Best Asset-Based Mortgage Lenders

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These mortgage lenders allow borrowers to qualify for a loan based on assets rather than income. 

For borrowers who live on assets or don’t have a consistent paycheck, qualifying for a mortgage may seem difficult. Asset-based mortgages provide an alternative borrowing option for this kind of applicant, using assets as collateral for a loan. That way, self-employed borrowers or other individuals who live off assets can still qualify for a home loan. 

Asset-based mortgages are non-traditional loans that are more difficult to find than other types of mortgages, but many top lenders still provide the option. Read on for Benzinga’s top picks. 

Quick Winners List

• Best Overall: CrossCountry Mortgage
• Best for High Credit Scores: Angel Oak Mortgage Solutions
• Best for Refinancing: New American Funding
• Best for High Net Worth Borrowers: North American Savings Bank
• Best for Investors: Asset-Based Lending ABL

Best Overall: CrossCountry Mortgage

Pros: 

• Variety of loan types, including asset-qualifier mortgages
• Minimum credit scores as low as 500, depending on loan type
• Offers educational hub for first-time homebuyers
• Down-payment assistance programs available

Cons: 

• Rates aren’t public
• Higher fees than some competitors

Nitty Gritty: CrossCountry Mortgage is a good choice for a variety of non-QM loan types. It offers loans based on bank statements, 1099s and qualifying assets. The lender operates in all 50 states, making it accessible to borrowers across the country. 

Requirements for non-QM loans from CrossCountry are also less stringent than with some other lenders; for instance, borrowers can often qualify for a loan with a credit score as low as 620 and some loans even accept applicants with scores as low as 500. 

Best for High Credit Scores: Angel Oak Mortgage Solutions

Pros: 

• Wide variety of non-traditional mortgage offerings
• Offers jumbo loans up to $4 million
• Multiple income verification options, including bank statements and assets
• Connects applicants with a dedicated loan officer

Cons: 

• Not available in all states
• Higher rates on many loan products

Nitty Gritty: Angel Oak Mortgage Solutions offers diverse mortgage options and specializes in non-traditional mortgages, including asset-qualifier loans. You’ll need a credit score of at least 700 to qualify for this type of loan – making it a better choice for applicants with strong credit. It covers large loan amounts, with up to $4 million available. 

Asset-qualifier mortgages from Angel Oak are available for purchase and cash-out or rate-term refinancing on primary residences only. Angel Oak Lending offers an interest-only program for qualifying applicants for added flexibility. 

Best for Refinancing: New American Funding

Pros: 

• Offers non-QM loans, including asset-qualifier loans
• Educational resources and calculators available
• 14-day closing guarantee on many loan types
• Positive customer service reputation

Cons: 

• Not available in all U.S. states
• Some fees not disclosed

Nitty Gritty: Beyond its diverse lineup of loan types, New American Funding has a reputation for quality customer service. The lender has an A+ rating with the Better Business Bureau, thanks partly to positive customer feedback about loan options and quick closings. The servicer also offers educational resources on its website and mobile app for those new to the home-buying process. 

New American Funding offers several non-QM loan types for applicants without a traditional income, including an asset-qualifier program for purchases or refinancing. Its non-QM loans can be used for both primary homes and secondary or investment properties. They are available in loan amounts of up to $2.5 million, making them a good choice for borrowers needing jumbo loans. 

Best for High Net Worth Borrowers: North American Savings Bank (NASB)

Pros: 

• Variety of non-QM mortgage options
• Check current rates online
• Programs available for first-time homebuyers
• Branch locations available in Kansas City area

Cons: 

• Limited physical loan offices
• Lower maximum jumbo loan amount than some competitors

Nitty Gritty: North American Savings Bank (NASB) is another great lender for non-QM loans, offering a variety of mortgage types, including bank statement loans, DSCR loans and asset depletion mortgages. Its asset-based mortgage product is available for loans of at least $175,000 and up to $1 million. Unlike some other asset-based lending products, there is no minimum age requirement on nonbusiness liquid assets used as collateral for your loan. Remember that stocks, stock options and mutual funds use 70% of their value when calculating total assets. 

NASB offers plenty of ways to contact customer service, making it a good choice for those who need help navigating the home-buying process. In addition to a phone line, email address and live chat options, borrowers can schedule in-person appointments with a loan specialist in the Kansas City area. 

Best for Investors: Asset-Based Lending (ABL)

Pros: 

• Hard-money loans based on assets
• Average closing time of seven to 10 days
• No prepayment penalties
• Quick approval process

Cons: 

• Interest rates are higher than traditional loans
• Minimum credit score of 660

Nitty Gritty: For investors, Asset-Based Lending, LLC (ABL) specializes in hard-money loans for real estate investments. Loans are based on the value of the investment property rather than the borrower’s credit, making the loans more accessible to applicants with limited credit history or traditional income streams. 

ABL offers real estate loans for new construction, purchase and renovation of residential properties and cash-out or permanent refinancing of both rental and residential properties. Jumbo loans are available for up to $3.5 million. All ABL loans are short-term (12 months) for investors, not for financing a primary residence over an extended term. 

What is an Asset-Based Mortgage?

“Asset-based mortgages are when you leverage an asset as collateral,” said Rose Krieger, senior home loan specialist for Churchill Mortgage. 

This non-traditional mortgage loan type allows borrowers to get approved for a mortgage even if their income is low or inconsistent by using assets as collateral. Applicants will still need to qualify based on their credit score and provide a down payment, but they can leverage assets as proof they can make payments rather than show paystubs. The assets used to determine eligibility for this mortgage vary based on the applicant. 

“Typically, you’ll see savings accounts used in this type of transaction for individuals, while businesses will use business accounts, inventory, equipment, etc. I wouldn't say they are particularly common, but are usually considered where a traditional mortgage doesn’t work out for a borrower,” said Krieger. 

Asset-based mortgages can be a good option for self-employed individuals without a steady income or other borrowers who live off assets. 

Why You Should Trust Us

Emily Sherman is a finance journalist with seven years of experience writing about topics, including the best mortgage lenders. She relies on industry experts and loan specialists to ensure that all the information presented here is accurate. 

Methodology

Benzinga analyzed over 100 mortgage lenders and brokers to identify the best asset-based mortgage lenders. We rated lenders based on criteria including rates and fees, diversity of loan types, time to close and accessibility for those with lower credit scores. We gave preference to lenders with short closing windows (30 days or less) and transparent fee structures. Review the full methodology here.

FAQ

Sources

• Rose Krieger, senior home loan specialist at Churchill Mortgage Corporation