Qualify with 12 months of bank statements. No tax returns, no W-2s. Built for Florida business owners, freelancers, 1099 contractors and investors whose tax returns do not show what they really earn.
If you are self-employed, your tax returns are written to minimize taxable income, not to show a lender what you earn. A Bank Statement HELOC uses your actual deposits, so the cash flow you live on is the cash flow you qualify on.
There is no mystery to it. Three steps turn a year of statements into a qualifying monthly income.
You send the most recent 12 consecutive months from the account your income lands in. Business or personal, either works.
We add up eligible deposits for the year. Transfers between your own accounts, loan proceeds and one-time windfalls are excluded so the number reflects real income.
On a business account, a percentage is set aside for operating costs, as low as 25%. What remains, divided by 12, is your qualifying monthly income.
Example. A Florida contractor deposits $240,000 into her business account over 12 months. Her tax return, after write-offs, shows $61,000 of net income. On a bank statement basis:
Nearly three times the income her tax return would have supported. Figures are illustrative; your expense factor and eligible deposits are set in underwriting.
A conventional HELOC asks for two years of tax returns and averages the net income on them. For a business owner who writes off vehicles, equipment, home office and depreciation, that average can be a fraction of real earnings. The Bank Statement HELOC replaces that entire step.
Both let a self-employed Florida homeowner tap equity without refinancing the first mortgage. They differ in how the money comes, how the rate works and how you can document income.
| Bank Statement HELOC | Bank Statement Second Mortgage (HELOAN) | |
|---|---|---|
| How you get the money | Revolving line. Draw, repay and draw again. | One lump sum at closing. |
| Rate and payment | Variable rate; pay interest only on what you draw. | Fixed rate, fixed term, same payment every month. |
| Maximum | Up to $1,000,000, up to 90% combined loan-to-value. | Up to $750,000, up to 89.9% combined loan-to-value. |
| Income documentation | 12 months of bank statements only. | 12 months of statements, or a P&L or 1099s with 3 months of statements. |
| Best for | Ongoing access: projects in stages, a business cushion, investment reserves. | A known amount now: debt consolidation, a large purchase, one big renovation. |
Need a fixed payment or want to qualify with a P&L? See the Bank Statement Second Mortgage →
You may see searches for “no doc HELOC” or “stated income HELOC.” Those products do not exist today, and we do not offer anything that lets a borrower simply declare an income. A Bank Statement HELOC is a fully documented loan. The difference is that the documentation is your bank activity, reviewed deposit by deposit, rather than the tax return you file to the IRS.
That matters for you as much as for us: a line sized to income you can actually show is one you can comfortably carry.
For business owners, 1099 contractors and freelancers whose tax returns understate what they earn.
A line of credit on a Florida rental, second home or investment property, without touching your first mortgage.
A fixed-rate closed-end second (HELOAN) up to $750,000. Keep your low first-mortgage rate.
Available statewide. City guides: Miami · Fort Lauderdale · Boca Raton · West Palm Beach · Tampa · Miami Beach all service areas →
See a personalized Bank Statement HELOC rate. Rates starting at 6.75%*. Checking will not affect your credit score.