Who it is for
Business owners: S-corporation, LLC and partnership owners, practice owners and founders whose tax returns are written to keep taxable income low, as they should be. Your accountant's job is to reduce what you owe. A conventional lender then reads that reduced figure as your income, and the loan you qualify for shrinks with it.
The Founder Loan reads the business the way it actually runs: through the money that comes in.
How your income is read
We qualify you on the deposits in twelve or twenty-four consecutive months of bank statements, from business or personal accounts. Deposits are averaged across the period. Transfers between your own accounts are set aside, one-off items are explained or excluded, and business-account deposits are adjusted for the expenses the business carries, in the way the investor guideline for your file prescribes.
Mayer tells you on the first call which statements to gather, and whether twelve or twenty-four months reads your business more accurately.
What the file asks for
The bank statements for the period, evidence that the business exists and that you own it, and the usual property and identity documents. Mayer tells you exactly what satisfies each item for your structure, so you gather it once.
Never required to qualify
- Personal tax returns
- Business tax returns
- W-2 forms
- IRS transcripts
- Employment verification
- Liquidation of any position
None of these is used to qualify your income, and nothing has to be sold to qualify. Underwriting still runs a full file: credit, assets to close, the property and title.
Interest-only, if you want it
An initial interest-only period on a long-term structure is available on every program. The payment increases when the balance begins to amortize, which we say at the outset, and Mayer walks you through the exact structure for your file, in writing. How interest-only works.
Where Mbanc lends
Primary residences and second homes in 22 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, Nevada, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington. Investment property in those 22, in Alabama, Alaska, Arkansas, Delaware, Hawaii, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, Montana, Nebraska, New Hampshire, New Mexico, New York, Oklahoma, Rhode Island, Vermont, West Virginia, Wisconsin, Wyoming, and in the District of Columbia: 46 states and D.C. in all.
How it begins
- 1
A conversation
Fifteen minutes on Mayer's direct line. No application and no credit pull. You describe how you earn and what you are buying; he tells you whether the program fits.
- 2
What your file would take
If it fits, you receive a short list of exactly what your file needs, and nothing more. If it does not, you hear that on the same call.
- 3
Terms, in writing
Once the documents are in, the terms are presented in writing, including the full structure of the loan, before anything is signed.
