Asset-Based Loans in Alabama

Griffin Funding is proud to offer financing throughout the entire state of Alabama. So whether you’re looking for an asset-based loan in Huntsville or a bank statement loan in Phenix City, we can help. Here is just a sampling of the cities we serve:

• Montgomery
• Birmingham
• Huntsville
• Mobile
• Tuscaloosa
• Hoover
• Dothan
• Auburn
• Decatur
• Gadsden

Asset-based mortgage loans, also referred to as asset depletion mortgages, are non-QM loans where the borrower secures financing using their own assets as proof of income. These assets take the place of tax returns and W-2s and may include things like:

• Checking or savings accounts
• Certificates of Deposit (CDs)
• Investment accounts
• Money market accounts

With an asset-based loan in Alabama, there is no income verification required. Instead, borrowers qualify for a mortgage using the assets they already have.

The ability to leverage the value of these assets means that folks with irregular income, like small business owners, investors, contractors, freelancers, and retirees, can all potentially qualify for a mortgage loan with competitive rates – even though they may lack the consistent and verifiable income required for conventional lending. All that’s needed are liquid assets.

When compared to traditional bank loans that require you to pledge collateral, one of the key benefits of asset-based loans in Alabama is that, although you are using assets to qualify for the loan, you still own them; you are simply using them to demonstrate your ability to repay the loan.

The first step in getting an Alabama asset-based loan is to work with the professionals at Griffin Funding to identify which of your assets could be accepted and how much they will help get you approved for. Typically, you can qualify for a loan worth up to 100% of liquid assets and 70% of your investment and retirement accounts.

One of our loan officers can help explain the process step by step, including how your assets are used to secure the funding, what kind of down payment may be required, and what personal credit criteria are needed for approval.

For those who struggle with getting approved for traditional mortgages and loans due to irregular income or significant tax write-offs, asset-based lending in Alabama could be a great fit. Here are some of the most useful benefits of an asset-based mortgage loan in Alabama:

• Qualify for a mortgage loan using your assets. Without the need to apply for the loan using verifiable income, there is less paperwork and you can use the assets you already own to help qualify. Minimum credit criteria are also more flexible than conventional loans.
• You can keep using your assets. With asset-based lending, you remain in control of your assets the entire time. You will not be required to transfer your assets over to your lender to secure the loan.
• You may qualify for a loan of up to $3 million. With the right assets, you can get a loan that lets you finally purchase your first home. Alternatively, you can use the cash to purchase a second home that is not your primary residence. For investors, flexible non-QM options like asset-based loans and Alabama DSCR loans can help in achieving their financial goals.

While the qualifying criteria for asset-based mortgage loans in Alabama are generally more flexible than traditional mortgage loans, you should be prepared before applying

As briefly mentioned earlier, your assets will be converted into income for the sake of qualifying. You can use 100% of liquid accounts (such as checking and savings) and 70% of retirement assets and investment accounts. If you’re not sure which accounts you should use when applying for an asset-based loan, reach out to speak with one of our loan officers and review your options.

Once you’ve identified which assets you’d like to use, fill out a mortgage application to get started. After you’ve applied for an asset-based loan in Alabama, you can lock in a rate and see how big of a loan you qualify for.

The application process with Griffin Funding is carefully designed to be as straightforward and fast as possible. Upon completing our application, an agent will likely request proof of assets from you in order to find the best program that fits your needs.

While cash is a major help in qualifying for Alabama asset-based loans, you should also ensure that your credit is in good shape prior to applying. You should have a FICO score of at least 620 to have the best chance at approval.

If you’re looking to take control of your financial profile and start building an action plan for investment or homeownership, download the Griffin Gold app to get started on improving credit, learn more about our programs, and set yourself up for success.

Asset-based lending in Alabama can be one of the best ways for small business owners, retirees, and investors to secure financing for a primary residence, second home, or investment property. Your assets become your income, and you could be approved for a mortgage loan up to 100% of your asset value, with competitive rates and an affordable down payment.

The best part is, the agents at Griffin Funding will walk you through the entire process to find the financing solution that best fits your needs, budget, and financial strength. Apply for an asset-based mortgage loan in Alabama and get started on your homeownership journey.