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Bank Statement Loan with Multiple Property on 21 Acres
Hello, I am self-employed and looking for a bank statement loan with no tax returns for a primary residence purchase in the Chipley, Florida area. The purchase price is $425,000 with about $75,000 down. My credit is in the low 720s, and I have 12 months of business bank statements. The property is 19.21 acres zoned Agriculture/Silviculture, with a house, a barn with 3 horse stalls, and a metal shop. It would need to be financed as it sits, with no structures removed.
Before I send any documents, could you tell me: are you licensed in Florida, and do you have investors who would take this property as it sits? If so, I am happy to send the listing and my statements for your pre-appraisal review.
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This discussion was modified 1 week ago by
admin.
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This discussion was modified 1 week ago by
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2 Replies
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Hello,
Thank you for getting in touch and letting us know more about your situation.
Yes, Gustan Cho Associates is licensed to help borrowers in Florida through Coast2Coast Mortgage, LLC, NMLS 376205. We partner with wholesale mortgage investors to offer flexible non-QM bank statement loan programs designed for self-employed borrowers like you. With these programs, you can qualify using 12 months of business bank statements instead of personal tax returns.
Your strong credit score in the low 720s, your planned down payment, and your solid 12-month business bank statement history make your application stand out.
Now, the Main Focus is on the Property Itself
Your property is unique, with 19.21 acres, Agriculture/Silviculture zoning, a barn with three horse stalls, and a metal shop. Because of this, it will need a special investor review rather than a standard residential review.
Some non-QM investors have limits on property size, but others will consider larger plots with agricultural zoning and extra buildings. They typically look at whether the property is mainly residential, if there are any farming businesses, and how the extra buildings impact the value.
We understand that you want to finance the property as it is, with all the current structures remaining. We can reach out to our wholesale investor network about your property before you pay for an appraisal or complete a full mortgage application. While we can’t guarantee investor approval until all guidelines and property details are reviewed, this step can help you avoid extra costs.
With a $75,000 down payment on a $425,000 purchase, the estimated loan amount would be $350,000, or about 82.35% loan-to-value. Some investors may ask for a larger down payment depending on their acreage rules. Please send us the property listing, photos, parcel details, and information about how the barn and metal shop are used. Once we have this information, we’ll present your scenario to the right wholesale investors for an initial review. If we find a good match, we’ll explain the next steps to review your business bank statements.
Our goal is to find out if your property and loan structure can be financed before you have any extra expenses or decide to work with Gustan Cho Associates. We look forward to reviewing your property details.
Gustan Cho Associates
NMLS 873293
A DBA of Coast2Coast Mortgage, LLC
Company NMLS 376205
https://guI believe this situation is best handled as a special non-QM residential acreage loan rather than a standard bank statement mortgage.The main challenges are the 19.21 acres, agricultural zoning, three-stall horse barn, metal shop, and the planned 82.35% loan-to-value ratio. Even though your bank statements and credit score are strong, they don’t address the property eligibility issues.
Before sending this to an investor, I would want to check if the barn and shop are for personal use, whether the land generates any farming or business income, and if the home is legally and actually your main residence.
It’s important to note that neither I nor anyone at Gustan Cho Associates can guarantee investor acceptance of the property as it is until a wholesale investor reviews the listing and property details. An initial investor response does not replace appraisal and underwriting approval.
Florida licensing is supported by the Florida licensing is supported by the published Gustan Cho Associates licensing information and Coast2Coast Mortgage company information.
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This reply was modified 1 week ago by admin.
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This reply was modified 1 week ago by
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Bank statement loans are non-QM, so there is no single rulebook. Each investor sets its own rules, and that is where deals like this get tricky.
The income side is usually the manageable part. The property is what I would worry about here: 21 acres with a barn and a metal shop means the investor is going to look hard at whether it reads as a home or as a farm, and a lot of them cap the loan lower on acreage than they would on a regular house.
Has anyone actually reviewed the property side yet, or just your income so far?
— Dustin Dumestre, Mortgage Advisor, F1 Lenders / NEXA Lending, NMLS #2145464. Educational only — not a rate quote or loan approval.
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This reply was modified 1 week ago by
Dustin Dumestre.
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