The Quick Read: The lenders that write this loan do not publish a ranking, and the leverage you can reach depends on which qualifying path you use, not on a brand name. On a primary home, the asset depletion path allows up to 60% loan-to-value (LTV, the loan as a share of the home’s value) on a cash-out refinance, subject to underwriting. Here is what matters most:
- An asset-based loan is reviewed around documented assets instead of tax returns, pay stubs or employment verification, and every file is still fully underwritten.
- The asset depletion path caps a cash-out on a primary residence at 60% LTV, versus 80% on a purchase or rate-and-term refinance.
- The asset qualifier path allows up to 75% on a refinance, but cash-out leverage on that path is set by the lender and is not published.
- A broker that shops several wholesale lenders matches your statements, credit and leverage need to the program that fits. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
What Does “Provider” Mean for This Loan?
A provider here is a wholesale lender that writes the loan, reached through a mortgage broker. Lendmire is the broker. It does not lend, underwrite or approve. It places files with select lenders in its network, and those lenders set the final terms.
That distinction matters because no single company sets the maximum leverage. Each lender’s guidelines set it, and the cap shifts with the path, the occupancy and the transaction type. Asking for the top provider is really asking which program fits your assets, your property and how much cash you want out.
This page does not rank or name lenders. The program you land on depends on your credit profile, your statements and the amount you need.
Key Terms Defined
Loan-to-value (LTV): The loan balance divided by the appraised value of the home.
Cash-out refinance: A new mortgage larger than what you owe, with the difference paid to you. A home with no mortgage on it is still treated as a cash-out refinance.
Rate-and-term refinance: A new mortgage that replaces the old one without paying you extra cash.
Asset qualifier path: You qualify because your eligible assets equal or exceed the entire loan amount. No employment or income is documented.
Asset depletion path: Your usable assets are divided by 60 months to create a monthly qualifying income. That income then runs through the debt-to-income test.
Debt-to-income (DTI): Your monthly debts, including the new housing payment, divided by your monthly income.
Seasoning: The time funds must sit in an account before a lender counts them.
Which Path Fits You?
Start with one question: could your assets cover the whole loan, or do you need them converted into income? A borrower is reviewed on one path at a time, and the two paths never blend.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| How you qualify | Assets cover the entire loan | Assets ÷ 60 months = income |
| Income documented | None | Derived income, tested by DTI |
| Primary home leverage | Up to 75% on a refinance | 60% on cash-out |
| Purchase or rate-and-term | Up to 80% on a purchase, up to 75% on a refinance | Up to 80% |
| Cash-out leverage | Lender-set, not published | 60% |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
All figures are ceilings through select programs, subject to underwriting. They are not offers.
The qualifier path suits a borrower whose liquid balances are large compared with the loan. Think of a retiree with a brokerage account and savings who wants a modest refinance. The depletion path suits a borrower whose balances are big but spread across securities and retirement accounts, where converting them to income makes the math work. Your assets decide which path applies: the qualifier path asks that they cover the whole loan, while the depletion path asks that the income they produce carry the payment. Lendmire’s asset-based mortgage programs cover both.
How Does Underwriting Treat It, Step by Step?
Step 1: Pick the path. Your assets and your goal decide it. A cash-out on a primary home is a consumer-purpose loan, so the lender must document that you can repay it. Federal rules allow that repayment ability to rest on income, on assets other than the home securing the loan, or on both. Asset-based programs lean on that flexibility.
Step 2: Value the assets. Each asset type counts at a set share of its balance. The part that does not count is the haircut.
Step 3: Remove what cannot count. The home you are refinancing is not your qualifying asset. The regulation text excludes the value of the dwelling that secures the loan. Cash-out proceeds are excluded too, so you cannot borrow money and then count it as the assets that justify the borrowing.
Step 4: Check seasoning and statements. On the qualifier path, funds need 60 days of seasoning and two months of statements per account. On the depletion path, statements must be at least 120 days old at application, plus the most recent statement within 45 days. Funds from the sale of a business, an inheritance or a legal settlement are excused from that depletion-path seasoning.
Step 5: Review credit and minimums. The qualifier path has a 600 minimum score. The depletion path follows the lender’s score and loan-amount matrix. A first-time investor on the depletion path needs 700. Housing history is 0x30x12, and one 30-day late in the last twelve months is considered case by case.
Step 6: Apply the leverage cap. The appraisal sets the value. Then the path, occupancy and transaction type set the ceiling. A cash-out on a primary home under depletion tops out at 60%.
What Counts, and at What Percentage?
Each percentage below is the share of the balance that counts toward qualifying. The rest is the haircut.
Asset qualifier path:
- Brokerage accounts, certificates of deposit, money market and savings count at 100%.
- 401(k) and IRA balances count at 90% if you are under 59½ and 100% at 59½ or older.
- Accounts combine.
Asset depletion path:
- Cash accounts and certificates of deposit count at 100%.
- Securities count at 80%, so 20% of the balance does not count.
- Retirement accounts count at 70% at any age, so 30% does not count.
- Real-estate equity counts at 60%, which applies to equity you hold beyond the home being financed, not the equity in that home.
Several assets are not eligible on the depletion path: 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 company stock is not an eligible asset on either path. The same goes for cryptocurrency, precious metals, collectibles, pledged or borrowed funds, and business-account balances beyond your ownership share. None of these are published as eligible. The documented route is to convert them to a seasoned cash balance in a regulated account, and the lender reviews where that money came from. A founder who sells a company can use the proceeds once they sit as cash.
Two Worked Examples
These are illustrative. The lender’s own calculation governs every file.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts (100% counts, so $330,000), $300,000 in a 401(k) while under 59½ (90% counts, so $270,000) and $200,000 in savings (100% counts, so $200,000). That totals $800,000 of usable assets, which equals the loan. You qualify on assets alone, subject to underwriting.
Depletion path. Say you hold $1,500,000 in securities (80% counts, so $1,200,000) and $300,000 in cash (100% counts, so $300,000). Usable assets are $1,500,000. Divided by 60 months, that is $25,000 of monthly qualifying income. That income must carry the new housing payment and your other debts through the DTI test.
Depletion has minimum-asset rules too. You need qualified assets of at least the lesser of $1,000,000 or 1.25 times the loan balance. When depletion is your only income source, you also need at least $250,000 in liquid assets. If you instead use asset-derived income to supplement documented income, DTI can run up to 45% and the minimum-assets rule is waived.
On a cash-out under depletion, remember the 60% LTV cap. A larger home value does not lift it, so the cash you can take depends on how much equity sits below that line. Leverage, reserves, and pricing vary by lender and program; the final terms follow the full file review.
Where the General Rule Breaks
The headline leverage numbers hide several traps. These are the common ones.
A paid-off home still counts as cash-out. Many owners assume that with no mortgage they are doing a simple refinance. Lenders treat it as cash-out, so the lower cap applies.
Big numbers usually describe a different transaction. You will see 80% or higher quoted for asset-based loans. Those figures belong to purchases or rate-and-term refinances. Under depletion, the cash-out version of the same loan is 60%.
The qualifier path is silent on cash-out. Up to 75% on a refinance is the published ceiling. Whether cash-out proceeds are allowed at all, and at what leverage, is set by the lender and is not published. Ask before you plan around it.
Investment property is a different product. The depletion path also covers investment property, at 65% on a purchase or rate-and-term refinance and 60% on a cash-out. That loan is business-purpose. DSCR loans are designed for non-owner-occupied investment properties. Because they are business-purpose investor loans, they are reviewed differently from a standard owner-occupied mortgage. A DSCR loan cannot be used on your primary home, so do not shop one for this goal.
Bank statement loans are a different tool. That program is for self-employed borrowers who document income through deposits. If your income is thin on paper but your balances are large, asset-based fits better. If you run a business with strong deposits, a bank statement loan may give a different leverage picture.
Compare against other programs on their own terms. Conforming, jumbo and FHA cash-out loans each have their own caps and documentation rules.
Who This Loan Fits and Who It Does Not
It fits a cash-heavy, income-light household. That includes retirees living on a portfolio, people who sold a business, recipients of an inheritance or settlement, and early-retired professionals. Their balances are large and their documented income is small.
It fits less well if your assets are mostly illiquid, such as private company shares or collectibles, because those are not eligible until converted to cash. It also fits poorly if you need leverage above the 60% depletion cash-out cap. In that case, a smaller cash-out, or none, may serve you better than stretching.
Sometimes the cheaper move is to skip the cash-out. If you need cash only to bridge a short gap, consider whether selling a position or using a different tool makes more sense. A broker can lay out the choices side by side.
Questions to Ask Before You Apply
- Which path does this program use, and does it allow cash-out on a primary residence?
- What is the cash-out LTV cap for my path and occupancy?
- How do you count my retirement accounts, and does my age change it?
- What statement age and seasoning do you require?
- Are my other holdings eligible, or must I convert them to cash first?
- What is the minimum score for my loan amount on this path?
A broker shops several wholesale lenders with these same questions, so you do not repeat them lender by lender. The consumer lending behind this program is licensed in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. Programs change, and every file is underwritten individually.
Frequently Asked Questions
Can privately held company stock count toward qualifying?
No. A founder or shareholder qualifies through documented liquid assets instead. That means seasoned proceeds from a sale or buyout converted to cash, public securities and retirement accounts at their percentages. The lender reviews the source of the funds.
Can I count the cash I take out toward my qualifying assets?
No. Cash-out proceeds never count as qualifying assets on the depletion path. You qualify on assets you already hold, documented with statements. The home you are refinancing is also excluded as an asset.
Is an asset-based loan the same as a no-documentation loan?
No. Every file is fully underwritten, and your assets are documented with account statements. What you skip are tax returns, pay stubs and employment verification. The lender must still reasonably document that you can repay the loan.
What is the maximum cash-out LTV on a primary home?
Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
It is 60% on the asset depletion path, subject to underwriting. The same path allows up to 80% on a purchase or rate-and-term refinance. The qualifier path allows up to 75% on a refinance, and its cash-out leverage is lender-set and unpublished.
Can a DSCR loan do this on my primary residence?
No. DSCR loans are for investment properties and require a business purpose. A primary residence needs an owner-occupied, consumer-purpose program, such as an asset-based or bank statement mortgage.
Next Steps
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. Program availability is subject to lender guidelines and is not a commitment to lend.
For how equity extraction works on an investment 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, Regulation Z § 1026.43
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 on a Primary Home · Best Asset-Based Cash-Out Refinance Program to Buy a New Primary Home
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.