Asset Only Loans Near Me

What Are Asset-Only Loans?

Asset-only loans are a type of mortgage that allows you to qualify based solely on your assets rather than your income or employment status. These loans are perfect for people who have large assets but limited or irregular income, like retirees, investors or self employed individuals.

Unlike traditional mortgages that rely heavily on proof of income, asset-only loans focus on the value of your assets, such as savings, investments or real estate to determine your eligibility for a loan. This makes them ideal for people who are asset rich but may not have a traditional income stream.

Asset-Only Loans Features:

• No income verification required: Qualification is based on the value of your assets.
• Perfect for high net worth individuals: Especially good for those with large savings or investments.
• Flexible loan terms: Lenders offer flexible terms based on your financial profile.

When Should You Use an Asset-Only Loan?

Asset-only loans are for people who have large assets but may not have regular or easily documented income. These loans are good in the following situations:

1. Retirees: Individuals who have retired may have large savings or investments but no longer have a steady paycheck. An asset-only loan allows retirees to qualify for a mortgage without showing traditional income.
2. Self employed or investors: Entrepreneurs, business owners and investors may have fluctuating or complex income streams that don’t translate to traditional mortgage requirements. Asset-only loans allow these individuals to use their assets to qualify for financing.
3. High net worth individuals: Those with large liquid assets or investment portfolios can use an asset-only loan to get a mortgage without proving consistent income or employment.

If you have more assets than documented income, an asset-only loan can be a flexible solution for you.

Benefits of Asset-Only Loans

Here are the benefits of asset-only loans:

• No income verification: One of the biggest advantages is that you don’t have to provide proof of income, making the application process easier for those with complex financial situations.
• Flexible qualification: Lenders look at your entire asset portfolio, including savings, investments and other properties, giving high net worth individuals more flexibility to qualify.* Bigger loan amounts: Since asset-only loans are based on the value of your assets, lenders may offer bigger loan amounts than they would with an income based loan.
• Customized loan terms: Lenders can offer loan terms based on the value of your assets, making these loans fit a wide range of borrower needs.

Asset-Only Loans Considerations

While asset-only loans offer flexibility, they also come with unique risks and considerations:

• High asset requirements: To qualify, you must show substantial assets, typically savings, investments or liquid accounts. Lenders may require your assets to cover a few years’ worth of mortgage payments.
• Higher interest rates: Since these loans are riskier for lenders, interest rates may be higher than traditional mortgages. This is especially true for borrowers with less liquid assets or more volatile investments.
• Strict asset documentation: Although you don’t need to provide income verification, lenders will require detailed documentation of your assets, including statements from banks, investment accounts and other asset holdings.
• Liquidity of assets: While lenders will consider various types of assets, they may prioritize liquid assets (like cash or easily accessible funds) over less liquid assets (like real estate or illiquid investments). Make sure your assets are liquid to strengthen your loan application.

Asset-only loans work best for individuals who are financially stable, with large assets that can be liquidated or used to cover mortgage payments even if their income is irregular or hard to document.

Is an Asset-Only Loan for You?

An asset-only loan might be right for you if:

• You have large savings, investments or other assets but limited or irregular income.
• You’re a retiree, investor or entrepreneur with fluctuating or hard to verify income streams.
• You don’t want to provide detailed income documentation but can show significant assets.
• You need a loan solution tailored to your unique financial situation, using your assets to get favorable terms.

Asset-only loans are a flexible and easy way to get a mortgage for individuals whose wealth is tied up in assets rather than a steady income. If you’re asset rich but don’t have a traditional salary or paycheck, this type of loan could be perfect for you.

How to Apply for an Asset-Only Loan

The application process for an asset-only loan is different from a traditional mortgage, but Keyswag Lending can walk you through it. Our team works with high-net-worth individuals and borrowers who need alternative lending solutions.

Here’s how we can help:

1. Initial consultation: We’ll review your asset portfolio and discuss your financial goals to determine if an asset-only loan is right for you.
2. Customized loan programs: We work with lenders that offer asset-only loans, providing you with competitive loan programs that fit your financial profile.
3. Asset documentation: We’ll help you gather and organize the necessary asset documentation, such as bank statements, investment account records and other asset reports.
4. Fast approval: Once your assets are verified, we’ll work quickly to get approval for your loan so you can get the funds you need fast.

At Keyswag Lending we believe your assets speak louder than your income and we’re here to help you get the financing you need based on the strength of your financial portfolio.

Get Started?

Ready to look into asset-only loans? Contact us today for a free consultation. We’ll guide you through the process of using your assets to get the best loan options for you.