A fixed-rate lump sum behind the first mortgage you already have. Qualify with bank statements, a P&L or 1099s. No tax returns, and no refinancing away the low rate you locked in.
Most Florida homeowners with equity also have a first mortgage rate they will never see again. A cash-out refinance throws that rate away on the entire balance. A second mortgage prices only the new money and leaves the first loan untouched.
Example. A Boca Raton homeowner owes $350,000 at 3.1% on a home now worth $700,000 and wants $150,000 to consolidate business debt and replace the roof.
Same equity, same self-employed documentation, two different shapes of loan.
| Bank Statement Second Mortgage | Bank Statement HELOC | |
|---|---|---|
| How you get the money | One lump sum at closing. | Revolving line. Draw, repay and draw again. |
| Rate | Fixed for the full term. | Variable, moves with the market. |
| Payment | Same principal and interest payment every month. | Interest only on what you have drawn during the draw period. |
| Maximum | Up to $750,000, up to 89.9% combined loan-to-value. | Up to $1,000,000, up to 90% combined loan-to-value. |
| Income documentation | 12 months of bank statements, or a P&L or 1099s with 3 months of statements. | 12 months of bank statements only. |
| Best for | A known amount and a predictable payment: debt consolidation, one big project, paying off bridge debt. | Ongoing access: projects in stages, a business cushion, investment reserves. |
Want the line instead of the lump sum? See the Bank Statement HELOC →
The second mortgage accepts more kinds of self-employed income documentation than the HELOC. Pick whichever shows your income best.
Personal or business. Eligible deposits are totaled, an expense factor as low as 25% is applied to business accounts, and the result is averaged monthly.
A profit and loss statement prepared by your CPA, supported by the most recent 3 months of bank statements to show the deposits line up.
For contractors, realtors and consultants paid on 1099s. Your 1099 forms establish the income; 3 months of statements confirm it is still flowing.
Qualify with 12 months of bank statements instead of tax returns. Lines from $50,000 to $1,000,000.
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.
Available statewide. City guides: Miami · Fort Lauderdale · Boca Raton · West Palm Beach · Tampa · Miami Beach all service areas →
See a personalized rate on a Bank Statement Second Mortgage. No tax returns required.