New diminishing asset lender??

Asked by Bob, Tehachapi, CA Fri Feb 18, 2011

Does anyone know what lenders will do a diminishing asset home ie a loan where the qualifying is based on borrower having sufficient net worth to insure the loan payments, rather than monthly income sufficient to qualify under the income ratio rules.
I have heard that there is/are lender(s) that have figured out that a borrower with net worths in excess of the loan balance could be as good as depending on someone keeping their job for the next 30 years.

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, ,
Fri Feb 18, 2011
Bob we're a Correspondent Lender with Bank of Internet. They will use depletion of assets calculation to provide more income to qualify for a Full Documentation Loan.

On their Pledged Asset Product they will go to 90% Loan-to-Value up to $5M. We also have two other Portfolio Lenders that have this product. Please click on my website below for my contacct information. Thank you.

Happy funding, Rudi
Web Reference:
0 votes
Julie Rice T…, , San Mateo, CA
Fri Feb 18, 2011
So sorry, it was Douglas that mentioned Bank of Internet, not Brian. I have a friend names Brian Fujikawa and my fingers typed without me on that.

Good luck!
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Julie Rice T…, , San Mateo, CA
Fri Feb 18, 2011
The only investor I know of is the one Brian already mentioned, which is Bank of Internet. Although my company is a mortgage banker, we have a brokered relationship with Bank of Internet. They are a very strong, new company, which great underwriting guidelines and financial backing.

Here are the highlights of their program:
• Use Liquid Assets to Qualify
• Amortized to age 85 or over 30 years: whichever is less

The program is for:
* Self employed borrowers
* Retired borrowers
* Trust fund recipients
* Borrowers who have large investment portfolios
* Complex Asset Portfolios

If you meet the above high level qualifications, then you might be a great candidate for this loan.
Julie Thall
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Sally Lawren…, Agent, Tehachapi, CA
Fri Feb 18, 2011

In thinking about this some more and speaking with my favorite lender, what you are really proposing is a personal loan.

It would be best if we spoke about your specific situation to see what we can do to meet your needs. You can call me at 661.375.REAL (661.375.7325) or email

I look forward to speaking with you.
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, ,
Fri Feb 18, 2011
I hear that Bank of the Internet has a pledged assets type of loan. I would think this is similar to borrowing on "margin" with your investment broker. You are effectively "pledging" some qualifying assets; typically non retirement accounts in exchange for a loan on real property. As for getting a loan showing assets but not pledging them; not sure if such a thing exists right now.
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Corey Grushin, Agent, East Brunswick, NJ
Fri Feb 18, 2011
We can do the loan type you are speaking of Bob. Would you like to talk?
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