Silver Hill Funding, a direct, small-balance commercial mortgage lender and a division of Bayview Loan Servicing, has introduced their new Owner-Occupied Bank Statement Program for small-balance commercial loans from $250,000 to $1 million. With no tax returns or 4506-T required, this program is a smart alternative for creditworthy business owners who may have difficulty showing the quality of their earnings or insufficient credit history.
According to Silver Hill managing director Leslie Smith, the primary focus of this program is to analyze deposits by reviewing 12 consecutive months of bank statements for the borrower’s business operations to determine gross revenue.
“Restrictive underwriting requirements prevent many successful business owners from securing the commercial funding they need,” said Smith. “Thanks to this program, these borrowers can purchase or refinance their properties without worrying about tax returns or profit and loss statements.”
Financing is available for business owners with at least two years of experience/ownership. Loans can be amortized up to 30 years, and a four-year seasoning is required for bankruptcies and foreclosures. Eligible property types include mixed-use, retail, office, warehouse, self-storage and light industrial properties.
“I’m very excited to offer this new program to loan originators and their clients,” said Silver Hill National Sales Manager Michael Boggiano. “We recognize the need business owners have for an alternative way to illustrate the success of their business. The Silver Hill Owner-Occupied Bank Statement Program is a solution that will make sense for many of these borrowers.”
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