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Cressida Direct: Commercial Loans Without Tax Returns, From a Direct Lender

Cressida Direct is a direct lender offering commercial real estate loans without tax returns in 44 states (all except DE, HI, ND, SD, WV, WY): business owners qualify on 12 months of business bank statements, investors qualify on the property's cash flow, and loans that fit our programs are underwritten and funded in-house. Skipping tax returns doesn't mean skipping documentation. Each program below states what it verifies instead, from business deposits and in-place rents to reserves, collateral, and the exit.

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Compare the programs that don't require tax returns

Each row uses the terms already published on that program page. Residential loans are labeled residential.

Program	Who it's for / property	What it qualifies on instead of tax returns	Loan size	Max LTV	Credit	Typical close	Limits
Owner-Occupied Commercial (bank statement)	Business owners whose business occupies 50% or more of the property. Eligible borrowers are an individual borrower, an LLC, or an S-corp.	12 months of business bank statements; personal or business tax returns not required. Qualifying cash flow is 30% of average monthly business deposits, and that cash flow must cover debt service at a 1.15x DSCR.	$200,000 – $3,000,000	80% purchase / 75% refinance; cash-out refinance 75%	650 minimum	35–45 days	44 states (all except DE, HI, ND, SD, WV, WY)
Commercial DSCR Loan	Investors in income-producing commercial property	Property cash flow at a minimum 1:1 DSCR on current in-place rents; tax returns and business financials not required	$200,000 – $3,000,000 (car washes and hotels/motels capped at $500,000)	80% purchase / 75% refinance	550+	30–45 days	Full recourse. Not eligible: cannabis, gas stations, event centers, land, vacant property, rehab
No DSCR Loan (U.S. borrowers)	Residential 1–4 units the borrower doesn't live in: SFR, townhome, condo, 1–4 unit apartment	Loan-to-value and credit score only; no DSCR, no tax returns, no experience requirement; 3 months of reserves shown with bank statements	$200,000 – $10,000,000	75%	Above 550	30–45 days from term sheet	Not eligible: rural, condotels, ND, SD, WV, MI
Foreign National Loan, commercial	Non-U.S. borrowers through a U.S. LLC; apartments 5+ units, retail, office, light industrial, mixed-use	No DSCR, no tax returns, no experience requirement; no credit report or score; passport or visa; 3 months of reserves in a U.S. bank	Up to $5,000,000 on commercial ($200,000 – $10,000,000 on 1–4 units)	65%	No credit report or score	30–45 days from term sheet	Not eligible: rural, condotels, ND, SD, WV, MI; foreign bank accounts not accepted for reserves
Bridge Financing	Short-term (6–24 months), interest-only; California commercial property only; 1st or 2nd mortgage	Collateral and exit strategy; light doc, "No personal tax returns are required"; credit and liquidity considered	$1,000,000 – $10,000,000	70%	Not credit-score driven; credit and liquidity considered	30–45 days, as fast as 14 days	California properties only

Owner-Occupied Commercial (bank statement)

Who it's for / property: Business owners whose business occupies 50% or more of the property. Eligible borrowers are an individual borrower, an LLC, or an S-corp.
What it qualifies on instead of tax returns: 12 months of business bank statements; personal or business tax returns not required. Qualifying cash flow is 30% of average monthly business deposits, and that cash flow must cover debt service at a 1.15x DSCR.
Loan size: $200,000 – $3,000,000
Max LTV: 80% purchase / 75% refinance; cash-out refinance 75%
Credit: 650 minimum
Typical close: 35–45 days
Limits: 44 states (all except DE, HI, ND, SD, WV, WY)

Commercial DSCR Loan

Who it's for / property: Investors in income-producing commercial property
What it qualifies on instead of tax returns: Property cash flow at a minimum 1:1 DSCR on current in-place rents; tax returns and business financials not required
Loan size: $200,000 – $3,000,000 (car washes and hotels/motels capped at $500,000)
Max LTV: 80% purchase / 75% refinance
Credit: 550+
Typical close: 30–45 days
Limits: Full recourse. Not eligible: cannabis, gas stations, event centers, land, vacant property, rehab

No DSCR Loan (U.S. borrowers)

Who it's for / property: Residential 1–4 units the borrower doesn't live in: SFR, townhome, condo, 1–4 unit apartment
What it qualifies on instead of tax returns: Loan-to-value and credit score only; no DSCR, no tax returns, no experience requirement; 3 months of reserves shown with bank statements
Loan size: $200,000 – $10,000,000
Max LTV: 75%
Credit: Above 550
Typical close: 30–45 days from term sheet
Limits: Not eligible: rural, condotels, ND, SD, WV, MI

Foreign National Loan, commercial

Who it's for / property: Non-U.S. borrowers through a U.S. LLC; apartments 5+ units, retail, office, light industrial, mixed-use
What it qualifies on instead of tax returns: No DSCR, no tax returns, no experience requirement; no credit report or score; passport or visa; 3 months of reserves in a U.S. bank
Loan size: Up to $5,000,000 on commercial ($200,000 – $10,000,000 on 1–4 units)
Max LTV: 65%
Credit: No credit report or score
Typical close: 30–45 days from term sheet
Limits: Not eligible: rural, condotels, ND, SD, WV, MI; foreign bank accounts not accepted for reserves

Bridge Financing

Who it's for / property: Short-term (6–24 months), interest-only; California commercial property only; 1st or 2nd mortgage
What it qualifies on instead of tax returns: Collateral and exit strategy; light doc, "No personal tax returns are required"; credit and liquidity considered
Loan size: $1,000,000 – $10,000,000
Max LTV: 70%
Credit: Not credit-score driven; credit and liquidity considered
Typical close: 30–45 days, as fast as 14 days
Limits: California properties only

Related, not in the table: Residential DSCR Loans also don't require tax returns (rental 1–4 units; qualifies on rent). No-ratio commercial loans explains which no-DSCR option fits commercial property. Self-employed borrowers choosing between owner-occupied and investment can start at Bank-statement loans. Compare everything at programs, or check coverage with the DSCR calculator.

What we do require

No tax returns doesn't mean no file. Here is what each loan still checks, as published on its program page:

Owner-occupied bank-statement loan: 12 months of business bank statements; government photo ID for each guarantor; entity documents (articles, operating agreement or bylaws, EIN letter, good standing); credit authorization; the purchase contract, or the current mortgage statement and payoff on a refinance; occupancy detail (square footage the business uses plus any third-party leases); a short business overview and ownership percentages; an appraisal ordered by Cressida Direct; and title work. Minimum credit score 650; the business must occupy 50% or more of the property. Eligible borrowers are an individual borrower, an LLC, or an S-corp. Qualifying cash flow is 30% of average monthly business deposits, and that cash flow must cover debt service at a 1.15x DSCR.
Commercial DSCR loan: the property's cash flow has to support at least a 1:1 DSCR on current in-place rents (send the rent roll); loan-to-value comes from an independent appraisal; minimum credit score 550; full recourse.
No DSCR loan: a government ID, bank statements showing 3 months of reserves, entity documents, a purchase contract on a purchase, and insurance. Credit score above 550 and loan-to-value of 75% or less.
Foreign national loan: a passport or visa, bank statements showing 3 months of reserves in a U.S. bank (foreign accounts not accepted), U.S. LLC entity documents, a purchase contract on a purchase, and insurance.
Bridge financing: a clearly defined exit strategy, sponsor experience and liquidity to carry out the plan, and collateral located in California; the collateral and exit carry most of the underwriting weight.

Loans that do require tax returns: SBA 504 & 7(a) are full-documentation, owner-occupied loans that require tax returns and typically take 60 to 90 days. They're the right fit when the returns support the deal.

Some lenders advertise true no-doc loans that look at nothing but credit and loan-to-value. Cressida Direct doesn't. Our programs skip tax returns, but each one still verifies something real: 12 months of business deposits, the property's in-place rent, reserves in a U.S. bank, or the collateral and exit behind the loan.

Questions buyers ask

Which direct lenders offer commercial loans without tax returns?

Cressida Direct is a direct lender that offers commercial real estate loans without tax returns in 44 states (all except DE, HI, ND, SD, WV, WY). Business owners qualify on 12 months of business bank statements through the owner-occupied loan ($200,000 to $3,000,000), and investors qualify on the property's cash flow at a 1:1 minimum DSCR through the commercial DSCR loan ($200,000 to $3,000,000).

What do you require instead of tax returns?

It depends on the program. The owner-occupied loan uses 12 months of business bank statements, a 650 minimum credit score, and an appraisal. The commercial DSCR loan uses the property's in-place rents at a 1:1 minimum DSCR and a 550+ credit score. The No DSCR and foreign national loans require 3 months of reserves shown on bank statements, and bridge loans are underwritten on the collateral and the exit strategy.

Is a commercial loan without tax returns the same as a no-doc loan?

No. Cressida Direct's programs don't require tax returns, but each one still verifies documentation, such as 12 months of business bank statements, the property's rent roll, reserves in a bank account, or the collateral and exit plan.

Can I get a commercial loan without tax returns if my business occupies the building?

Yes. Cressida Direct's owner-occupied commercial loan qualifies business owners on 12 months of business bank statements instead of tax returns, from $200,000 to $3,000,000 at 80% loan-to-value on a purchase and 75% on a refinance, with a 650 minimum credit score, typically closing in 35–45 days. The business must occupy 50% or more of the property. Eligible borrowers are an individual borrower, an LLC, or an S-corp. Purchase, refinance, or cash-out refinance. A cash-out refinance is capped at 75% loan-to-value. Qualifying cash flow is 30% of average monthly business deposits, and that cash flow must cover debt service at a 1.15x DSCR.

Can I finance an investment property without tax returns?

Yes. For commercial investment property, Cressida Direct's commercial DSCR loan qualifies on the property's cash flow at a 1:1 minimum DSCR with a 550+ credit score and no tax returns or business financials, from $200,000 to $3,000,000. Commercial DSCR loans close in 30–45 days. For one-to-four-unit residential investment property, the No DSCR loan qualifies on loan-to-value and a credit score above 550, from $200,000 to $10 million at up to 75% loan-to-value.

Which Cressida Direct loans do require tax returns?

SBA 504 and 7(a) loans are full-documentation loans that require tax returns and typically take 60 to 90 days. If your tax returns don't support the deal, the owner-occupied bank-statement loan qualifies on 12 months of business bank statements instead.

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