What Are Asset-Based Loans?
Asset-based loans simply use your assets as your income to qualify for a home loan
Asset-based loans can be considered as income to secure a home loan since they function to reduce the risk for an asset-based lending association in Arizona. These types of loans differ from ordinary mortgage loans only in that they tend to offer more flexibility to the borrower.
The idea behind an asset-based loan is to offer the borrower an extra bargaining chip other than cash, or verifiable income. Supposing you had the money on hand for the loan you want, but you don’t have any employment history or tax returns that show enough income, you would not qualify for most loans. With asset-based loans, many forms of assets can be used instead, giving you access to financing that you could not otherwise qualify for. With loans like these, assets are used in the place of income
How Do Asset-Based Loans in Arizona Work?
Asset-based loans in Arizona work by leveraging the borrower’s assets as an extension of or replacement to their income. Because assets are tangible, asset-based lending gives you access to the loan you want faster and more easily.
The key feature of asset-based loans is the fact that you can qualify based solely on the value of the asset you use to secure the loan.
Benefits of Asset-Based Loans in Arizona
When asset-based lending is right for you, you will enjoy a number of benefits over other types of loans. Some of the benefits of asset-based loans in Arizona include:
- Flexible qualifying factors: You may qualify for a mortgage using assets, credit and down payment.
- Fewer limits on loan size: Qualified borrowers can access up to $3 million in financing.
- Asset flexibility: You will have flexibility in the type of assets you choose to put down for a loan.
- Income is no barrier: You may be approved for an asset-based loan in Arizona regardless of your income level.
- Fewer restrictions: You can secure an asset-based mortgage for a home that is not your primary place of residence.
- Greater liquidity: Asset-based loans can offer financial stability via a more predictable cash flow.
- Get approved quickly: Qualifying applicants can access asset-based loans more quickly than other loan types.
How to Get an Asset-Based Loan in Arizona
Here at Griffin Funding, our team makes applying for asset-based loans easy. Follow these easy steps:
- Reach out to a Griffin Funding mortgage strategist.
- Fill out an online loan application.
- Identify the assets you intend to use to qualify and show your ability to repay.
- Provide the necessary documentation.
- Your application and documentation will be reviewed by a qualified lending professional.
- Once your loan is approved, you can sign the final loan document with a notary present.
Areas We Serve
Griffin Funding can provide loans virtually anywhere in Arizona. Some of the cities in Arizona where we provide asset-based loans include:
- Fountain Hills
- Queen Creek
- Paradise Valley
- And more
Other Non-QM Loans From Griffin Funding
In addition to asset-based loans in Arizona, Griffin Funding offers a wide range of other Non-QM loans for those seeking out financing. Additional Non-QM loans we offer include:
- Bank statement loans: Bank statement loans in Arizona are a type of loan where a self-employed borrower is qualified using bank statements and some personal information. No tax info or employer verification is needed.
- DSCR loans: DSCR loans in Arizona enable you to qualify based on the value of a rental property’s rental income rather than on your personal income.
- Jumbo loans: These types of mortgage loans can be great for individuals who want to borrow large sums of money but may not have the down payment on hand to qualify for standard jumbo loans from some banks and credit unions.
- Interest-only loans: These types of loans allow you to only pay the interest on the loan for a fixed period so that borrowers can delay payments on the principal balance of the loan.
Apply for an Asset-Based Loan in Arizona
If you want to buy or refinance a home, now may be the best time to apply for an asset-based loan in Arizona through Griffin Funding.
An asset-based mortgage is easier to qualify for, and the application process is simpler as well. Further, if you qualify, you will usually be able to access your money more quickly than you would be permitted to with other types of loans.
If you think an asset-based loan is right for you, get in touch with the lending professionals here at Griffin Funding today. Our team of asset-based lenders in Arizona is standing by to answer your important questions. Get your free quote and fill out an application today!