Florida Asset Based Mortgage: 60-Month Qualifier Program
- Philip Bennett (NMLS # 1098318)
- May 24, 2024
- 10 min read
Updated: Jun 25
Asset-based mortgages are changing home financing for people with significant assets but irregular income. Instead of requiring W-2s, tax returns, or employment verification, this specialized loan program enable qualification through verified liquid assets.
Our asset based lending solutions accommodate Florida borrowers seeking liquid asset mortgage qualification methods. These non-QM mortgage loans let you use your savings and investments to qualify for financing.
Our Asset Qualifier method works well for retirees, business owners, real estate investors, and high net worth individuals. Borrowers qualify based on their asset balances divided by 60 months, creating qualifying monthly income without traditional documentation requirements.
Traditional mortgages focus on documented income. Asset-based financing recognizes your financial strength through your liquid asset values, providing sophisticated underwriting solutions for borrowers who cannot meet conventional loan requirements.
Discover how our 60-month asset depletion methodology can optimize your next real estate acquisition.
Key Takeaways
✅ Florida asset-based mortgages qualify borrowers using assets as income liquid asset portfolios instead of traditional income documentation, perfect for retirees, business owners, and investors with substantial wealth but irregular income patterns.
✅ 60-month asset depletion calculation converts your savings into qualifying income—$2,000,000 in assets creates $33,333 monthly qualifying income for luxury property purchases without tax returns or pay stubs.
✅ Diverse asset types qualify including checking/savings accounts, investment portfolios, retirement accounts (401k, IRA), money market funds, and certificates of deposit with 110% post-closing asset requirements plus reserves.
✅ Bennett Capital Partners Mortgage Brokers works with top Florida asset-based mortgage lenders to provide competitive rates and personalized solutions for primary residences, second homes, investment properties, and commercial real estate throughout Florida's luxury markets.
✅ Streamlined approval process accommodates warrantable and non-warrantable condos, single-family homes, townhouses, 2-4 unit properties, with faster closings than traditional mortgages due to simplified asset verification requirements.
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What is an Asset-Based Mortgage?
An asset-based mortgage lets you qualify using your assets. You do not need traditional income documents, such as Paystubs, W2's and Tax Returns. This type of loan is great for those with significant savings, but limited regular income.
Loans are based on verified liquid assets like money market accounts or retirement accounts.
You don’t need to show a steady paycheck to get this loan. Instead, lenders look at your total assets and use them as collateral. This helps self-employed people and retirees. They have saved well but may not have predictable monthly earnings.
It’s different from hard money loans that rely heavily on real estate value alone.
While credit scores remain important, qualification emphasizes your demonstrated ability to accumulate and maintain substantial assets. Your **financial reserves** showcase financial discipline and savings capacity, which are strong positive factors in the underwriting process rather than relying solely on **cash flow projections**.
Eligible Liquid Asset Types for Asset-Based Mortgages
Here are some types of liquid assets that can be used to qualify for these mortgages:
Why Liquid Assets Matter
Cash is crucial for asset-based mortgages. It shows the lender that you have enough money to cover the loan. Unlike illiquid assets, such as real estate or collectibles, liquid assets can be quickly sold or accessed in case you need to make a payment.
You can use these liquid assets to qualify for a mortgage. You won't need traditional income verification. This makes it easier for retirees, business owners, or people with irregular income to get approved for a home loan.
"Bennett Capital Partners provided excellent guidance through our asset-based mortgage process. Their team was knowledgeable and responsive." John D. Miami. FL
📞 Give Us A Call Today 1-800-457-9057
Eligibility and Requirements for Asset-Based Mortgages
Asset-based mortgages offer a way to secure loans using your assets. Here's what you need to know for liquid asset qualification.
These steps will help ensure you meet the requirements for an asset-based mortgage.
60-Month Income Qualification: How Income Is Calculated
The Asset Qualifier program uses a simple calculation to turn your savings into qualifying income. This asset depletion calculation method works well for asset-based mortgages throughout Florida markets.
Here's how the 60-month method works:
The 60-month calculation method divides your total assets by 60 months to create qualifying monthly income, , while requiring you to maintain at least 110% of the loan amount plus reserves after closing
This income calculation method simplifies financing for borrowers who have substantial wealth but non-traditional income documentation. No complex tax return analysis required.
Types of Properties Eligible for Asset-Based Mortgages
Financing is available for diverse real estate options. Single-family homes, condos (both warrantable and non-warrantable condos), townhouses, and 2-4 unit properties all qualify. These loans suit various needs such as primary residences, second homes, or investment properties.
Asset-based mortgages also cover commercial real estate financing, with options to close in a corporate entities such as a LLC or Corporation on investment properties.
Homebuyers and investors can refinance or buy a home using these flexible loan programs. Condo investments benefit too. This makes asset-based financing versatile. It's a good choice for different property types. Learn more about Florida jumbo mortgage rates for luxury property financing options.
Pros and Cons of Asset-Based Mortgages
Asset-based mortgages have unique benefits and drawbacks. They affect homebuyers, real estate investors, and realtors. Here's a concise summary:
Pros of Asset-Based Mortgages
Cons of Asset-Based Mortgages
You must understand the pros and cons of asset-based mortgages. This is crucial for making an informed decision. Considering these factors can help you decide if this financing option fits your goals and assets.
Why Choose Bennett Capital Partners for Asset-Based Mortgages
Bennett Capital Partners works with top Florida asset based mortgage lenders to provide deep knowledge in asset-based mortgages. They offer tailored home loan solutions, fitting each client's unique financial profile.
Expertise in Asset-Based Mortgages
Bennett Capital Partners specialize in offering personalized asset-based mortgage solutions. They understand that every client's financial situation is unique. By evaluating assets as income, they tailor loan products to fit individual needs.
Their expertise ensures smooth and efficient mortgage approval processes. Bennett Capital has years of experience in financing Miami real estate. They provide expert guidance and support throughout the journey.
Clients can trust their deep knowledge. It will help them secure a beneficial loan program based on assets. The program is suitable for various property types.
Streamlined Application Process
The application process at Bennett Capital Partners is quick and easy. You can get a mortgage without the usual hassle.
Pre-Qualification: Submit basic info online to check eligibility.
Application: Complete the loan application form with details about your assets.
Underwriting: Their team reviews and verifies all documents.
Approval: Get loan approval based on a percentage of your assets.
Closing: Sign final papers and pay closing costs, then receive funds.
Contact them at 800-457-9057 or 305-407-0747, or email info@bcpmortgage.com for help with asset-based refinance or other mortgage programs.
Personalized Service
Bennett Capital Partners offers personalized solutions for asset-based mortgages. They guide clients through the entire process. This includes helping with closing costs and finding the right mortgage lender.
Clients receive expert advice tailored to their unique needs. First-time homebuyers get extra support. Seasoned real estate agents benefit from specialized services. Contact Bennett Capital Partners for advice and more details. They can help you secure an asset-based mortgage loan.
"As a retiree with substantial savings but no regular income, I thought getting a mortgage was impossible. Bennett Capital Partners proved me wrong with their asset-based mortgage solution!" Sarah L. Naples FL
Individual results vary. Loan approval subject to asset verification, credit approval, and underwriting guidelines.
📞 Give Us A Call Today 1-800-457-9057
Asset-Based Mortgages Case Studies
At Bennett Capital Partners, we've excelled at finding mortgages for clients with special finances. Our asset-based mortgage programs have helped many people. They secured financing despite issues with traditional loan requirements.
Here are two examples showcasing our expertise and commitment to personalized service:
Case Study 1: Miami Luxury Condo Purchase
Client Profile: Successful entrepreneur with substantial retirement assets seeking to purchase a $850,000 luxury condominium in Brickell for his primary residence.
Challenge: Despite having $1.9 million in IRA assets, the borrower's complex tax structure from multiple business entities created obstacles with conventional lenders. After 45 days of traditional underwriting, his application was declined due to difficulty documenting consistent income streams
Asset Qualifier Solution: Our team leveraged the borrower's $1.9 million IRA rollover account using the 60-month asset depletion method, creating qualifying monthly income of $31,667. This approach eliminated the need for complex tax return analysis while demonstrating strong financial capacity.
Outcome: Successfully closed the loan within 30 days of switching to our Asset Qualifier program. The borrower secured competitive financing terms and is now enjoying his new Brickell Avenue residence.
Case Study 2: New York to Miami Relocation
Client Profile: Former Wall Street executive relocating to Miami to launch a new business venture, with substantial liquid assets but no established business income history in Florida.
Challenge: Traditional mortgage programs required two years of established business income documentation. The borrower's new Florida-based investment firm had no operating history, making conventional financing impossible despite maintaining a $4.2 million diversified asset portfolio.
Asset Qualifier Solution: Utilized the client's substantial investment holdings including $2.8 million in liquid securities, $900,000 in money market accounts, and $500,000 in additional retirement assets. Applied the 60-month asset depletion calculation to establish $70,000 monthly qualifying income, easily supporting the desired loan amount.
Outcome: Successfully closed on a $2.1 million luxury home purchase in Coral Gables within 21 days. The borrower completed his high-end relocation seamlessly and has since launched his successful Miami-based private equity firm.
These examples demonstrate typical scenarios where our Asset Qualifier program provides financing solutions. Individual results may vary based on specific financial circumstances and lender requirements.
Conclusion
An asset-based mortgage lets you use your assets for a loan. You don't need to rely on your current income. This type of mortgage is ideal for those with high-value assets but low monthly income.
Contact Bennett Capital Partners for expert advice and personalized service. They streamline the application process and offer tailored solutions to meet your needs.
FAQs
What is an asset-based mortgage?
An asset-based mortgage is a Non-QM loan program that allows borrowers to qualify using their liquid assets rather than traditional income documentation like W-2s or tax returns. Monthly qualifying income is calculated by dividing total eligible assets by 60 months (asset-only qualification) or 120 months (combined with other income sources).
How do I qualify for an asset-based loan?
To qualify, you need substantial liquid assets including checking/savings accounts, money market accounts, investment portfolios, stocks, bonds, mutual funds, and retirement accounts. Post-closing assets must exceed 110% of the loan amount plus required reserves. Credit scores typically range from 620-680 depending on the lender.
Are there benefits to choosing this type of lending?
Yes! Asset-based mortgages offer alternative income qualification for borrowers with complex financial profiles, streamlined documentation focusing on asset verification rather than extensive income paperwork, and flexible underwriting for those with significant wealth but non-traditional income patterns.
Can I get an asset-based loan if I don't qualify for a traditional mortgage?
Yes, many lenders offer asset-based mortgages as an alternative for borrowers who don't fit conventional lending criteria. This includes retirees, self-employed individuals, business owners, and investors with substantial assets but irregular income documentation.
What types of properties can be used as collateral in Florida?
Asset-based mortgages are available for various property types including single-family homes, condominiums (warrantable and non-warrantable), townhouses, 2-4 unit properties, primary residences, second homes, and investment properties throughout Florida.
Where can I find more information about these loans?
Contact Bennett Capital Partners for custom mortgage solutions. They will help you find the best asset-based lender for your deal. They can also help with the loan approval process.
What are the benefits of asset-based loans?
Asset-based loans provide specialized financing solutions for borrowers with substantial liquid assets, allow qualification without traditional employment verification, and offer flexible underwriting that accommodates complex financial situations while leveraging existing wealth.
What is a non-QM loan in relation to asset-based financing?
A non-QM loan is a type of loan that does not meet the Qualified Mortgage standards set by the Consumer Financial Protection Bureau. Asset-based mortgages are Non-QM products designed for borrowers with unique financial situations who seek alternative qualification methods.
Can I use asset depletion as a way to qualify for a mortgage?
Yes, asset depletion is the primary qualification method for asset-based mortgages. This approach treats your liquid assets as income by dividing the total asset amount by either 60 or 120 months to establish qualifying monthly income for mortgage approval.
What are some common loan programs associated with asset-based lending?
Common loan programs include hard money loans. They also include bank statement loans, DSCR loans, and asset-based mortgage loans.
Philip Bennett
(NMLS # 1098318)
Philip is the owner and Licensed Mortgage Broker at Bennett Capital Partners, LLC (NMLS #2046862). He earned a Bachelor’s degree in Accounting and Finance from Binghamton University and a Master's in Finance from Nova Southeastern University. With more than two decades of industry leadership, Philip has successfully guided thousands of clients through complex mortgage transactions
Learn more about Philip Bennett’s background on our Founder’s page. Whether you’re a first-time homebuyer or a seasoned real estate investor, we are here to help you reach your goals. Don’t wait - contact us today and let us help you find the right mortgage for your needs.
Sources
Important Disclosures: This Asset Qualifier Program represents a Non-Qualified Mortgage (Non-QM) product that does not meet standard Qualified Mortgage criteria established under federal regulations. Interest rates, fees, and terms may differ from conventional mortgage products. We work with multiple wholesale lenders offering variations of this program, and specific terms may vary by lender. This information is for educational purposes only and does not constitute a commitment to lend. All loan applications are subject to credit approval, property appraisal, and satisfaction of underwriting conditions. Program availability, terms, and qualification criteria may vary by lender and are subject to change without notice. Borrowers should consult with qualified financial and tax professionals regarding the suitability of this product for their specific circumstances. Equal Housing Opportunity.
For complete program details, current rates, and qualification requirements from our lending partners, please contact our office. This communication is from a licensed mortgage broker under NMLS #2046862. We are not a lender but work with multiple wholesale lenders to provide financing solutions.
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