No Tax Return- Los Angeles business Bank Statement Mortgage Lenders

No Tax Return- Los Angeles business Los Angeles Bank Statement Mortgage Lenders 

LOS ANGELES BANK STATEMENT MORTGAGE LENDERS

Two options available – Alt-Doc & Reduced Doc Bank Statement Only Mortgage Lenders
o Alternative Documentation:
▪ 24 Months Personal Los Angeles Bank Statements
▪ 24 Months Business Los Angeles Bank Statements with a profit and loss statement
o Reduced Documentation:
▪ 12 Months Personal Los Angeles Bank Statements
▪ 12 Months Business Los Angeles Bank Statements with a profit and loss statement
▪ 2 Months Los Angeles Bank Statements (business or personal) supported by a CPA prepared
P&L covering at least 12 months
Business Los Angeles Bank Statement Evaluation
Self-employed self employed bank statment mortgage applicants are eligible for either Personal Los Angeles Bank Statement Documentation or Business
Los Angeles Bank Statement Documentation. The following restrictions apply to both documentation types:
• self employed bank statment mortgage applicants must be self-employed for at least 2 years.
• Business must be in existence for at least 2 years.
• Standard Tradelines and a 12-month housing history are required.
• Non-Permanent Resident Aliens and Foreign Nationals are ineligible.
• All parties listed on each Los Angeles Bank account must be included as self employed bank statment mortgage applicants on the loan.
• Statements must be consecutive and reflect the most recent months available.
• Statements must support stable and generally predictable deposits. Unusual deposits must be
documented.
• Evidence of a decline in earnings may result in disqualification.
• Up to 3 NSF checks and overdraft protection transfers in the most recent 12-month period are
allowed with explanation from the borrower.
• Additional income deposited into the Los Angeles Bank statements but derived from a source other than the
self-employed business may not be included in the Los Angeles Bank statement average. W-2 earnings can
be used to supplement the Los Angeles Bank statement income. We will require 2 years W-2’s, 30 days of
most recent pay stubs and a 4506t just for W-2 transcripts.
• If Los Angeles Bank statements provided reflect payments being made on obligations not listed on the credit
report, we may ask for clarification that these are not debts that need to be included into the
DTI.
• Income derived solely from the ownership of rental properties cannot be used as the primary
income source on a Los Angeles Bank statement loan. self employed bank statment mortgage applicants who receive rental income as a secondary
income source may utilize Los Angeles Bank Statement Documentation on a case-by-case basis.

BUSINESS LOS ANGELES BANK STATEMENT MORTGAGE LENDERS 
Business Los Angeles Bank Statement Documentation is allowed under all programs. See the applicable Oaktree
Funding Program Matrix for credit score and LTV restrictions.
The following documentation is required:

• 2, 12, or 24 months complete business Los Angeles Bank statements from the same account (transaction
history printouts are not acceptable)
• Business Los Angeles Bank accounts, personal Los Angeles Bank accounts addressed to a DBA, or personal accounts with
evidence of business expenses can be used for qualification
• P&L statement (prepared by CPA, licensed tax preparer or borrower) covering the same 2-year
period as the Los Angeles Bank statements.
• Business narrative required outlining business cash-flows & expenses associated with the
business industry type.
• Borrower Prepared signed and dated P&L is allowed with an acceptable business narrative
outlining business cash-flows & expenses associated with the business industry type.
• Initial signed 1003 with monthly income disclosed. Must be equal to or higher than Net income
on P&L.
• Verification borrower is 100% owners of business. ** Exception may be granted if borrower
owns at least 50% of the business.
• Verification of business existence required within 10 calendar days of closing

Income Calculation: Qualifying income is the P&L Net Income average from the validated P&L provided.
The total deposits calculated with 2, 12, or 24 months of business Los Angeles Bank statements is used solely to
validate self-employed earnings reported on the P&L provided.

Self Employed Borrowers P&L Net Income
P&L Net Income is the net income disclosed on the P&L averaged over 2, 12, or 24 months.

Self Employed Mortgage Applicants P&L Validation
The average of total deposits calculated with 2, 12, or 24 months of business Los Angeles Bank statements is used
solely to validate self-employed earnings reported on the P&L.

Average deposits over the 12 or 24-month period must support the 2, 12, or 24-month P&L by being no
less than 10% below P&L Average Gross Revenue. If average deposits equal 90% or more of Average
Gross Revenue, the P&L is deemed validated.
The following requirements apply:
• Wire transfers and transfers from other accounts must be documented or excluded from the
calculation.
• Statements should show a trend of ending balances that are stable or increasing over time.
Decreasing or negative ending balances must be explained.
• Oaktree will review and validate expenses based on business narrative provided.
• Business expenses must be reasonable for the type of business. Examples of businesses with
higher expense ratios may include construction companies, builders, restaurants and retail
firms.

1003 Initial Bank Statement Only Disclosed Income

• Income disclosed on the initial signed application should be reviewed. Income used to qualify
must not exceed income stated on the signed 1003.

PERSONAL LOS ANGELES BANK STATEMENT MORTGAGE LENDERS  
Personal Los Angeles Bank Statement Documentation is allowed under all programs. See the applicable Oaktree
Funding Product Matrix for credit score and LTV restrictions.

All Non-Agency Loan Programs allow for either 2, 12, or 24 months of Los Angeles Bank statements. Maximum DTI
for 12-month option is 43%. See the Non-QM Scenario Desk for exceptions to 50%.

The Investment Property Program allows for only 12 months of Los Angeles Bank statements with standard DTI
requirements.

The following documentation is required:
• 2, 12, or 24 months complete personal Los Angeles Bank statements from the same account (transaction
history printouts are not acceptable).
• Multiple Los Angeles Bank accounts may be used (combination of business and personal is prohibited unless
income is being used from multiple businesses and each account represents income from a
separate business)
• For Personal Los Angeles Bank statements; all deposits greater than 50% of the monthly deposit average will
require a source and explanation.
o Note: LTV less than or equal to 70% & Credit Tiers 1-3, NOT REQUIRED. *Assets to close
will still be validated.

• Initial signed 1003 with monthly income disclosed
• Verification of business existence required within 10 calendar days of closing

Income Calculation: Income calculated using personal Los Angeles Bank statements must be reviewed alongside
income stated by the borrower on the initial signed loan application.
• Final income is calculated by averaging qualified deposits over the 2, 12, or 24-month period.

Personal Los Angeles Bank Statement Average
The following requirements apply when calculating qualifying income using personal Los Angeles Bank statements:
• 100% of deposits used for income and averaged over 12 or 24 months
• Transfers between personal accounts should be excluded
• Transfers from a business account into a personal account are acceptable. Additional business
Los Angeles Bank statements will be required to establish a history of transfers.

When utilizing reduced doc 2-month Los Angeles Bank statement program a 12-month CPA prepared P&L will be
required. The monthly average of the Los Angeles Bank statement deposits must validate within 10% of the P&L
annual net income averaged over 12 months.8.2.1.1 Personal Los Angeles Bank Statement Average

The following requirements apply when calculating qualifying income using personal Los Angeles Bank statements:
• 100% of deposits used for income and averaged over 2, 12, or 24 months

Transfers between personal accounts should be excluded
• Transfers from a business account into a personal account are acceptable. Additional business
Los Angeles Bank statements will be required to establish a history of transfers.

1003 Self Employed Mortgage Applicants Initial Disclosed Income
Income disclosed on the initial signed application should be reviewed. Income used to qualify must not
exceed income stated on the signed 1003.
Professional Investor Program
This is the easiest program that we have. We can close these loans in as quick as 2.5 weeks. There are
two main transactions under this program: Purchase & Cash Out Refi.
FIRST-TIME INVESTOR
A First-Time Investor is a borrower who has not owned at least one investment property for at least 12
months anytime during the most recent 12-month period. First-Time Investors are allowed with a 5%
LTV reduction.

SELF EMPLOYED MORTGAGE APPLICANTS OWNERSHIP OF PRIMARY RESIDENCE
All self-employed bank statement mortgage applicants must presently own their primary residence. This requirement may be waived if the
borrower can clearly demonstrate that the subject property is residential in nature and inferior in size
and quality to their primary residence (leased or owned). The borrower must be renting another
residence and the lease must continue for the foreseeable future (minimum of 6 months).

US MORTGAGE LENDERS LEASE REQUIREMENTS
For refinance transactions, an executed lease with no less than 3 months remaining at time of close is
required for all units in the subject property. A month-to-month tenancy is not subject to this requirement
with sufficient evidence (such as a signed extension letter). Oaktree does not require proof of lease on
purchase transactions. The property may be vacant on a purchase with no 5% LTV reduction.

The following requirements apply to refinance transactions:
• Lease requirements may be waived with a 5% LTV reduction from the maximum LTV allowed per
applicable program matrix.
• Original Lease term must be equal to or greater than 1 year. Month to month tenancy is allowed
only as an extension to the original lease term.
• Monthly lease payments must be consistent with market rents

Los Angeles Bank Statment Mortgage Lenders Purchase
• Max LTV is 80%
• No Income documented
• No reserves documented
• No employment documented
• 620 minimum FICO
• Vesting in the name of an LLC is okay
• Housing Events are okay
• BK’s are okay

Cash Out Los Angeles Bank Statment Mortgage Lenders
• Max LTV 75%

• No Income documented
• No reserves documented
• No employment documented
• No assets documented
• Up to $500K cash in hand

US MORTGAGE LENDERS  DSCR
A Debt-Service Coverage Ratio (DSCR) may be calculated for the subject property to take advantage of
expanded LTVs. See the Investor Matrix for available LTVs when the DSCR is ≥ 1.15%.

The DSCR calculation is as follows:
Debt-Service Coverage Ratio = Gross Income / Proposed PITIA

To calculate gross income, use the lower of the (a) executed lease agreement or (b) market rent from
appraisal form 1007. If the executed lease agreement reflects a higher monthly rent, it may be used in
the calculation when evidence of receipt of the higher amount for the 3 most recent, consecutive
months is provided.

US MORTGAGE LENDERS NO RATIO
No additional documentation is required when qualifying under No Ratio. See Professional Investor
Program for LTV’s and restrictions

US MORTGAGE LENDERS PROGRAM GUIDELINES AND FEATURES
• Los Angeles Bank Statement loans with a FICO as low as 580
• Up to 85% LTV for Debt Consolidation loans
• Max LTV 95%
• 90% LTV available with a 660 FICO – Los Angeles Bank Statement
• DTI up to 55%
• Interest Only options available up to 90%
• No Mortgage Insurance – EVER
• 1 Day Seasoning on Housing Events (Foreclosure, Short Sale, NOD etc.)
• 1 Day Seasoning on BK13 Discharge
• No Income Doc loan options
• Delayed Financing available
• Construct-To-Perm financing available
Contract for Deed financing available
• Lease w/ Purchase option available
• Best Rate Match Guarantee
• Monthly Product & Process training as needed
• Personal loan submission assistance
Hands on service from beginning to end on every loan
• Exception process extremely flexible

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