The Quick Read: Not directly, because the asset qualifier path reaches 75% only on a refinance of a principal residence or second home, the cash-out terms at that leverage are set by the lender and not published, and the asset depletion path caps cash-out at 60%, so 75% with cash back is a lender-by-lender question, not a program standard. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
- On the asset qualifier path, eligible assets must cover the entire loan, and refinance leverage tops out at 75%, subject to underwriting.
- On the asset depletion path, cash-out is capped at 60% on a principal residence, a second home or an investment property.
- Cash-out proceeds never count as qualifying assets on the depletion path.
- Privately held company stock is not an eligible asset on either path.
- Every figure here is a ceiling or a floor, not an offer, and every file is underwritten individually.
Why “75%” Is Only Half of the Question
The 75% figure describes how much of the home’s value a new loan can reach. It says nothing about whether the lender will hand you cash at that level. Those are two separate decisions.
Across the wholesale network Lendmire works with, asset-based mortgages come in two forms. Each qualifies you in a different way, and each treats cash-out differently. A borrower is qualified on one path at a time, and the two paths never blend.
Lendmire is a broker, not a lender. It places files with select lenders, and those lenders decide eligibility. The figures below describe typical program ceilings, subject to underwriting and lender guidelines.
This guide is written for a cash-heavy reader whose documented income is light. That includes retirees, people who sold a business, heirs, early-retired professionals and households living off a portfolio. The balances are large, and the pay stubs are not.
The Two Asset-Based Paths Side by Side
The asset qualifier path covers the whole loan with assets. The asset depletion path turns assets into monthly income. Which one fits depends on whether your assets are large enough to cover the entire loan outright.
| Factor | Asset qualifier path | Asset depletion path |
|---|---|---|
| How you qualify | Assets cover the entire loan | Assets become monthly income |
| Income documented | None | Derived from assets |
| Purchase leverage | Up to 80% | Up to 80% (65% on investment) |
| Refinance leverage | Up to 75% | Up to 80% rate-and-term (65% investment) |
| Cash-out leverage | Set by lender, not published | 60% on all three property types |
| Loan size | Up to $4,000,000 | $125,000 to $3,500,000 |
Read the cash-out row carefully. The qualifier path’s 75% applies to a refinance, and the lender decides whether cash comes back at that level. Lendmire does not state a qualifier-path cash-out figure, because none is published. The depletion path publishes 60%, and that is the number to plan around if you want proceeds on that route.
What Does 75% Mean in Practice?
At a 75% cap, the new loan can be no more than three-quarters of the appraised value. To get any cash back, the appraisal must be roughly 1.33 times your payoff plus closing costs. That is simple arithmetic and holds on any program.
Equity alone does not decide the outcome. Cash back is value times the cap, minus your payoff and costs. If the appraisal comes in low, the cash shrinks faster than the value does. A small miss on value can erase a large share of the proceeds, because your payoff does not move.
Say a home has roughly 30% equity on paper. On a 75% cap that leaves a thin margin before costs. On a 60% cap, which is the depletion path’s cash-out ceiling, the same equity position may return nothing at all. Ask what your payoff-to-value ratio is before you ask what path to use.
Can You Reach 75% on Assets Alone?
Sometimes, but only on the qualifier path and only on a principal residence or second home. The loan must be fully covered by eligible assets after the credit percentages below. If cash comes back, the lender sets the terms.
Here is how the qualifier path counts assets:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- Retirement accounts (401(k) and IRA) count at 90% if you are under 59½ and 100% at 59½ or older.
- Accounts combine, so several balances can add up to the loan amount.
Consider an $800,000 loan. Suppose you hold $330,000 in brokerage accounts, which counts at 100% for $330,000. Add $300,000 in a 401(k) while under 59½, which counts at 90% for $270,000. Add $200,000 in savings, which counts at 100% for $200,000. That totals $800,000 of usable assets, so the file is reviewed on assets alone, subject to underwriting and the lender’s own calculation.
Other requirements on this path include a 600 minimum credit score, 60 days of seasoning, and two months of statements for each qualifying account. No reserves are required at or below 75% loan-to-value. Above that level, the lender sets them. No income is documented on this path, though every file is fully underwritten, and the assets are documented with statements. That means no traditional personal-income documentation, pay stubs or employment verification, but it never means no documentation.
When Assets Become Income Instead
If your assets do not cover the whole loan, the depletion path may fit better. It converts eligible assets into a monthly qualifying income and runs that income through a debt-to-income test. The cost is lower leverage on a cash-out.
The depletion path applies these haircuts, which are the share of each balance that counts:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%.
- Retirement accounts count at 70% at any age.
- Real-estate equity counts at 60%.
Take $1,500,000 in securities, which counts at 80% for $1,200,000. Add $300,000 in cash at 100%. That is $1,500,000 of usable assets. Divided by 60 months, it is $25,000 of monthly qualifying income. That income then carries the housing payment and other debts through the debt-to-income test. The lender’s own calculation governs.
This path has its own minimums. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance. When asset depletion is the only income source, you need at least $250,000 in liquid assets. If you also document other income, derived income can supplement it up to a 45% debt-to-income ratio, and the minimum-assets rule is waived. Statements must be at least 120 days old at application, plus the most recent statement within 45 days. Funds from a business sale, an inheritance or a legal settlement are excused from that seasoning.
On this path, cash-out proceeds never count toward qualifying assets. If your plan is to pull cash and then use that cash to qualify, the program does not allow it.
Which Limit Binds First?
A file is only as strong as its tightest constraint. Approvals often land below the headline number, and the cause is usually one of these.
- The leverage cap. On a cash-out, the depletion path stops at 60%, so 75% is simply out of reach there.
- Asset coverage. On the qualifier path, eligible assets after the credit percentages must cover the entire loan. A shortfall means a smaller loan or a switch to the depletion path.
- Derived income. On the depletion path, the monthly figure from your assets must carry the housing payment and your other debts.
- The appraisal. A low value lowers the cap in dollars, and the cash shrinks with it.
- Credit. The qualifier path has a 600 floor. The depletion path follows the lender’s matrix. A first-time investor on the depletion path needs a 700 score. One 30-day late in the last twelve months on housing history is considered case by case. A housing event needs four years of seasoning on the depletion path.
You get the lowest of these ceilings, not the highest. That is why a borrower with plenty of assets and plenty of equity can still see a modest cash-out figure.
What Counts, and What Does Not
Privately held company stock is not an eligible asset on either path. A founder or shareholder who holds most of their wealth in closely held shares has a clear route. Convert the holding into documented liquid assets, such as seasoned proceeds from a sale or buyout, cash, public securities, or retirement accounts at their haircuts.
The depletion path also excludes 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. Cryptocurrency, precious metals, collectibles, business accounts beyond your ownership share, and pledged or borrowed funds are not published as eligible on either path. The route for those holdings is to convert them into a seasoned cash balance in a regulated account. The lender reviews the source of those funds.
Your first move is to inventory your accounts by type and age, because the same dollar counts differently depending on where it sits.
Documents to Gather
Both paths document the assets, not the income. A clean file usually needs the following.
- Two months of statements for each qualifying account on the qualifier path.
- Statements at least 120 days old plus one within 45 days on the depletion path.
- A source explanation for any large recent deposit.
- Proof of a sale, inheritance or settlement if you rely on those funds for seasoning relief.
- Your current mortgage statement and homeowners insurance details.
Lendmire’s team sorts accounts by eligibility before the file goes to a lender. That step catches the ineligible holdings early, which keeps the file from stalling later.
If the Property Is a Rental
Investment property changes the math. Only the depletion path accepts an investment property, and there the loan is business-purpose. Cash-out tops out at 60%, and a purchase or rate-and-term refinance tops out at 65%.
Investors often find that a rental’s own income is the better basis. Business-purpose rental financing is DSCR territory, where qualification runs on the property’s rental income covering the payment, subject to lender guidelines. For how that works on a cash-out refinance, see Lendmire’s explanation of how a rental’s own income can support a cash-out refinance.
The line between consumer and business purpose is not always obvious. Under the CFPB’s Truth in Lending exam manual, credit extended primarily for a business purpose is exempt from Regulation Z, and credit to acquire or improve non-owner-occupied rental property counts as business purpose. But Doss Law’s guide describes an owner-occupancy test, where expecting to occupy a small property more than 14 days a year can trigger consumer treatment. And a Hunton white paper makes the point that business purpose does not mean compliance exempt. How a lender classifies your loan depends on how you use the property.
Choosing Between the Paths
This is a judgment call, and the answer flips on a few facts.
- If your eligible assets cover the whole loan and the property is your home or second home, the qualifier path is the cleaner fit. It reaches 75% on a refinance, though cash-out terms are lender-specific.
- If your assets are large but not large enough to cover the loan, the depletion path may work. Plan on 60% if cash is the goal.
- If you want the most cash out of an investment property, an income-based rental program may beat either asset path. Compare it before you commit.
- If you hold mostly private company stock or real estate, the first step is to turn some of it into seasoned liquid assets, which gives you something to document.
The stronger play is often the one with lower leverage that closes cleanly. Pushing toward 75% with a thin appraisal margin can turn a good file into a disappointing one.
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 programs based on your statements, the property, credit profile, leverage, and your goals. Consumer mortgage lending is available in Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. You can reach the team at 828-256-2183.
Key Terms Defined
- Loan-to-value (LTV): The loan amount divided by the appraised value, shown as a percentage.
- Cash-out refinance: A new, larger loan that pays off the old one and returns the difference to you as cash.
- Asset qualifier path: A program where eligible assets, after credit percentages, cover the entire loan with no documented income.
- Asset depletion path: A program where usable assets divided by 60 months become qualifying monthly income.
- Haircut: The share of an asset’s balance that a lender will not count.
- Seasoning: The time funds must sit in an account, or the time you must have held title, before they count.
Frequently Asked Questions
Can I cash out on assets alone?
Possibly, but only through a lender that allows it. The qualifier path covers the loan with assets, yet the lender decides whether cash-out is allowed at that leverage, and no cash-out figure is published. The depletion path publishes a 60% cash-out cap. Either way, approval is subject to underwriting. These specifics are subject to lender guidelines and a full review of property, leverage, and credit.
Does real estate equity count as an asset?
Only on the depletion path, and only at 60%. The qualifier path does not list real-estate equity among its eligible assets. If most of your wealth is in property, expect lower qualifying income than a liquid portfolio would produce.
Do my cash-out proceeds count toward my qualifying assets?
No, not on the depletion path, where proceeds never count. Plan on qualifying with the assets you already hold, not the cash the refinance returns. The qualifier path publishes no rule that would let proceeds count.
Is 75% guaranteed if I have the equity?
No. Equity is only one limit. Asset coverage, credit, the appraisal and the leverage cap for your path can each pull the loan lower, and every figure here is a ceiling, not an offer.
What if the appraisal comes in low?
The maximum loan drops with the value, and the cash falls faster because your payoff stays the same. A low value can move you from a cash-out to a payoff-only refinance. Ask how much cushion your file has before you order the appraisal.
For the mechanics of pulling equity out of a rental property, see Lendmire’s guide to cash-out refinance on an investment property.
About Lendmire
Lendmire is a mortgage brokerage (NMLS# 2371349) licensed for consumer mortgage lending in 16 states, arranging bank statement and other alternative-documentation mortgages — P&L-only, 1099-only and asset-based paths — through a wholesale lending network. Eligibility is determined by the lender on each file. 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
1. CFPB Truth in Lending exam manual
2. Doss Law – Business Purpose Exemption Simplified
3. Hunton – Beware of Business Purpose
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 Cash-Out Refinance Requirements and How Much Asset Information to Disclose · Asset-Based Cash-Out Refinance Requirements for a Founder Before a Liquidity Event · Asset-Based Cash-Out Refinance Requirements With a 660 Credit Score
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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- North Carolina Insurance Producer · License# 19053198 · Property, Casualty, Life, Health · Verify on NAIC SBS
- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
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.