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Carlos Matos I Florida Direct Lenders
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What is an Asset Depletion Loan? An Asset Depletion Loan, also known as an asset based loan, is a type of non- QM loan that allows borrowers to use their assets to qualify for a mortgage loan instead of employment and/or self-employment income. Your “Ability-to-Repay” is determined by assets. In some cases, if assets alone do not suffice, it may be combination with bank statements, W2 and other qualified income with underwriting approval Whether you are a retiree with a small fixed income, a new business or an established company that needs to maintain a high cash flow, the ease and benefits of asset-based loans and mortgages have made them a popular solution for borrowers in recent years. What Asset Can Be Utilized To Qualify? Checking & Savings accounts, Money-market accounts, CDs, Publicly Traded Stocks, Bonds, Mutual funds, Trusts, IRAs and 401ks that have cash conversion liquidity or any asset that can be liquidated into cash. Hard assets like a fleet of equipment, land, real estate, commodities or the like cannot be used. How it Works Borrowers with substantial liquid assets can be used to establish a monthly income to purchases or refinance properties. You do not need to pledge, transfer or establishing a new depository relationship for your assets to get approved! Monthly Income Calculation Simply divide your liquid assets by 60 which equals your qualifying monthly income and loan amount. Please note that depending on the program. Please Note: Not all assets value are counted the equally. Highlights Max Loan Amount $5,000,000 Min Loan Amount $200,000 Minimum Credit Scores start at 660 As little as 20% down payment for purchases available No employment or income (Ability-to-Repay (ATR) is determined by assets. In some cases if assets alone do not suffice, it may be combination with bank statements, W2 and other qualified income with underwriting approval Cash-out and Interest-only options available Property Types ( Primary, 2nd Homes & Investment Properties) Non-Warrantable Condos, Co-ops and Condotels OK Reserves vary (3 to 6 months) based on program No rate adjustments apply to the program Only one appraisal required regardless of loan amount or cash out Debt to Income (DTI) Ratio not calculated (in most cases) Note: Mortgage Asset Loan income can be used in conjunction with all other income sources such as W2, self- employed, pension, Social Security or rental income What are the Benefits of Asset-Based Loans? As with any type of borrowing, there are pros and cons to an asset based loan. The primary benefit of an asset depletion or asset based loan is that you can make use of assets you already have, regardless of your current financial status . This means that your current income will not be factors for loan approval. Asset based loans are designed for home buyers and home owners who have significant, verifiable assets and who cannot qualify for traditional financing
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