Areas We Serve
Griffin Funding can serve all parts of Maine, including:
- South Portland
No matter where in Maine you’re located, Griffin Funding can help you secure the financing you need.
What Is a Bank Statement Loan?
A bank statement loan is a type of loan that uses your recent bank statements to determine how much money you can borrow. The amount of money you can borrow is based on how much you’ve been able to deposit each month. Your deposits are seen as a measure of your capability to repay the loan.
These loans are sometimes called “personal bank statement loans” or “business bank statement loans.” With a personal bank statement loan, the loan is based on your personal deposits. With a business bank statement loan, the loan is based on your business’s revenue/deposits.
What Are the Benefits of a Bank Statement Loan?
There are several benefits of bank statement loans, including:
- Flexible credit requirements. Because your deposits are used as income, you don’t need to have excellent credit to qualify for a bank statement loan.
- You don’t need lots of assets. Unlike other types of loans, you don’t need to have a lot of assets to secure a bank statement loan in Maine. It makes it easier for people who don’t own a home or have a lot of savings to qualify for a loan.
- You can get funding quickly. Bank statement loans can be approved and funded quickly in many cases. This is helpful if you want quick access to financing.
- You can borrow up to $5 million. Depending on how much you’ve been able to deposit each month, you could qualify for a loan of up to $5 million. It can be helpful if you need a large amount of money for a major purchase.
- You can use the money for anything. There are no restrictions on how you can use the money from a bank statement loan. You can use it for any purpose, including starting a business, paying off debt, or funding a major purchase.
How to Get a Bank Statement Loan in Maine
Here’s how to get a bank statement loan in Maine:
1. Discovery meeting
During this meeting, we’ll get to know you and your financial needs. We’ll also answer any questions you have about bank statement loans.
2. Loan application
This application will ask for basic information about you and your finances.
3. Lock in your rate
Once you’ve submitted your loan application, we’ll work with you to lock in an interest rate. This rate will be fixed for the duration of the loan.
4. Application and disclosures
You’ll need to sign some application and disclosure forms. These forms will provide more information about the loan and your rights as a borrower.
5. Supporting documentation
You’ll also need to provide some supporting documentation, such as bank statements or tax returns. This documentation will be used to verify your income and financial information.
6. Mortgage loan process
After your loan application has been approved, we’ll begin the mortgage loan process. This process can take up to 30 days to complete.
7. Appraisal and pest inspection
An appraisal and pest inspection will be conducted to make sure the property you’re buying is worth the amount you’re borrowing.
8. Loan approval
Once the appraisal and pest inspection are complete, your loan will be approved.
9. Final loan document signing
The final step on your end is to sign the final loan documents. These documents will outline the terms of your loan and your rights as a borrower.
10. Loan funding and recording
Once the loan documents have been signed, we’ll fund your loan and record it with the state. This process can take up to 10 days to complete.
Maine Bank Statement Loan Requirements
To qualify for a bank statement loan in Maine, you must meet the following requirements:
- Your business must have been in operation for at least two years.
- You must have a minimum of 10% down payment (90% loan to value) for loans under $1 million, or more down payment for loans over $1 million.
- You must have four months of PITI reserves in the bank for loans under $1 million, or six months for loans over $1 million.
- A credit score of 620 or above is required to qualify.
- The minimum you can loan is $100,000, while the maximum is $5 million.
Apply for a Maine Bank Statement Loan
If you need a loan and have been turned down by other lenders, Griffin Funding may be able to help. We offer bank statement loans for self-employed people in Maine that have been in operation for at least two years and meet other qualifications. Our loans range from $100,000 to $5 million and we can fund the loan quickly.
Because we’re a direct lender, we can offer you a competitive interest rate. To apply for a mortgage loan in Maine, contact us today or fill out our online application. Besides bank statement loans, Griffin Funding also offers a variety of other loan programs such as asset-based loans, USDA loans, DSCR loans, traditional home loan products, and more.
So, if you’re looking for a lender who can offer you a loan that meets your needs, look no further than Griffin Funding. Contact us today to learn more about our loan programs or to apply for a bank statement loan in Maine.