the loan amount in managed assets. That is relationship pricing, not a legal rule. A wholesale lender outside the bank sets no such condition.
Can I get a $6M mortgage without moving my portfolio?
Often, through a wholesale program that is reviewed on deposits, assets, or rental income. At this size every file is reviewed case by case before submission, and leverage runs lower than on smaller loans. Programs vary, and each file is underwritten individually.
Does a pledge count as moving assets?
Not in the custody sense, but the assets are locked as security and cannot be freely sold. The SEC warns that a firm might sell securities if a maintenance call cannot be met. A standard bank-statement or DSCR loan does not pledge your portfolio.
Can my reserves stay at my private bank?
Yes. Reserves need to be liquid, unencumbered, and documented with statements. Retirement accounts count at 70%, or 80% at 59.5 and over. Business funds, gifts, unvested stock, and cryptocurrency do not count on the asset paths. Cash-out proceeds cannot satisfy reserves above the super-jumbo line.
Does this apply to every state?
Consumer mortgage lending for these programs is licensed in 16 states: AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA, and WA. Check the program for your state and property before assuming it applies.
Next Steps
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. Reach the team at 828-256-2183. Lendmire is a broker that shops multiple wholesale programs and is not the lender, and nothing here is a commitment to lend.
The private bank can still be the right answer for some clients. For a founder or physician whose deposits tell the story better than a tax return, the outside route gets the loan done without moving a dollar.
Lendmire’s self-employed mortgages page presents both super jumbo programs, bank statement and DSCR, side by side.
About Lendmire
A non-QM mortgage broker (NMLS# 2371349), Lendmire arranges DSCR financing for real estate investors in 41 markets — 40 states plus Washington, D.C. Because deals are underwritten primarily on property cash flow rather than personal income documentation, the structure suits self-employed buyers and entity-owned portfolios. Lendmire places loans through wholesale investor lenders; it is not a direct lender. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Blue Vectis: Retail Mortgage or Private Bank
2. SEC / FINRA Investor Alert on securities-backed lines of credit
4. SEC Office of Investor Education and Advocacy SBLOC alert
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 Refinance a Private Bank Jumbo Mortgage With Bank Statements · How Much Can You Borrow With a Jumbo Bank Statement Mortgage? · How Consultants Qualify for a Jumbo Mortgage With Bank Statements
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.