As a stand-alone country, Texas would be the 10th largest economy in the world and CNBC recently named Texas the best state for business in 2018. With more than 2.8 million small businesses and a self-employment rate of 10 percent, Texas is a great state for entrepreneurs.
As 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 Today, this way of qualifying someone for a loan is outdated and doesn’t really make sense in this economy.
Bank Statement Loans and Asset Based Financing: Dallas, Texas
For example, for more than 20 years, Scott has owned a fix and flip company in Dallas, Texas. After years of buying, fixing up, and selling properties for others to enjoy, he was ready to fix up his own home. Scott needed cash out for his property but continued to be turned down because he had a lot of tax write-offs and had trouble showing his real income.
Texas is a great state, but it can be tricky getting a cash-out loan here because only qualified lenders can do a cash-out loan and not all lenders are approved to use business bank statements for a loan. Luckily, Scott found Griffin Funding where we went through all of his bank statements and qualified him for a loan within three weeks. He was able to make his home of 16 years into the dream home he always wanted.
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:
- San Antonio
- Fort Worth
- El Paso
- Corpus Christi
- and more
We currently offer two loan options for self-employed borrowers in Texas.
- 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.