Question 1

I run a hospitality business in Palm Beach County and my income swings with the season. Will lean months on my return work against me?

Accepted Answer

No, because we're reading your deposits, not the return. Leisure and hospitality employment in the West Palm Beach metro division was 94,900 in June 2026, down 0.7% from a year earlier, in a labor market where unemployment rose from 3.9% to 4.6% over the same period. That's a softer sector than the growth story some pages tell, and a return shaped by write-offs and slow months looks exactly like what a bank underwriter flags. We work from 12 to 24 months of bank statements instead, so real cash flow carries the file. If the loan is for a rental you already hold, our DSCR rental loan may also fit, since it qualifies off the property's own rent rather than your personal income at all.

Question 2

I'm a self-employed contractor doing rehab and remodel work around West Palm Beach. My write-offs make my return look thin. Does that hurt me here?

Accepted Answer

It's the reason this loan exists. Construction employment in the metro fell 2.0% year over year to 43,500 in June 2026, a contracting trade base against a county impact-fee bill that runs roughly $15,000 to $16,000 on a new single-family home in unincorporated Palm Beach County before permit fees. A contractor carrying that overhead and normal depreciation on a return can look marginal to a conventional lender even in a healthy year. We qualify on 12 to 24 months of deposits, so the write-offs that make sense for your CPA don't have to work against your financing.

Question 3

I self-manage a short-term rental in Palm Beach County and get paid through booking platforms and direct bookings. Do those deposits count?

Accepted Answer

Yes, and the county's own tax rules are part of why that income reads as a real operating business. Palm Beach County's Constitutional Tax Collector states plainly that the host, not the platform, must collect and remit the county's 6% tourist development tax, and a host must register a TDT account and hold a Short-Term Rental Local Business Tax Receipt for each property, renewed annually by September 30. That means an active operator is already filing monthly returns and running the deposits like a small business, and 12 to 24 months of bank statements can show it. Confirm your parcel's zoning first: the City of West Palm Beach is reported to limit most residential property to a six-month-and-one-day minimum rental term, with short stays confined to specific zoning districts, so check with the city before you count STR income on a West Palm Beach parcel specifically.

Question 4

My business is tied to the Glades agricultural economy, not the coast. Can seasonal farm-related income still qualify me?

Accepted Answer

It can, and it's a bigger business than most lenders realize. Palm Beach County's own Cooperative Extension reports an estimated $1.397 billion in total agricultural sales for 2019-2020, the largest of any Florida county, with 440,209 acres, 35% of the county's land mass, in agricultural use as of 2017-18, and the county leads the nation in sugarcane, fresh sweet corn, and sweet bell pepper production. A grower, packer, or ag-services operator built around that calendar has income that's genuinely seasonal, not weak, and a full-year tax return can flatten it in ways that understate a strong operating business. Deposits over 12 to 24 months tell that story better than a Schedule C does.

Question 5

I keep seeing a 1.02% effective property tax rate for Palm Beach County. Is that what I should plan for as an investor?

Accepted Answer

No, that figure is homestead-blended and won't apply to you. It reflects owner-occupied property carrying decades of Save Our Homes caps. An investment purchase is assessed at market value with the cap reset at closing, and Palm Beach County's 2025 adopted millage puts an investor closer to 1.42% of assessed value in Royal Palm Beach or Jupiter, 1.59% in Boca Raton, and 2.04% in the City of West Palm Beach, before any fire or library district adders. Underwrite your carry off the actual millage for the parcel's city, not the county-wide average homeowners see in headlines.

Question 6

How much should I budget for insurance on a West Palm Beach investment property before I count on my deposits to cover the carry?

Accepted Answer

More than you'd expect relative to Miami or Fort Lauderdale. As of March 31, 2026, Palm Beach County's average homeowners premium including wind was $6,323, the highest of any mainland Florida county, running above both Miami-Dade ($5,975) and Broward ($6,136). On a property renting near the county's $2,662 observed rent index, that premium alone can eat more than two months of rent. If your bank statements show a healthy self-employed cash flow but the file is tight, size the insurance line against the specific city and structure type before you lock the deal.

Question 7

What is a bank statement loan, and how is it different from a no-doc loan?

Accepted Answer

A bank statement loan qualifies you on 12 to 24 months of business or personal bank deposits instead of tax returns, which suits self-employed borrowers whose returns understate their real income. A no-doc (or no-ratio) loan goes further and leans on the property and your reserves rather than any income calculation. Both are business-purpose loans for investment property, not consumer mortgages.

Question 8

Do I really not need tax returns or W-2s?

Accepted Answer

Correct. We do not ask for tax returns, W-2s, or pay stubs on these programs. We verify the deal, your credit, and either your bank-statement cash flow or your reserves, depending on the structure. It is built so write-offs and a complex return do not work against a strong borrower.

Question 9

Who is a bank statement or no-doc loan best for?

Accepted Answer

Self-employed investors, business owners, and 1099 or commission earners whose write-offs shrink their taxable income. If your bank deposits tell a stronger story than your tax return, this is usually the right fit.

Question 10

What credit score and down payment do I need?

Accepted Answer

We lend from a credit score of 640, with the best terms going to stronger credit, and a down payment starting around 20%. Across the market these programs often want 660 or higher and 20% to 30% down. Stronger credit and more equity improve both your rate and your leverage.

Question 11

What rates and terms can I expect?

Accepted Answer

Pricing is higher than a fully documented conventional loan because the lender takes on more uncertainty, and it varies with your credit, leverage, and the structure. We offer both short-term and long-term options, so we match the term to whether you are flipping, bridging, or holding.

Question 12

Can I close in an LLC?

Accepted Answer

Yes. These are business-purpose loans and routinely close in an LLC or other entity. Holding investment property in an entity is standard and often preferred.

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