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The Self-Employed Loan Programs You've Been Waiting For

Self-employed borrowers usually face numerous challenges when seeking any financing. Whether you want a mortgage or personal loan, be sure of several hurdles along the way as long as you are self-employed.

Most lenders will require you to produce your most recent business bank statements, backed with your Profit and Loss statements. Some lenders require the documents to be as current as three months, and you are only eligible for a loan if you are 100% owner of the business.

The concerns of these lenders are valid since many of them consider a self-employed borrower’s income as volatile and inconsistent. The unsteady and unpredictable nature of your income might make it difficult for you to make your monthly payments promptly.

Fortunately, such stringent and unflexible restrictions do not exist when dealing with a credible lender like LendSure.

Why Choose Loans with Movement Mortgage for Self-Employed Borrowers?

As you know, getting a loan as a self-employed borrower can be a complex process. It involves a lot of paperwork and documentation that might be hard to produce if you run your own business. Fortunately, we are here to help.

Below are some reasons to choose our loan programs designed for self-employed borrowers:

12 & 24-Month Bank Statement Programs

Some lenders are so unforgiving and unflexible when receiving loan applications from self-employed borrowers. If your business is less than three years old, your chances of securing a loan from these lenders are almost nil.

We work with self-employed borrowers who have been in business for as little as one year. You only need to bring your 12-month bank statement to commence your loan application.

No Profit & Loss Statements

Commencing December 2020, the GSE has tightened credit requirements for self-employed borrowers. Loan applicants must provide their most current three-month bank statement along with their Profit & Loss statements. However, this requirement can be somewhat restrictive.

Our loan programs for self-employed borrowers DO NOT require profit-and-loss statements. You only need to provide a 12-month or 24-month bank statement to qualify for financing.

High Loan Amounts

In most cases, self-employed loan applicants can get up to 4.5 times their annual income. However, getting vast sums of money is rare since many lending institutions have reservations about loaning self-employed borrowers.

90% Loan-to-Value

All lenders must calculate lending risk before approving any loan, and this is where the loan-to-value (LTV) ratio comes into play. LTV is the measure of the value of the loan against the asset purchased.

A high LTV ratio means a higher risk to the lender and more interest to the borrower. It also means you have to pay insurance to mitigate the risk. However, LendSure offers up to 90% LTV with no mortgage insurance required.

Multiple Business Bank Accounts Accepted

Lenders usually evaluate your annual income by checking your statements from a single business bank account. However, doing so may not reveal an accurate picture of your earnings if you have multiple business bank accounts.

We choose to be different by allowing multiple business bank accounts. You can submit statements from all your active business bank accounts.

Personal and Business Bank Statements Allowed

Aside from permitting multiple business bank accounts, we also allow bank statements from personal bank accounts. You can submit documentation from both accounts to help improve your financial standing and enhance your chances of qualifying for a loan.

10% Business Expense Ratio

Business Expense Ratio is an indication of how much you spend to generate revenue. It also shows your financial efficiency, which lenders usually evaluate before issuing a loan.

Lenders calculate Business Expense Ratio by dividing total expenses by total sales. Ideally, the business expense ratio should not exceed 30%, but we accept as low as 10%.

No Business Owner Restrictions

Some lenders require self-employed borrowers to be sole-proprietors with a 100% stake in a business. However, this requirement is somewhat retrogressive.

You no longer have to worry when working with a credible lender. After all, our self-employed borrowers do not have to be 100% owners of their businesses.

Common-sense Considerations of Overdrafts and NSFs

Overdrafts and non-sufficient funds can impact your loan application significantly. Some lenders may decide the amount to give you based on your overdraft status.

We use common sense when considering your overdrafts and NSFs. We understand that an overdraft should not be the only defining factor when issuing loans.

Quick Funding Times and Competitive Rates

After applying for a loan, you do not have to wait for long to know the outcome. We have quick closing times to help you fund your project promptly and conveniently. Besides, our rates are highly competitive to ensure you do not struggle to meet your payment obligations.

Talk to a Professional Loan Officer

If you are a self-employed borrower struggling to secure financing, consider talking to a professional loan officer to help you overcome your obstacles.

We understand your unique documentation challenges, and that’s why we have dozens of loan programs tailored for you.

Reach out to us today to learn more about our competitive loan programs.

Find The Right Mortgage

For more than 20 years, Phil have been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.

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Phil Ganz

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