The Quick Read: A super jumbo refinance on company bank statements qualifies the borrower on documented deposits in the business account, after an expense ratio, instead of on tax-return income. Through select wholesale programs, subject to full underwriting, the file runs on 12 or 24 months of consecutive statements, at least 25% ownership of the business, and a leverage ceiling set by loan size.
- Business deposits are averaged over the statement months, then reduced by an expense ratio.
- Transfers from the borrower’s business into a personal account count at 100%.
- Leverage steps down as the loan grows, and everything above $4,000,000 is reviewed case by case before submission.
- Cash-out gets a lower ceiling than rate-and-term at every size.
- Every other debt counts against the borrower, which is the main difference from a DSCR loan.
Founders, physicians, attorneys and other owners with a large mortgage often hit the same wall at refinance time. Traditional personal-income documentation shows the write-offs, not the cash. Company bank statements show the cash. This guide walks through how an underwriter handles that file, step by step, and where it breaks.
Is a Super Jumbo Refinance on Bank Statements Possible?
Yes, through select wholesale programs. “Super jumbo” has no legal definition. Super jumbo is a market label for the top size tiers, where programs add overlays on credit, reserves, appraisals and leverage.
Across the wholesale network, two program types carry these files. A portfolio non-QM bank-statement program handles loans from $300,000 to $6,000,000. A bank portfolio jumbo program carries twelve-month-statement files to $30,000,000 on its own ladder. Its ladder begins above $4,000,000 and overlaps the first program to $6,000,000, then stands alone. Either way, income documentation and loan size are separate questions. The statements set the income. The size tier sets the leverage.
“Bank statement” does not mean stated income. The income is verified against real deposits. The Scotsman Guide’s non-QM coverage describes the standard scenario the same way: a self-employed borrower supplies 12 to 24 months of personal or business statements, and the lender applies an expense factor.
Key Terms Defined
Super jumbo: A market label for the largest loan tiers, set by each program rather than by any regulation.
Expense ratio: The share of business deposits the program treats as operating cost before income is counted.
Eligible deposit: A deposit from real business revenue that survives the underwriter’s screening.
Commingling: Personal and business money running through one account, which forces extra explanation.
Seasoning: The required time since a credit event or a prior transaction.
Case-by-case review: Pre-submission review of a file against a program’s discretion, used on loans above $4,000,000.
How Company Statements Become Qualifying Income
The formula is simple: eligible deposits are divided by the statement months, adjusted by the expense ratio, and then multiplied by the ownership share. The work is in each input.
1. Choose the account type. Personal statements count eligible deposits directly. Business statements go through the expense ratio and need at least 25% ownership.
2. Pull consecutive statements. The program takes 12 or 24 months. The bank portfolio program uses 12. Every page, every account used, no gaps. Transaction histories never substitute for statements.
3. Screen the deposits. Underwriters remove transfers between the borrower’s own accounts, owner contributions, loan proceeds, refunds, gifts and one-time items. Large unexplained deposits, overdrafts, inconsistent revenue and commingled funds are the usual complications.
4. Apply the expense ratio. The program sets it, not the borrower. Across the network the 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. A profit-and-loss method exists too, capped at 80%. The Scotsman Guide also notes that a P&L or a third-party tax professional’s expense statement can serve as the alternative.
5. Prorate by ownership. A borrower owning 60% of the company counts 60% of the net figure.
6. Run every debt against the income. Debt-to-income can go to 50%. Every financed property counts, which is why scaling on statements gets harder with each purchase.
7. Underwrite the rest. Credit, reserves, appraisal and loan purpose all get reviewed. Cash-out files add use-of-funds scrutiny.
Here is a modeled example, not a market figure. Say a company account shows steady deposits, and a handful of large items are transfers and a loan draw. Those come out first. A one-to-five employee business then takes the 40% ratio. What remains is the income. The lender tests that income against all debts at the 50% ceiling. If the CPA letter shows a lower ratio but payroll and supplier payments in the statements say otherwise, underwriters discount the letter.
Transfers from the borrower’s own business into a personal account count at 100%. That helps owners who pay themselves from the company, since the personal account captures income that would otherwise face the expense ratio.
Which Deposits Count?
| Deposit type | Usual treatment | What to document |
|---|---|---|
| Customer or client revenue | Counts after expense ratio | Invoices for large items |
| Transfer from own business to personal | Counts at 100% | Matching business statement |
| Transfer between own accounts | Removed | Both statements |
| Owner contribution | Removed | Source of funds |
| Loan proceeds | Removed | Loan documents |
| Refunds, gifts, one-time items | Removed | Explanation letter |
Large deposits that look like revenue but can’t be traced to it are the usual place a file stalls. Underwriters want invoices or contracts. Get them before the file goes in.
Personal, Business or Commingled Accounts
Personal statements are simpler. Eligible deposits count directly, but business revenue running through a personal account looks like commingling and draws questions. Business statements are cleaner on source but take the expense ratio and the ownership test. Under 25% ownership, business statements are out. Personal statements or an asset path may still work.
A business under 24 months old may fit the 12-month path better. A falling deposit trend can sink the file, because the deposits are the income. Owners whose revenue has dipped should talk to a broker before applying, not after.
What Changes at Super Jumbo Size
Leverage steps down with loan size. The bands below are loan amounts, not purchase prices. Every figure is a ceiling through select wholesale programs, subject to full underwriting. Figures shown are for a primary residence, rate-and-term versus cash-out.
| Loan band | Program | Rate-term | Cash-out |
|---|---|---|---|
| $300K–$1M | Portfolio | 90% | 80% |
| $1M–$1.5M | Portfolio | 85% | 80% |
| $1.5M–$2M | Portfolio | 85% | 75% |
| $2M–$3M | Portfolio | 80% | 70% |
| $3M–$3.5M | Portfolio | 75% | 65% |
| $3.5M–$4M | Portfolio, overlays | 70% | 65% |
| $4M–$5M | Bank portfolio | 65% | 60% |
| $5M–$10M | Bank portfolio | 60% | 55% |
| $10M–$30M | Bank portfolio | 55% | 50% |
Everything above $4,000,000 is reviewed case by case before submission, so treat those cells as ceilings on review, not promises. Second homes and investment property use their own ladders, which sit lower in several bands. Read each occupancy’s ladder directly rather than subtracting from the primary figure.
Credit works differently than most borrowers expect. The top leverage cell in each band needs a higher score, such as 680 or better at the bottom band and 720 across the middle bands. It is not the floor. The floors are 660 on the portfolio program up to the super-jumbo line and 700 above it, while the bank portfolio program keeps its own 680 floor at every size. A lower score takes a lower leverage cell in the same band.
Above $3,500,000 on a primary residence, and above $3,000,000 on a second home or investment property, super-jumbo overlays apply: a 700 credit floor, a 0x30x24 housing history, 48 months of seasoning after any credit event, U.S. citizen or permanent-resident borrowers, no non-occupant co-borrowers, no rural property, and cash-out proceeds that cannot satisfy reserves.
Reserves run 3 months to $500,000, 6 months to $1,500,000 and 9 months above, plus 2 months per additional financed property to a 12-month maximum. First-time investors need 12 months.
Cash-out has its own limit on the portfolio program. Proceeds are unlimited at or below 60% LTV, with a $1,500,000 cash-in-hand cap above 60%. The bank program publishes no cap, but the ladder’s cash-out column still governs. Exact terms depend on the lender’s guidelines, property type, leverage, and a full review of the borrower’s file.
Refinancing Out of a Specific Starting Point
Out of an adjustable-rate or interest-only note. A refinance restarts any interest-only clock, so it is not free time. The portfolio program offers a 40-year term with a 10-year interest-only period, to 85% LTV with a 700 floor, on purchase and rate-term files. The bank program offers 5- and 7-year fixed-period adjustables at 60%. Interest-only never raises a cash-out ceiling. Every figure here varies by lender and program — guidelines, property type, leverage, and credit profile all apply.
Out of a bank-held portfolio loan. Request a payoff statement early and read the note for prepayment terms. Reconcile the payoff against the new loan before the file is submitted so the settlement does not surprise anyone.
Out of an LLC or entity structure. Vesting on bank-statement loans is program-dependent, and it is commonly allowed on DSCR files instead. Confirm entity eligibility before choosing a path.
Where the Standard Path Breaks
- Falling deposits. Income is the deposit trend. A decline drives the number down.
- Under 25% ownership. Business statements are unusable. Try personal statements or assets.
- Commingled accounts. Expect requests for invoices, contracts and explanation letters.
- Condos and special property. Warrantable condos go to 85%, non-warrantable to 80%, condotels to 75% purchase and 65% cash-out. Texas 50(a)(6) home-equity loans take a 5-point LTV reduction and stop at $3,000,000 on the portfolio program.
- Rural property. Up to 80% on ten acres or less, never above $3,000,000.
- Liquidity beats deposits. The asset allowance divides liquid assets by 36, 60 or 84 months. The 84-month divisor applies to standalone use or any loan above $3,500,000. It is available on primary and second homes only, at 80% maximum. Retirement accounts count at 70% (80% at 59.5 or older). Business funds, gifts, most trusts, unvested stock and cryptocurrency never count.
- Assets-only. No DTI test applies when U.S. liquid assets equal the loan plus closing costs plus sixty months of any net loss on other residential property. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
Bank Statement or DSCR?
The two products test different things. Bank statements qualify the borrower, through deposits and personal DTI, so every financed property counts against the borrower. DSCR qualifies primarily on property-level rental income covering the payment, subject to lender guidelines, measured property by property. Investors with weak or vacant rent, or an owner-occupied or second home, usually fit statements. Investors with several stabilized rentals often scale better on DSCR. Lendmire’s complete DSCR loans guide covers the investor side in full. For how the equity side of a cash-out works on these files, see Lendmire’s piece on super jumbo cash-out refinance equity requirements on bank statements.
Bank statements can also prove assets, reserves and source of funds on a DSCR file without serving as the income document. Programs below 1.00 coverage are available through select lenders in the network, with leverage and terms adjusted.
Mistakes That Sink Files
Gaps in the statement set. Screenshots in place of full statements. A lump-sum deposit presented as income. Waiting until deposits slow before applying. Using an accountant’s expense ratio that the statements contradict. Assuming an LLC ends personal liability on the note.
When Not to Refinance
Skip the refinance if the savings do not outrun the costs over the time you will keep the loan. Skip it if the new loan resets an interest-only period you have already used. Skip it if cash-out proceeds are headed for personal spending on a file you wanted kept on a business-purpose path. A short holding horizon rarely justifies the reset.
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.
Frequently Asked Questions
Can a super jumbo loan be refinanced on company bank statements?
Yes, through select wholesale programs, subject to full underwriting. The file runs on 12 or 24 consecutive months of statements, with an ownership test and an expense ratio, and leverage depends on the loan band.
How much of my business deposits count as income?
Eligible deposits count after an expense ratio of 20%, 40% or 50% depending on the business, or an accountant-provided ratio, or a profit-and-loss method capped at 80%. Transfers from your business into a personal account count at 100%.
What if I own less than 25% of the company?
Business statements generally cannot be used. Personal statements or an asset-based path may still work, depending on the file.
Does a cash-out super jumbo refinance have a higher or lower leverage ceiling?
Lower. Above $4,000,000, every figure is reviewed case by case before submission.
Is a bank statement loan the same as stated income?
No. Income is verified against actual deposits, and debts and credit are verified too. The CFPB’s Ability-to-Repay and Qualified Mortgage small entity compliance guide lays out the factors a consumer-purpose lender must consider and verify.
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 licensed for consumer lending in 16 states. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. Scotsman Guide, “Rev Up the Engine for Non-QM Lending”
2. CFPB, Ability-to-Repay and Qualified Mortgage Rule 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: Should a Founder Refinance a Super Jumbo Bank Statement Loan? · Refinance vs Recast vs Keeping a Super Jumbo Bank Statement Loan · How to Qualify for Super Jumbo Bank Statements in the Same Field
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.