The Quick Read: The best provider for you depends on your balances, your property, your credit profile and how much leverage you need, so a ranked list of company names would mislead you. Lendmire is a mortgage broker, not a lender. It places asset-based files with select wholesale lenders whose programs qualify a borrower on documented assets instead of paycheck or tax-return income, subject to underwriting. Here is what those programs look for:
- The asset qualifier path covers the entire loan with eligible assets and documents no employment or income.
- The asset depletion path divides usable assets by 60 months to create a qualifying income, which then runs through a debt-to-income test.
- Cash-out is clearest on the depletion path, at up to 60% loan-to-value on a principal residence, second home or investment property, through select programs. The qualifier path’s cash-out terms are set by the lender and not published.
- Privately held company stock is not an eligible asset on either path.
What Does “Asset-Based” Mean for a Cash-Out Refinance?
An asset-based cash-out refinance is reviewed around what you own instead of what you earn. A lender reviews your statements, counts a set share of each account, and decides whether the balances support the loan. Borrowers can be fully underwritten without traditional personal-income documentation, pay stubs or employment verification.
This is not a loan with no paperwork. Every file is fully underwritten, and the assets are documented with statements. Credit, the property, the appraisal and title all get reviewed, and the lender’s own calculation governs.
The programs Lendmire places files with work two ways, and you are qualified on one path at a time:
1. Asset qualifier. Your eligible assets, after the credit percentages, must equal or exceed the entire loan amount. No income is documented.
2. Asset depletion. Your eligible assets, after the percentages, are divided by 60 months. The result is a monthly income that must carry the housing payment and your other debts.
Lendmire’s asset-based mortgage programs include both. Consumer lending there is licensed in 16 states: Alabama, California, Colorado, Florida, Georgia, Indiana, Michigan, Montana, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington. The figures here are ceilings and floors, never offers.
Which Path Fits You?
Pick the qualifier path when your balances are big enough to cover the whole loan outright. Pick the depletion path when your balances are large but you would rather turn them into income, or when you want cash out. The table lays out the differences. All figures are typical ranges through select programs, subject to underwriting.
| Factor | Asset Qualifier | Asset Depletion |
|---|---|---|
| How you qualify | Assets cover the whole loan | Assets ÷ 60 months = income |
| Loan amounts | Up to $4,000,000 | $125,000 to $3,500,000 |
| Credit score | 600 minimum | Lender’s matrix |
| Statements | 60 days of seasoning, two months each | At least 120 days old, plus one within 45 days |
| Reserves | None at or below 75% LTV | No published months |
Leverage is where the paths split most. On the qualifier path, loan-to-value (LTV, the loan as a share of the property’s value) runs up to 80% on a purchase and 75% on a refinance of a principal residence or second home. On the depletion path, a principal residence or second home can reach 80% on a purchase or rate-and-term refinance and 60% on a cash-out refinance. An investment property on that path can reach 65% on a purchase or rate-and-term refinance and 60% on a cash-out.
Several borrower profiles tend to fit here. They include retirees, people who sold a business, heirs, recipients of a settlement, early-retired professionals and households living off a portfolio. Their balances are large and their documented income is small.
How Do You Find the Top Provider for Your Situation?
The lenders that write asset-based cash-out loans differ on seasoning, eligible assets, credit matrices and loan size. So the program that is best for your situation is a match, not a ranking. A broker’s job is to read your statements, then place the file where the guidelines fit.
Lendmire works with a network of wholesale lenders and shops a scenario across them. It never names lenders in advance, because a name tells you nothing about your file. These are the factors that decide which program fits:
- Property type. A principal residence or second home can use either path. An investment property is available only on the depletion path.
- Cash-out need. The depletion path publishes cash-out leverage. The qualifier path leaves cash-out to the lender, and that figure is not published.
- Account mix. Retirement-heavy and securities-heavy balances count at different shares on each path.
- Credit profile. Housing history, any recent housing event and investor experience all feed the matrix.
- Statement age. Newly moved money can be an issue on the qualifier path. Newly received sale, inheritance or settlement funds are excused from seasoning on the depletion path.
The strictest overlays want a clean paper trail on every large deposit. Write down a short story for each big transfer before you apply.
What Counts as an Eligible Asset?
Each path counts a different share of each balance. That share is what the lender credits toward the loan or toward your income.
| Asset | Qualifier path counts | Depletion path counts |
|---|---|---|
| Brokerage or securities | 100% | 80% |
| Certificates of deposit | 100% | 100% |
| Savings and money market | 100% | 100% (cash accounts) |
| Retirement accounts | 90% under 59½, 100% after | 70% at any age |
| Real-estate equity | Not listed | 60% |
On the qualifier path, accounts combine. That means you can stack brokerage, CDs and savings to reach the loan amount.
Some assets are not eligible on the depletion path at all. They are custodial accounts, deferred compensation, escrow accounts, foreign funds, cash on hand, privately held stock, 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. A founder or shareholder with most of their wealth in a closely held company should plan around the documented route. That route is seasoned proceeds from a sale or buyout, then liquid cash, public securities and retirement accounts at the shares in the table.
Cryptocurrency, precious metals, collectibles and pledged or borrowed funds are not published as eligible on either path. The documented route for them is converting the holding to a seasoned cash balance in a regulated account. The lender then reviews the source of that cash.
What Do the Numbers Look Like?
Both examples below are illustrative. The lender’s own calculation governs, and every figure is subject to underwriting.
Qualifier path. Say you want an $800,000 loan. You hold $330,000 in brokerage accounts, $300,000 in a 401(k) and $200,000 in savings, and you are under 59½. The brokerage counts at 100%, or $330,000. The 401(k) counts at 90%, or $270,000. The savings count at 100%, or $200,000. That is $800,000 of usable assets, which matches the loan, so the file is reviewed on assets alone.
Depletion path. Consider a borrower with $1,500,000 in securities and $300,000 in cash. The securities count at 80%, which is $1,200,000. The cash counts at 100%, which is $300,000. Together that makes $1,500,000 of usable assets. Divided by 60 months, that is $25,000 of monthly qualifying income. That income then has to carry the housing payment and your other debts through the debt-to-income test.
The depletion path also has minimums that apply when asset depletion is your only income source. Qualified assets must be at least the lesser of $1,000,000 or 1.25 times the loan balance, and the liquid portion must never fall below $250,000. If you have documented income as well, the asset-derived income can supplement it up to a 45% debt-to-income ratio. In that case the minimum-assets rule is waived.
Where Do the Cash-Out Rules Get Tight?
Cash-out is where asset-based loans have the most fine print. These are the spots where a general rule stops working.
Qualifier-path cash-out. The lender sets whether cash-out proceeds are allowed on this path and at what leverage. That figure is not published, so do not assume the 75% refinance ceiling applies to cash-out.
Proceeds do not count. On the depletion path, cash-out proceeds never count as qualifying assets. You cannot borrow cash and then use it to qualify for the same loan.
Leverage is the cap, not your cash. A 60% cash-out limit caps the loan size. The existing payoff and closing costs come out first, so what reaches you is smaller than the cap suggests. The property type and a full review of the credit profile also shape the result.
Credit and history. Housing history is typically 0x30x12, though one 30-day late in the last twelve months is considered case by case. Multiple bankruptcies are not eligible. On the depletion path, a housing event needs 4 years of seasoning. A first-time investor on that path needs a 700 score. Nothing here is a promise of approval, and credit is always pulled.
Investment property. Rental property is reachable only on the depletion path, at 65% and 60% as shown above. A borrower who plans to occupy the property is on a different track. The CFPB’s Regulation Z exemption rules treat credit for a non-owner-occupied rental as business purpose, but they say that special rule does not apply when the owner expects to occupy the home for more than 14 days in the coming year. The business-purpose label also does not mean every rule falls away. A law-firm analysis from Hunton Andrews Kurth warns that business purpose is not the same as compliance-exempt.
Rental income is a different product. If you want to finance a rental on the strength of its rent rather than your balances, that is DSCR financing, a separate business-purpose program. It is not an asset-based loan.
What Do Lenders Need From You?
Statements are the core of the file. The qualifier path wants 60 days of seasoning and two months of statements for each qualifying account. The depletion path wants statements at least 120 days old at application, plus the most recent statement within 45 days. Sale-of-business, inheritance and legal-settlement funds are excused from that seasoning.
Seasoning means the money has been sitting in your account long enough to prove it is yours. A large deposit that appears last week will draw questions on the qualifier path.
Beyond statements, expect a credit report, an appraisal, title work and a payoff statement for your current mortgage. If you are on the depletion path with documented income, expect pay or business documents for that income too. If you are vesting an investment property in an LLC, that is subject to lender program eligibility.
How the Process Runs, Step by Step
1. Inventory your accounts. List each account, its type and its balance, and mark any that are retirement, brokerage, cash or something unusual.
2. Pick the path. Decide whether your assets cover the whole loan or need to become income. This also settles whether your property type is eligible.
3. Check statement age. Confirm the seasoning and statement rules for your path.
4. Confirm leverage. Compare your equity to the cap for your property and transaction.
5. Match the file to a program. A broker reviews the scenario against the guidelines of several wholesale lenders.
6. Underwriting and appraisal. The lender reviews credit, assets, the property and title.
7. Review the loan terms. Check the full terms before you sign, since this is a consumer mortgage on a principal residence or second home.
How Does It Compare With Other Options?
Each program answers a different question. Rules for the other programs belong to them, not to this one.
| Option | Reviewed around | Fits |
|---|---|---|
| Asset qualifier | Assets alone | Large balances, no income |
| Asset depletion | Assets turned into income | Cash-out, investment property |
| Bank statement | Deposits as income | Self-employed with deposits |
| DSCR | Rental income vs payment | Business-purpose rentals |
| Full-doc | Tax returns and pay | Steady documented income |
A home equity line of credit (HELOC) is a separate product with its own lender rules.
What Should You Ask Before You Apply?
Bring these questions to any broker or lender:
- Which path does my scenario fit, and why?
- Is cash-out available on that path, and at what leverage?
- What share of each of my account types counts?
- How old do my statements need to be?
- Will any large deposit need a written explanation?
- How does my credit profile land on the lender’s matrix?
- Which assets in my portfolio are not eligible?
Key Terms Defined
Asset qualifier path: the program route where eligible assets must cover the entire loan and no income is documented.
Asset depletion path: the route where usable assets divided by 60 months become qualifying monthly income.
Loan-to-value (LTV): the loan amount as a percentage of the property’s appraised value.
Seasoning: the time money has sat in an account so a lender can trust where it came from.
Cash-out refinance: a new loan that pays off the old one and returns the difference as cash to you.
Debt-to-income (DTI): your monthly debts divided by your monthly qualifying income.
Business-purpose loan: a loan made to buy, improve or maintain a property that is rented out, not lived in by the owner.
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. Reach Lendmire at 828-256-2183 or request a quote through the site.
Frequently Asked Questions
Does privately held company stock count as an asset?
No. If most of your wealth sits in a closely held company, the documented route is seasoned cash from a sale or buyout, plus liquid cash, public securities and retirement accounts at the shares each path counts.
Can I get cash out with no job or pay stubs?
Through select programs, yes, though the path matters. The depletion path publishes cash-out leverage of 60% on a principal residence, second home or investment property, subject to underwriting. The qualifier path leaves cash-out to the lender and does not publish a figure. Either way the loan is fully underwritten, and your assets are documented with statements. Final terms depend on the lender’s guidelines, the property type, and the borrower’s complete credit picture.
Do retirement accounts count?
They count, at different shares. On the qualifier path, 401(k) and IRA balances count at 90% under age 59½ and 100% at 59½ or older. On the depletion path, retirement accounts count at 70% at any age. Accounts combine on the qualifier path.
What credit score do I need?
The qualifier path has a 600 minimum score. The depletion path follows the lender’s matrix, and a first-time investor on that path needs a 700. Housing history is typically 0x30x12, and approval is never promised.
Can I use this on a rental property?
Only on the depletion path, at up to 65% on a purchase or rate-and-term refinance and 60% on a cash-out. Rental financing that qualifies primarily on the property’s rental income covering the payment is a different product, subject to lender guidelines.
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
1. CFPB, Regulation Z §1026.3 Exempt transactions
2. Hunton Andrews Kurth, 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: Can You Get Approved for an Asset-Based Cash-Out Refinance With No Income Verification? · How Lenders Underwrite an Asset-Based Cash-Out Refinance With No Income Other Than Assets · Best Asset-Based Cash-Out Refinance Program Without Income Verification Using Home Equity
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.