The Quick Read: A super jumbo bank statement loan is reviewed for a high-balance borrower on twelve or twenty-four months of real deposits instead of traditional personal-income documentation. That lets founders, physicians, attorneys and other owners whose returns understate their cash flow be underwritten on what actually landed in the account, while credit, assets, reserves and the property are still fully reviewed. Loan size and income documentation are separate questions, and your private bank may still win on a clean file.
- Income comes from eligible deposits, minus an expense ratio, divided by the months reviewed.
- Leverage steps down as the loan grows, and everything above $4,000,000 is reviewed case by case before submission.
- A private bank often wins when your returns are clean and your assets sit with it. A bank statement loan wins when the returns, the size or the structure get in the way.
- You cannot transfer a private-bank mortgage. Switching means a new purchase loan or a refinance.
What a Super Jumbo Bank Statement Loan Actually Is
It is two ideas stacked together. “Super jumbo” describes loan size. “Bank statement” describes how income is documented.
Nobody officially defines super jumbo. It is a market label for loans well above the jumbo threshold, and each lender decides where it starts. In Lendmire’s wholesale network, the overlays tighten once a primary residence passes $3,500,000 or a second home or investment property passes $3,000,000. That is where the file starts to look like a super jumbo.
The bank statement part is a documentation method. A self-employed borrower with no W-2 supplies personal or business statements covering twelve to twenty-four months, and the lender converts deposits into income using an expense factor. A third-party profit-and-loss statement is an alternative route. The specifics of how this plays out across the wholesale network follow below.
The file is not lightly reviewed. The statements replace only the income proof. Credit, debts, reserves, assets and the property all get the usual scrutiny.
Key Terms Defined
Non-QM means a loan that sits outside the standard qualified-mortgage box. It serves creditworthy borrowers whose income or structure doesn’t fit standard documentation.
Super jumbo is a market label for very large loans. It has no official definition.
Bank statement loan is a mortgage qualified on deposits in your personal or business accounts instead of traditional personal-income documentation.
Expense ratio is the share of business deposits treated as costs rather than income. The lender sets it based on your business and documentation.
Reserves are liquid funds you must hold after closing, counted in months of the property’s payment.
Private-bank loan is a mortgage a private bank typically holds on its own books. Its pricing often depends on the assets you keep there.
How Do Deposits Become Qualifying Income?
Eligible deposits, less an expense ratio, divided by the months of statements. That is the whole formula. The judgment lives in what counts as eligible and which ratio applies.
Here is how most programs in the network handle it, through select wholesale programs and subject to full underwriting:
1. Choose the lookback. The portfolio non-QM program, which carries files to $6,000,000, accepts twelve or twenty-four consecutive months of personal or business statements. The bank portfolio program, which carries twelve-month-statement files up to $30,000,000, uses twelve months. Statements must be consecutive, and a transaction history never substitutes.
2. Pick the account type. Business statements require at least 25% ownership of the business. Personal statements are read closer to the raw deposits.
3. Strip what isn’t income. Loan proceeds, refunds, gifts and one-off windfalls come out. Transfers from your own business into your personal account count in full, which matters if you pay yourself through owner draws.
4. Apply the expense ratio. The fixed options vary by business type and headcount, with a lower ratio for a service business with no employees, a middle ratio for a small team, and the highest ratio for larger teams or any product business. An accountant-provided ratio can replace the fixed one. A profit-and-loss path also exists and is capped at 80%.
5. Check the trend. Falling deposits or unusual activity usually draw a letter of explanation.
6. Run the full file. Debt-to-income can run up to 50%, and the lender reviews credit, reserves and the property as it would on any large loan.
Picture a six-person consulting firm. The fixed ratio is 50%, so half of the eligible deposits count as income. Your owner draws into a personal account count in full on the personal side. If your accountant documents a lower ratio and the program allows it, more of each deposit counts. If you can’t document it, the file falls back to the fixed ratio.
Two asset-based paths also exist for primary and second homes. An asset allowance divides liquid assets by 36, 60 or 84 months to supplement or replace income. Assets-only qualification requires U.S. liquid assets equal to the loan amount plus closing costs, with no debt-to-income test. Retirement accounts count at 70%, or 80% at age 59.5 and older. Business funds, gifts, cryptocurrency and unvested stock never count.
How Does a Private Bank Underwrite Differently?
A private bank looks at the whole relationship. A deposit-based review looks at the file in front of it. That structural difference is what you are really choosing between.
Private banks generally keep jumbo loans on their own balance sheet. Relationship pricing is typically tied to assets or deposits you hold with them, and it assumes your traditional personal-income documentation supports the income.
| Factor | Private bank | Bank statement loan |
|---|---|---|
| Who holds the loan | Usually the bank itself | Wholesale investors or portfolio lenders |
| Income proof | traditional income documentation and W-2s or K-1s | 12 or 24 months of deposits |
| Relationship tie | Pricing often linked to assets held | None required |
| Best fit | Clean returns, assets on deposit | Returns understate real cash flow |
What Size and Leverage Can You Expect?
Leverage falls as the loan grows. Through select wholesale programs, subject to full underwriting, a primary residence purchase typically runs up to 90% 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. Second homes and investment property take their own ladders, and the purchase ceiling runs lower than the primary figure in most bands.
Above $4,000,000, every file is reviewed case by case before submission. On a primary residence purchase, the bank portfolio program’s own ladder typically runs 65% to $5,000,000, 60% to $10,000,000 and 55% to $30,000,000, on review. Never read those as flat promises.
Credit works the same way. The portfolio non-QM program typically starts at a 660 floor, and the bank program at 680. The floor is 700 above the super-jumbo line.
Here is how the official line fits in. The federal conforming loan limit is $832,750 for a one-unit property, with a high-cost ceiling of $1,249,125. Anything above the applicable limit is jumbo, and the rest of the super jumbo story is lender-defined.
Reserves typically run 3 months to $500,000, 6 months to $1,500,000 and 9 months above that. Add 2 months for each additional financed property, up to 12, and first-time investors typically carry 12.
Cash-out has its own rules. On the portfolio program, proceeds are unlimited at or below 60% LTV and capped at $1,500,000 cash in hand above 60%. On a primary-residence cash-out, leverage tops out at 80% at the smaller loan sizes and steps down from there. Interest-only reaches 85% LTV with a 700 score on the portfolio program, but only on purchase and rate-and-term files. It never lifts a cash-out ceiling. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Above $3,500,000 on a primary residence, and $3,000,000 on a second home or investment property, expect extra overlays:
- A 700 credit floor and a clean 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, with a ten-acre maximum
- Cash-out proceeds that cannot count toward reserves
Where the General Rule Breaks
The formula is steady, but the exceptions are where files get decided.
Owner-occupied versus investment. For a primary or second home, the lender must still make a good-faith repayment determination. That means weighing the new payment, taxes and insurance, other loans and other debts, as laid out in the CFPB’s ability-to-repay compliance guide. Bank statement does not mean stated income.
Investment property is different. Bank statement loans are designed for creditworthy borrowers, and business-purpose investor loans are reviewed differently from a standard owner-occupied mortgage. The lender decides whether a given file is business-purpose.
Pass-through deposits. A contractor whose account carries client funds on the way to subcontractors may see a higher effective expense ratio, or those deposits excluded.
Under 25% ownership. If you own less than a quarter of the business, its statements cannot be used. Personal statements or an asset path may still work.
Undocumented claims. A lower ratio you can’t prove reverts to the fixed one.
Property type. Warrantable condos typically reach 85% LTV and non-warrantable condos 80%. Condotels reach 75% on a purchase and 65% on a cash-out. Second homes are one-unit only. Rural property reaches 80% on ten acres or less and never above $3,000,000.
The investor angle. Investors with heavy write-offs or pass-through entities can show low taxable income despite strong cash flow, so statements read the cash instead. If the property carries itself, a loan that qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, may fit better. Lendmire’s complete DSCR loans guide covers that path. 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.
When Should You Stay With the Private Bank?
Stay when the file is clean, fully documented and priced on assets you already hold there. Your bank knows you, and a seamless purchase from a lender with your whole balance sheet in view is hard to beat.
One honest complication: the bank’s pricing edge usually assumes your conventional personal-income paperwork supports the income it needs. If your returns show strong cash flow after write-offs, the relationship discount may not be enough. If your assets are modest at that institution, the discount may be small anyway.
Lendmire’s piece on how private-bank requirements compare with non-QM super jumbo requirements after a sale goes deeper on that side-by-side.
| Your situation | Likely better fit |
|---|---|
| Clean returns, assets on deposit at the bank | Stay with the private bank |
| Strong deposits, returns understate income | Bank statement loan |
| Bank declined the size, property or vesting | Bank statement loan |
| Rental property carries its own payment | DSCR loan |
| Size or documentation could go either way | Run both paths in parallel |
What Changes If You Switch?
You don’t convert the old loan. You replace it. Switching means a refinance or a new purchase loan, and the private bank’s mortgage can’t be transferred.
Don’t end the old arrangement before the new loan is confirmed. Any pricing tied to assets at the bank may change if those assets move, so ask the bank directly what stays and what shifts.
A broker helps most here because the same deposits can look different across programs. The brokerage shops multiple wholesale programs against your deposits, property, credit and leverage target, then compares them side by side. It does not lend. Lenders review eligibility, and every file is underwritten individually.
Common Misconceptions
Non-QM means bad credit. It doesn’t. The floors above are credit-score floors, and the overlays raise them as loans grow. These loans serve creditworthy borrowers whose paperwork doesn’t fit.
Bank statement means little documentation. It means different documentation. Deposits, ownership, assets and the property are all reviewed.
All deposits count. Transfers, refunds, loan proceeds and gifts come out.
You choose the expense ratio. The program sets it by business type, and an accountant-provided ratio may change it if the program allows.
My bank will just match it. Possibly, if your returns support the income, so it is worth asking.
Documents to Gather
- 12 or 24 consecutive months of statements for every account you’ll use, personal or business
- Proof of ownership percentage for any business
- An accountant’s expense ratio letter, if you want to use one
- Statements for liquid and retirement assets and your reserves
- A purchase contract or current mortgage statement, plus property details
Frequently Asked Questions
What counts as a super jumbo loan?
There is no official definition. The only federal line is the conforming loan limit, and everything above it is jumbo. Lenders choose where super jumbo begins, and in this network the extra overlays start above $3,500,000 on a primary residence and $3,000,000 on a second home or investment property.
Does a bank statement loan skip underwriting?
No. Deposits replace only the tax-return income proof. Credit, reserves, assets, debts and the property are all reviewed, and every file is underwritten individually, subject to lender guidelines.
Can I use my business account instead of a personal one?
Yes, if you own at least 25% of the business. Business deposits take an expense ratio, and transfers from your business into your personal account count in full.
Can I keep my private bank loan and add a non-QM loan?
Yes, if the new loan is on a different property. You can’t swap the loan on an existing property without a refinance, and reserves rise with each additional financed property.
Can a non-QM loan go above $4,000,000?
Through select wholesale programs, yes, but every file above that size is reviewed case by case before submission. Leverage steps down as size climbs.
Compare Your Options
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 consumer mortgage lending covers AL, CA, CO, FL, GA, IN, MI, MT, NM, NC, OH, PA, TN, TX, VA and WA. Programs change, 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), 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. FHFA – Conforming Loan Limit Values
3. CFPB – Ability-to-Repay and Qualified Mortgage 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: Can Assets Alone Qualify You for a Super Jumbo Bank Statement Loan? · How a Malibu Bank Statement Jumbo Loan Works · How a Lake Norman Bank Statement Jumbo Loan Works
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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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.