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Consumer vs. Business Purpose Loans

	Consumer Purpose	Business Purpose
Overview	Financing for personal purposes. Owner-occupied and second homes.	Financing for investment/rental properties that generate income.
Occupancy Types	Primary and secondary homes	Investment homes
Documentation Types	12-month bank statements P&L-only 1099-only WVOE-only Asset Utilization W2 Tax Returns Full Doc	DSCR/No Ratio 12-month bank statements P&L-only Asset Utilization W2 Tax Returns Full Doc 1099 WVOE
Types of Loans	Ally (No Ratio) Ally Equity First (No Ratio) Activator (Full/Alt-Doc) Activator Equity First (Alt-Doc)(opens in new tab) Super Jumbo (Full/Alt-Doc)	Accelerator (DSCR, No Ratio) Accelerator (Full/Alt-Doc) ‍ DSCR Equity First
Time to Close	Closes faster than agency loans with no wait times	Close in as little as 3 business days with transferred appraisals

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