Crypto / Asset Utilization

The crypto / asset utilization loan is a type of loan that allows you to use your cryptocurrency, along with other assets such as cash in checking / savings accounts and stock portfolio for qualification. The underwriter uses an equation that gives all of your assets a combine credit as income. This said income is use to qualify the loan.

The individual needs this loan because they have no traditional sources of income but have many other liquid assets.

‍Borrowers who are asset rich but don’t quite qualify for financing based on traditional income sources such as an employer or business ownership may be eligible to receive a loan.

The perfect candidate might be an entrepreneur who recently sold their company or retirees with cash in the bank and stocks (or other investments).

Qualifying assets for a home loan include cryptocurrency holdings, checking accounts, savings accounts and stocks that have been held for a minimum of 120 days. We will take these assets and do an equation to give you an estimated income.

The asset utilization loan is a unique product that can provide up to $4 million in funding for those with good or excellent credit. The amount you qualify depends on your FICO score, which must be at least 660.

You must provide documentation that verifies ownership of the assets. If joint accounts exist provide documentation.

Underwriting can take anywhere from a few days to weeks, depending on how quickly we receive all your documents. If you respond promptly with all of your documents then it will go much quicker for both parties involved in this process! This type of loan takes 14 to 30 days of approval.

Loan amounts up to $4 million / 70% LTV

Background
‍A fairly young client who worked in the cryptocurrency industry was paid half of his salary in 1099 income and half in cryptocurrency. Due to the client’s newlywed status and the fact he had a baby on the way, purchasing a home was crucial. Luckily, the client had invested in Ethereum early enough so that he had a few million dollars in his crypto wallet account.

‍How we made it work
‍We simply did an asset utilization equation. HE DID NOT STAKE ANY OF HIS CRYPTO and we gave him income credit based on his crypto wallet amounts. The client’s substantial crypto wallet holdings was enough to use as a qualifier for income and more importantly none had to be liquidated to perform the purchase of the home. The client brought in some funds he had in a savings account as his 20% deposit and his crypto stayed untouched!

‍Time to close loan: 30 DAYS

Background
‍In this scenario, the client owned a mobile home park in a Southern California town. He was forced to sell his park due to eminent domain and was able to get a very fair price for this piece of property. The client was retired but had started a second career as an author. The income from his writing was substantial, but not enough to qualify for the loan.

How we made it work
‍We were able to give him additional income through an asset utilization equation, which gave him credit for income for savings in his accounts. His bank statement income combined with his asset utilization income was enough to qualify to re-buy his childhood home that his father was forced to sell due to illness. This loan was an especially personal one and one that really motivated our team.

‍Time to close loan: 30 DAYS