The Quick Read: Above $1 million, no ranked list settles which cash-out refinance fits you, because asset-based programs are placed through select wholesale lenders, and the right match depends on whether your assets cover the whole loan or convert into qualifying income, plus your property, credit and leverage. Lendmire is a mortgage broker, not a lender. It shops several wholesale lenders and matches your statements to the program that fits. Every file is fully underwritten, and the assets are documented with account statements.
- On the asset qualifier path, eligible assets must equal or exceed the entire loan, and you provide no personal-income documents, pay stubs or employment verification.
- On the asset depletion path, usable assets are divided by 60 months into a monthly qualifying income that runs through the debt-to-income test.
- Cash-out leverage on the depletion path is 60% on a principal residence, second home or investment property, subject to underwriting.
- Cash-out proceeds never count as qualifying assets or reserves on this program.
- Privately held company stock is not an eligible asset on either path.
Why There Is No Honest “Top Providers” List
Which lenders write this loan above $1 million depends on your situation, and a ranked list of companies would hide that. Property type, credit profile, leverage need and the kind of assets you hold decide which program fits.
Here is how the channel works. Lendmire is a broker, so it shops several wholesale lenders, each with its own guidelines. You submit one application, and the file is matched to the program whose rules suit your statements.
Lendmire’s asset-based mortgage programs are placed through select lenders in its network. Consumer mortgage lending runs in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. Everything below is a ceiling or a floor, never an offer, and every figure is subject to underwriting.
Key Terms Defined
Asset-based mortgage: a loan where your documented assets, not your pay or tax returns, carry the qualification.
Asset qualifier path: the route where eligible assets, after the credit percentages below, must equal or exceed the whole loan amount.
Asset depletion path: the route where usable assets are divided by 60 months to create a monthly qualifying income.
Debt-to-income ratio: your monthly debts, including the new housing payment, compared with your monthly qualifying income.
Seasoning: how long funds must sit in an account, with statements to prove it, before a lender counts them.
Cash-out refinance: a new, larger loan that pays off the old one and returns the difference to you as cash.
Loan-to-value (LTV): the loan amount as a percentage of the property’s appraised value.
Path One: Your Assets Cover the Whole Loan
The asset qualifier path asks one question: do your eligible assets equal or exceed the entire loan? If they do, you document no traditional personal-income documentation, pay stubs or employment verification. A borrower is qualified on one path at a time, so this path never borrows from the other path’s rules.
Loans run up to $4,000,000 on this path. That ceiling sits well above $1 million, which is why this path suits larger files. Leverage reaches 80% on a purchase and 75% on a refinance of a principal residence or second home.
Cash-out is where you need to be careful. Whether cash-out proceeds are allowed on this path, and at what leverage, is set by the lender and is not published. Do not plan a cash-out on this path until a lender confirms it for your file.
Here is what counts, as the share of each balance that counts:
- Brokerage accounts count at 100%.
- Certificates of deposit, money market and savings count at 100%.
- A 401(k) or IRA counts at 90% if you are under 59½ and at 100% at 59½ or older.
- Accounts combine.
Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (counts at 100%, so $330,000), $300,000 in a 401(k) while under 59½ (counts at 90%, so $270,000) and $200,000 in savings (counts at 100%, so $200,000). That adds up to $800,000 of usable assets. The loan is reviewed on assets alone. The arithmetic is illustrative, and the lender’s own calculation governs.
The same math scales up. A larger loan simply needs a larger pile of usable assets.
Other requirements are short. You need 60 days of seasoning and two months of statements for each qualifying account. The credit floor is a 600 score. No reserves are required at or below 75% loan-to-value. Above that, the lender sets them.
Path Two: Your Assets Become Income
The asset depletion path turns a portfolio into a monthly number. Usable assets are divided by 60 months. That figure must carry the full housing payment and your other debts through the debt-to-income test. It works for a reader who has large balances and little documented income.
Run the numbers on a $1,500,000 securities account and $300,000 in cash. Securities count at 80%, so $1,200,000. Cash counts at 100%, so $300,000. That is $1,500,000 of usable assets. Divided by 60 months, it produces $25,000 of monthly qualifying income. That income then carries the housing payment and other debts. Again, this is illustration only, and the lender’s calculation governs.
This path is the one that opens cash-out above $1 million with published leverage. Loans run from $125,000 to $3,500,000. On a principal residence or second home, leverage reaches 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance.
The depletion path also has asset minimums:
- Qualified assets must reach at least the lesser of $1,000,000 or 1.25 times the loan balance.
- When asset depletion is your only income source, you need at least $250,000 liquid.
- Asset income may also supplement documented income, up to a 45% debt-to-income ratio. When it supplements, the minimum-assets rule is waived.
Cash-out proceeds never count as qualifying assets. That rule closes a loop some borrowers hope for, where borrowed cash props up the next round of qualifying.
The Two Paths Side by Side
| Factor | Asset qualifier | Asset depletion |
|---|---|---|
| How assets are used | Cover the whole loan | Divided by 60 months into income |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Refinance leverage | 75% (primary, second home) | 80% rate-and-term, 60% cash-out (principal residence, second home); 65% rate-and-term, 60% cash-out (investment property) |
| Cash-out | Lender-set, not published | 60% on all occupancies |
| Investment property | Not published | Yes, 65% / 60% |
| Credit | 600 minimum score | Lender’s matrix |
| Seasoning | 60 days, two statements | Statements 120 days old, plus one within 45 days |
Through select programs, subject to underwriting. Notice what the table says about cash-out: if you need published cash-out leverage on a large loan, the depletion path is where the numbers live.
What Counts, and What Does Not
The qualifier path counts brokerage, CDs, money market and savings at full value. Retirement accounts count at 90% before 59½ and 100% after. The depletion path is stricter. Cash accounts and CDs count at 100%, securities at 80%, retirement accounts at 70% at any age, and real-estate equity at 60%. The haircut is the part that does not count: 20% on securities and 30% on retirement.
Some assets do not count on the depletion path at all. That list covers custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, stock options, non-vested restricted stock units and funds from non-regulated financial companies. Privately held stock is excluded as well.
Privately held (closely held) company stock is not an eligible asset on either path. A founder or shareholder has one route: documented liquid assets. That means seasoned proceeds from a sale or conversion, cash, public securities and retirement accounts at their percentages.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The documented route is converting them to a seasoned cash balance in a regulated account. The lender reviews the source of those funds.
Where the General Rule Breaks
Lump-sum windfalls. Depletion-path statements normally need to be 120 days old at application. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning. A recent windfall can still qualify, but the source is reviewed.
First-time investors. On the depletion path, a first-time investor needs a 700 score. Otherwise the lender’s matrix sets the score.
Credit events. Housing history is 0x30x12. One 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. A housing event needs 4 years of seasoning on the depletion path.
Investment property. Only the depletion path covers it. The loan is business-purpose there. DSCR loans are designed for non-owner-occupied investment properties, and the same logic applies when asset depletion carries a rental. Because the loan is business-purpose, it is reviewed differently from a standard owner-occupied mortgage. The CFPB’s rule on exempt transactions lists the purpose factors, and a business-purpose guide from Doss Law explains that acquiring or maintaining a non-owner-occupied rental is generally treated as business-purpose. A compliance paper from Hunton adds a useful caution: business purpose does not mean compliance-exempt. Expect a signed business-purpose declaration.
Consumer purpose. On a principal residence or second home, the loan is a consumer mortgage. Standard consumer disclosures apply.
The Requirements Checklist
Gather these before you talk to a broker:
1. Statements for every qualifying account. Two months each on the qualifier path. 2. On the depletion path, one statement at least 120 days old and the latest within 45 days. 3. A credit profile that meets the program’s floor, and a clean recent housing history. 4. The property details, including whether it is a principal residence, second home or investment property. 5. The source of any large recent deposit, such as a sale or settlement. 6. A plan for the cash-out proceeds, remembering that they never count toward qualifying.
Choosing the Route in Practice
A retiree living on a portfolio often fits the depletion path, because the portfolio becomes the income. A seller of a business may fit either path once proceeds are seasoned in cash or public securities. An early-retired professional with a large brokerage balance may find the qualifier path cleaner if the balance covers the loan.
If you want to take cash out above $1 million, the pressure point is leverage. At 60% on the depletion path, a bigger property value is needed to support the same cash. That is arithmetic, not a judgment, and a broker can compare how several lenders apply it.
Anyone qualifying on assets rather than income can weigh the two paths against the same statements. Running the usable-asset total both ways shows which path the numbers support.
Frequently Asked Questions
Does privately held company stock count toward qualifying?
A shareholder’s route is documented liquid assets. A sale or buyout converted to a seasoned cash balance, public securities and retirement accounts all count at their percentages. Stock options and non-vested restricted stock units are also excluded.
Can I take cash out on the asset qualifier path?
That is set by the lender and is not published. The published cash-out figures belong to the depletion path, at 60% loan-to-value. Ask for lender confirmation before you plan around it.
Is this a no-doc loan?
No. Every file is fully underwritten. You skip traditional personal-income documentation, pay stubs and employment verification on the qualifier path, but your assets are documented with statements on both paths. Approval is never promised.
Do cash-out proceeds count as reserves or assets?
No. Cash-out proceeds never count as qualifying assets on this program. Reserves differ by path: none required at or below 75% loan-to-value on the qualifier path, and no published reserve months on the depletion path.
Which assets count the most?
On the qualifier path, brokerage, CDs, money market and savings count at 100%. Retirement accounts count at 90% under 59½. On the depletion path, cash and CDs count at 100%, securities at 80%, retirement at 70% and real-estate equity at 60%. Subject to underwriting.
Next Step
If you are qualifying on assets rather than income and want to see how the numbers work, Lendmire can help you compare asset-based mortgage options based on your statements, the property, credit profile, leverage, and your goals.
A deeper walk-through of investment-property equity extraction lives in Lendmire’s guide to cash-out refinance on an investment property.
About Lendmire
Lendmire (NMLS# 2371349) is a mortgage brokerage serving self-employed and high-net-worth borrowers in 16 states. Bank statement, P&L-only, 1099-only and asset-based mortgages are arranged through wholesale lending channels; Lendmire brokers the financing and the lender underwrites each application. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
References
2. Doss Law business-purpose guide
This article is part of Lendmire’s asset-based mortgage program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: Asset-Based vs Bank Statement Cash-Out Refinance With a 660 Credit Score · Asset-Based Cash-Out Refinance Requirements on a Primary Home
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.