Key Takeaways
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Among the reviewed bank statement loan programs, Griffin Funding offers the most flexibility with expense factors. With CPA verification, the expense factor can fall as low as 10%, allowing 90% of eligible business deposits to count as qualifying income.
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Published minimum credit scores range from 620 to 700, while maximum loan-to-value limits span 80% to 90%.
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Advertised maximum loan amounts extend from $2 million to $6 million, depending on the lender.
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Only two lenders in this seven-lender comparison have published a rate. Any “as low as” number is advertising rather than a loan offer.
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The only independent ranking of bank statement lenders by loan volume was published as a pilot in 2024 using 2023 production data, which has since been archived, and no updated edition has been released.
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A lender-authored ranking can reflect a commercial interest. Check who produced a comparison and how its ordering was determined.
Every lender will rank itself as the “best bank statement lender” if given the chance, and several of these “best bank statement lender” lists on the first page of Google do exactly that. One lender even placed itself first against just three competitors, which is a narrow and inherently biased comparison that offers little insight into the broader market.
This comparison presents the program information and ordering in the July 2026 source review. It emphasizes income calculation and published eligibility criteria. The order is not a guarantee of the best lender for an individual borrower.
How to read this comparison
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Ordering in the source review: The ranking reflects the program features most likely to determine whether a file qualifies. Expense-factor flexibility receives the greatest weight because it can change qualifying income more than any other published term. We then considered minimum credit, down payment, maximum LTV, loan limits, the availability of 12 and 24 months, geographic reach, and how clearly each lender documents its program.
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Source approach: The supplied review draws on lender product and rate materials and lists NMLS Consumer Access for licensing checks. Source dates describe that review; they do not mean every figure was reverified for this website. Check current terms and licensing directly before proceeding.
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How to read “as low as”: Treat minimums, maximums, and advertised ranges as marketing claims. They do not constitute an approval, offer, or guaranteed term.
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What we are not: No editorial ranking can replace three real, written quotes based on the same borrower and property scenario.
The seven lenders in the source comparison
The source ordering begins with the expense factor because it determines how much of a borrower’s business deposits count as qualifying income. It then considers published credit and LTV limits, loan amounts, statement options, geographic availability, and the quality of each lender’s documentation.
| Rank | Lender | Best for | Why it earns the spot |
|---|---|---|---|
| 1 | Griffin Funding | Expense-factor flexibility | Offers three bank statement programs, including a CPA-verified 10% expense factor that allows up to 90% of eligible deposits to count as income. Published terms include a 620 minimum credit score, 10% down, and loan amounts above $4 million. |
| 2 | Angel Oak Mortgage Solutions | Range of non-QM programs and complex loan scenarios | Provides an extensive non-QM lineup, 12- and 24-month programs, financing from $100,000 to $4 million, as much as 90% LTV, and a bank statement HELOC |
| 3 | CrossCountry Mortgage | Credit flexibility and turnaround time | Publishes LTV as high as 90%, DTI up to 50%, closing in as few as 10 days, and availability in all 50 states plus D.C. Ranked third in 2023 bank statement production |
| 4 | North American Savings Bank | Borrowing directly from a bank | Uses in-house underwriting at an FDIC-insured institution and offers 12- or 24-month qualification, as much as 90% LTV, and 10% down with mortgage insurance |
| 5 | Defy Mortgage | Published pricing transparency | The only reviewed lender with a complete FICO × LTV grid that is refreshed monthly. Advertises up to 90% LTV and loan amounts reaching $6 million |
| 6 | Newfi | Higher loan amounts | Publishes a range of $100,000 to $5 million, as much as 90% LTV for purchases and rate-and-term refinances, and lending in 48 states plus D.C. |
| 7 | theLender | A clearly documented process | Advertises $100,000 to $3.5 million, no lender fees on many products, and 85% LTV on loans to $1 million. It does not publish a rate and does not lend in Utah or Nevada |
Notes on the ranking order: Lenders in place two through seven measure published accessibility and documentation, not firsthand service quality. Seventh place does not necessarily mean theLender is wrong for a particular borrower. Its program information is among the most detailed reviewed, but the absence of public pricing lowers its ranking position.
The same seven lenders, compared field by field
| Lender | Expense Factor | Min Credit | Max LTV | Loan Amounts | Bank Statements | Source period |
|---|---|---|---|---|---|---|
| 1. Griffin Funding | 50% business; 10% with CPA verification | 620 | 90% (10% down) | $100K–$4M+ | 12 or 24 mo | Jul 2026 |
| 2. Angel Oak Mortgage Solutions | Not published | 640 | 90% | $100K–$4M | 12 or 24 mo | Jul 2026 |
| 3. CrossCountry Mortgage | Not published | Not published | 90% | Not published | 12 or 24 mo | Jul 2026 |
| 4. North American Savings Bank | Not published | 700 | 90% (10% down with mortgage insurance) | Not published | 12 or 24 mo | Jul 2026 |
| 5. Defy Mortgage | 50% standard; actual ratio with CPA letter | 620–640 (conflicting pages) | 90% at 720+ | Up to $6M | 12 or 24 mo | Jul 27, 2026 |
| 6. Newfi | Not published | ~640 | 90% purchase/RT, 80% cash-out | $100K–$5M | 12 or 24 mo | Jul 2026 |
| 7. theLender | Not published | 620–640 | 85% to $1M | $100K–$3.5M | 12 or 24 mo | Jul 21, 2026 |
The source table does not list an expense factor for five of these seven lenders, even though this percentage can determine whether a borrower has enough qualifying income. Ask each lender which expense factor it would apply to your business deposits. For more details on the other fields, see our guides to bank statement loan requirements and bank statement loan rates today.
Where Griffin Funding sits on volume
Griffin Funding’s published origination data
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Griffin Funding reported 35 bank statement mortgages totaling $19.97 million in June 2026. The average borrower had a 721 FICO, the average balance was $570,434, and year-to-date volume reached $86,345,148.
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Those figures are self-reported and cover a different period from the independent ranking below, so the two datasets should remain separate. Griffin is the only company in this seven-lender comparison that publishes monthly origination results; no competitor provides directly comparable numbers.
Scotsman Guide published the only independent ranking found for bank statement loan volume. The 2024 pilot used 2023 production data, was not repeated in later years, and is now archived. The table below preserves the original ranking.
| Rank | Lender | 2023 bank statement volume | Units | States |
|---|---|---|---|---|
| 1 | OCMBC Inc. dba LOANStream Mortgage | $1,209,358,053 | 2,197 | 47 |
| 2 | A&D Mortgage LLC | $704,625,386 | 1,502 | 44 |
| 3 | CrossCountry Mortgage | $682,332,348 | 1,073 | 50 |
| 4 | Arc Home LLC | $482,614,365 | 747 | 49 |
| 5 | Emporium TPO | $194,777,816 | 283 | 40 |
Two points matter here: The lender with the highest volume works mainly through mortgage brokers, so many borrowers may not recognize its name. The figures are also from 2023, and no newer independent ranking is available. That makes it harder to judge any current “best lender” list, including this one.
Matching a lender to your situation
| If you are… | Look for a lender that publishes… | From the table above |
|---|---|---|
| A business owner with high revenue and high expenses | A CPA-verified expense factor | Griffin Funding, as low as 10%, the strongest available lever |
| Putting 10% down | 90% LTV with a defined credit requirement | Griffin Funding, Angel Oak, CrossCountry, NASB, Defy, and Newfi |
| Near the 620 credit floor | A clearly stated 620 minimum | Griffin Funding, Defy, and theLender |
| Borrowing above $4 million | A high advertised maximum | Defy to $6M, Newfi to $5M, and Griffin at $4M+ |
| Comparing price before contacting anyone | A publicly available rate | Defy with a complete FICO-by-LTV table and Griffin with a range |
| More comfortable using a bank | FDIC insurance and internal underwriting | NASB |
| Closing against a deadline | A stated closing timeline | CrossCountry in as few as 10 days and Griffin in 30 days or less |
| Buying in Utah or Nevada | Confirmation that the state is served | Verify carefully because theLender excludes both states |
| Using a broker | Access to wholesale channels | Ask directly. Mortgage professionals on r/loanoriginators mention The Loan Store, NewRez, Oaktree, PRMG, and Deephaven |
Questions to ask any bank statement lender
These five questions are more useful than simply asking for a rate:
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What expense factor will you apply to the business deposits, and can a CPA letter reduce it?
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Do you recognize all qualifying personal-account deposits, and which deposits will you exclude?
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Will you calculate the file using both 12 and 24 months and identify which period produces more income?
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Does this program charge mortgage insurance with less than 20% down? See bank statement loan down payment requirements for an explanation of the conflicting published policies.
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Does the proposed loan include a prepayment penalty, 40-year term, interest-only period, or negative amortization?
Get the answers in writing before paying for an appraisal. Print the five lender questions worksheet to compare answers side by side. Our guide to bank statement loan qualifications explains why these questions matter, while bank statement loan pros and cons provides a broader look at the benefits and risks of bank statement loans.
Frequently Asked Questions
Who are the best bank statement loan lenders?
The July 2026 source review places Griffin Funding first because its CPA-verified expense factor can fall as low as 10%, which means 90% of all eligible business deposits could count as qualifying income. For borrowers who qualify, the lower expense factor can increase how much they may be able to borrow. Angel Oak ranks second for its range of non-QM programs, followed by CrossCountry for its credit flexibility and closing speed. The right lender depends on your financial profile and loan details, so compare at least three written quotes using the same terms before deciding.
Who offers bank statement loans?
Most bank statement loan providers are non-QM specialists rather than major retail banks. Griffin Funding, Angel Oak, CrossCountry Mortgage, Defy, Newfi, and theLender all offer bank statement programs. North American Savings Bank provides a bank option backed by FDIC insurance. Mortgage brokers can connect borrowers with wholesale lenders that do not offer loans directly to consumers.
Are there bank statement loan lenders near me?
Probably. However, many bank statement lenders operate nationally, so you may not need a nearby branch. The lenders reviewed here serve between 43 and 50 states, plus Washington, D.C., although availability varies by lender. Check whether a lender is licensed in your state, or ask a local mortgage broker about wholesale lenders that do not work directly with consumers.
What credit score do bank statement lenders require?
Published minimums range from 620 to 700. Griffin Funding, Defy, and theLender advertise minimums between 620 and 640; Angel Oak and Newfi are around 640; North American Savings Bank publishes 700. Pricing generally improves at 680, while a score of roughly 700 to 720 is commonly needed for the 90% LTV, or 10%-down, tier.
Which lender has the best bank statement loan rates?
There is no reliable way to name the lender with the lowest rates because only two of the seven lenders reviewed here publish any pricing. Defy shares a detailed table by credit score and LTV, while Griffin Funding provides a general range. To find the best rate for your loan, request quotes from several lenders on the same day and compare their APRs, which account for both the rate and most fees.
Should I use a broker or go direct?
It depends on your situation. A broker can compare options from wholesale lenders that do not work directly with borrowers, which may help if your income or bank accounts are difficult to evaluate. A direct lender handles the loan within one company and may move faster. Before choosing a broker, ask which lenders will review your application and whether you or the lender will pay the broker’s fee.