MortgageDepot Arranges Financing for Purchase of Single-Family, Second Home Property in the Hamptons through Bank Statement Program

Mortgage Loan Originator, Michael Kauffman, originated the loan and worked on behalf of the borrower to secure a 30-year loan with a 3.6 fixed-interest rate. The financing was structured as a Bank Statement loan which allowed the borrower to secure a mortgage loan by using their personal and/or business bank statement to prove their cash flow and calculate income without requiring tax returns.

MortgageDepot is a market leader in Non-QM Loans and specializes in providing borrowers who don’t qualify for a conventional loan with mortgage solutions by leveraging its alternative lending options. This specialty product is designed for the self-employed, gig-economy workers, business owners, entrepreneurs, and retirees who tend to have an irregular income stream.

Our Bank Statement Program offers three scenarios:

Scenario 1: Uses a P&L statement as the primary source of information to qualify the borrower.  The borrower provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer. The revenue from the P&L will be supported by the bank statements the borrower provides from the last 12 consecutive months — bank statements must reflect deposits no less than 5% of the revenue stated on the P&L.

Scenario 2 – No P&L statement is required. Only personal bank statements will be considered to determine eligibility.  In this scenario, the borrower provides personal bank statements from the last 12 consecutive months; plus, recent business bank statements from the last three (3) months (in order to verify the maintenance of separate accounts), and annual deposits are averaged to determine monthly income).

Scenario 3 – Only Business Bank Statements are used to qualify for a loan.

Here, the borrower only provides business bank statements for the last 12 consecutive months, in addition to a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer —   the business bank statements must reflect deposits no less than 5% of the revenue stated on the P&L.

At MortgageDepot, our mortgage professionals bring unparalleled depth of experience and mortgage knowledge to every loan transaction — no matter how unique or complex — they are committed to delivering the best financial outcomes for their clients.

To learn more about our Bank Statement Program, contact one of our specialists.