A recent report showed that Arizona had the third-highest fastest-growing economy in the U.S. Since the recession, Arizona’s economic growth has been partly thanks to industries like financial and business services, health care and manufacturing — all industries that tend to be recession-resistant. In addition, Arizona’s economic success and strong outlook is partly due to a growing self-employment rate of 10.3 percent.
As California looks more to Arizona and the self-employed and small-business economy grows, more and more business owners are in need of self-employed financing but are often turned away because they don’t perfectly fit the desired description of the limited lender. For many banks, a client must perfectly check specific boxes in order to qualify for one of the few loan programs they offer. Today, this way of qualifying someone for a loan is outdated and doesn’t really make sense in this economy.
Business Bank Statement Loans: Phoenix, Arizona
For example, Simon has owned and operated a specialized chemical business for 16 years in Phoenix, Arizona. He wanted a loan to pay off a judgment that had been lingering for many years. Unfortunately, during some hardships, he had acquired some credit card debt that was limiting his ability to get approved with a traditional, full documentation loan, as well as a less than perfect credit score.
Simon came to Griffin Funding, where we were able to use 24 months of his business bank statements to qualify him for a loan that included his judgment payoff. Because he paid off within the given time frame, he was able to get a $10,000 deduction from the payoff amount. He was also able to get some additional cash out to pay off credit card debt, lowering his debt and improving his overall credit.
Business Bank Statement Financing with Griffin Funding
Griffin Funding is a direct lender as well as a broker. Unlike most banks that only offer a few products, we partner with over 40 different banks, lenders, private equity funds, and investors nationwide and offer a large range of products. We have the ability, flexibility, and relationships with different money sources, that enable us to find the unique loan that fits your unique situation.
We operate in:
We currently offer two loan options for self-employed borrowers in Arizona.
- Personal Bank Statements: qualify on 12 or 24 months bank statements. We count 100 percent of deposits as income.
- Business Bank Statements: qualify on 12 or 24 months bank statements. We count 50 percent of the deposits as income.
Learn more about bank statement loan requirements here. Or contact us today.