Yes. Pool service and repair companies can qualify for a mortgage with 12 or 24 months of bank statements instead of tax returns. The lender adds up your business deposits, takes out an expense factor for your costs, and uses what is left as your income. Most lenders want about two years in the same line of work.
How the money comes in
Pool routes are steady monthly income, usually paid by autopay or card. Repairs and equipment swaps add bigger tickets.
What the lender looks for in your statements
Route income makes very clean statements, because the same customers pay every month. Lenders like that. Chemical supplier refunds and route purchase loans are removed.
Transfers between your own accounts, loan proceeds and other one time money are usually left out. The guide on deposit problems covers how lenders handle large or unusual deposits.
Your costs and the expense factor
Chemicals, fuel and a truck are the main costs. A one person route often runs well under half of revenue, so a CPA letter can raise your income figure.
Most lenders start with a 50% expense factor. A letter from your CPA or enrolled agent, or a profit and loss statement prepared by a tax professional, can show lower costs. See how expense factors work.
Proof that the business is real
Your Florida pool and spa contractor or servicing license through DBPR if your work requires one, plus your Sunbiz filing. Lenders also accept a CPA or tax preparer letter confirming how long you have been in business.
Common snags, and how to avoid them
- Buying a route with a loan right before applying, which adds debt and changes your deposits.
- Equipment sales where you pass the cost straight to the customer, which inflates deposits.
- Short history after buying an existing route.
What to gather
- 12 or 24 months of business or personal bank statements, every page.
- Proof of your business or license.
- A CPA or enrolled agent letter if your costs are below half of revenue.
- Recent statements for savings or retirement accounts you will use for the down payment or reserves.
Other loans to compare
If you just bought a route, ask about lenders who accept a shorter history when you did the same work before. Bank statement loans usually cost more than a conventional loan and ask for a larger down payment, so I check whether a standard loan can count your income first.
More jobs: bank statement loans by job · Back to no tax return loans · bank statement loan requirements
Common questions
Can pool service and repair companies get a mortgage without tax returns?
Yes. A bank statement loan uses 12 or 24 months of deposits instead of tax returns. Most lenders want about two years in the same line of work.
What expense factor will the lender use?
Most lenders start at 50% of deposits. A CPA or enrolled agent letter, or a third party profit and loss statement, can support a lower number if your real costs are lower.
Do bank statement loans cost more?
Usually, yes. Expect a higher rate and a larger down payment than a conventional loan. The exact cost depends on your credit, down payment and documents.