According to Investopedia, Florida’s economy relies on tourism more than any other state. As of 2015, Florida had the fourth-largest economy in the United States behind California, Texas and New York with a real gross domestic (GDP) product of $840 billion and a $77 billion budget.[1]

Florida small businesses employed 3.3 million people in 2015[2] and had one of the highest self-employment rates in the U.S., at 11.7 percent[3].

As the self-employed and small-business economy grows, more and more business owners are in need of loans for self-employed 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 Today, this way of qualifying someone for a loan is outdated and doesn’t really make sense in this economy. 

Getting a Bank Statement Loan: Miami Florida

For example, in Miami Florida, Jose owns three tattoo shops in Miami, Tampa and Fort Lauderdale. Jose had a bankruptcy in 2017, including two foreclosures, so he and his wife did not qualify for a conventional mortgage. Even if they didn’t have the bankruptcy, they were unable to show enough income on their tax returns. Luckily, Jose found Griffin Funding’s Bank Statement Loans for Non-QM Mortgages program. 

As they were getting back on their feet with the new shop in Miami, they were able to show 24 months of very strong income from their bank statements. With their bank statement mortgage loan, they were able to get a home that was beyond their wildest dreams. 

Bank Statement Financing with Griffin Funding

Griffin Funding operates as a mortgage broker and lender in Florida. 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:

  • Jacksonville
  • Miami
  • Tampa
  • Orlando
  • St. Petersburg
  • Hialeah
  • Tallahassee
  • Port St. Lucie
  • Fort Lauderdale
  • Cape Coral
  • Palm Beach 
  • Boynton Beach
  • Boca Raton
  • Jupiter

We currently offer two loan options for self-employed borrowers. 

  • 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.

  1. https://www.investopedia.com/articles/investing/011316/floridas-economy-6-industries-driving-gdp-growth.asp
  2. https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-FL.pdf
  3. https://www.bls.gov/spotlight/2016/self-employment-in-the-united-states/home.htm