In 2017, Washington was deemed America’s top state for business by CNBC, with an economic growth rate of 3.7 percent in 2016. Small businesses make up 99.5 percent of Washington’s economy and according to a 2015 Bureau of Labor Statistics report, Washington has a self-employment rate of 10.5 percent.
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 Today, this way of qualifying someone for a loan is outdated and doesn’t really make sense in this economy.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: Seattle, Washington
For example, just outside of Seattle, Washington, John owns a horse care facility and spends his days helping train and take care of other people’s horses in the area. He has had this business for more than 24 years and was looking to purchase a home. John wasn’t able to get the loan he needed based on his financial statements or taxes because of his tax write-offs.
John then came to Griffin Funding where he sat down with one of our senior loan officers and discovered he could get the desired loan using his bank statements. He has been in business well over the required two years so we were able to count 50 percent of all deposits as income from his business bank statements. Within three weeks John purchased his dream home.
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:
- Gig Harbor
- and more
We currently offer two loan options for self-employed borrowers in Washington.
- 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.