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Category: Programs We Offer
Last Updated: 24 January 2020
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Asset-Based Loan Program

Qualifying criteria for this loan program are Asset Based. This program can also be used to supplement other alt doc programs

4506-T Not Required

This loan program is specifically designed for high net worth borrowers. Qualifying calculation based on verified liquid assets as an alternative method to income verification to determine borrower's ATR Ability to Repair.

Our investors take a common-sense approach to underwriting the creditworthiness of a particular borrower in regard to the individual's ability to repay the loan.

People and their financial situations can be complex and unique, each with their own qualities and compensating factors. Our objective is to identify a borrower's reasonable ability to repay a loan while mitigating risk for the end investor. Often the answer is overwhelmingly obvious that the applicant is worthy of a loan and thus the interest rate, fees and terms offered are very reasonable. Unconventional income is often better in terms of proper evaluation. This decision is centered upon the verification of the income documents provided by the borrower.

Verified Assets for income, down payment, closing costs and cash reserves

Foreign Nationals OK for second homes and investment properties

Alternative Income Documentation


Maximum Loan Amount - $750,000

Maximum Cash Out - $500,000

Eligible Asset Documentation

Acceptable Asset Documentation Sources

Loan Amounts - PITI Reserves Requirements

$3,000,000 - 24 months' reserves


Eligible Property Types:
 


Primary Residence Only

680 Credit Score


Second Home

640 Credit Score

660 Credit Score

Cash Out requirements- 12 months title seasoning required to use current market value for LTV qualification


Credit Criteria:

Derogatory tradelines (liens, judgments, charge-offs, and collections) - 2 years seasoned


Housing Event Seasoning Requirements:


Tradelines
:


Underwriter Notes

Loan Amounts greater than $1,500,000 requires 2 appraisals

Gift money and or equity - no can do

Permanent and Non-Permanent Resident Aliens - OK

First Time Homebuyers - OK to 60% LTV with a maximum loan amount of $1,200,000

Nonexistent housing history for last 2 years considered

Dodd-Frank Compliant

 

States:


Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Minnesota, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Vermont, Washington, Wisconsin

 

Reference # 444 010288