Areas We Serve

If you are in need of financing to purchase a home in Delaware, Griffin Funding is a great option to consider. The team with Griffin Funding offers Delaware asset-based loans, as well as other types of alternative financing including bank statement loans, DSCR loans, VA loans, and other forms of loans. Griffin Funding serves clients all over Delaware, including the following cities:

  • Bear
  • Dover
  • Hockessin
  • Milford
  • Smyrna
  • Brookside
  • Glasgow
  • Middletown
  • Newark
  • Wilmington

What Is an Asset-Based Loan?

Delaware asset-based loans continue to be a great type of financing for those who are looking to purchase a home. If you are evaluating your financing options, understanding what this unique type of financing is important. In most cases, a traditional mortgage lender is going to heavily base their underwriting and approval on your income. However, there are many situations when someone may be a qualified borrower, but not have a consistent form of income. This can include small business owners, those working on commission, and retirees.

When applying for asset-based loans, Delaware borrowers and home buyers will instead be assessed based on their personal liquidity. By leveraging assets such as investment accounts, retirement accounts, and cash value life insurance plans, you can secure financing that’s proportional to the value of your assets. Generally, the lender will want to see that you have five to ten years of housing payments available in liquidity for you to qualify for one of these loans.

Benefits of an Asset-Based Loan

There are various benefits that come with asset-based loans that can make them a good option for you. One of the main benefits of an asset-based loan is that it can allow you to qualify for a mortgage, even if you do not have a recurring source of income or perfect credit score. Instead, the lender will validate all of your personal liquidity and deposit accounts to assess your creditworthiness.

Another advantage of asset-based loans is that they can have more flexibility than other types of financing. This can include having interest-only loan financing, financing up to $3 million, being able to avoid much of the strain that comes with applying for a traditional mortgage, and even taking cash out if you have built up equity in your home. The underwriting process can also be flexible, as it will allow you to create a combination of personal income and liquidity if your personal situation allows it.

Delaware Asset-Based Loan Requirements

When it comes to asset-based lending, Delaware home buyers and applicants should understand the common requirements that need to be met. Some of the requirements that you will need to meet include the following:

  • Have verifiable liquid assets to support the proposed loan amount. An alternative option can include a combination of verified liquid assets with your income.
  • Have a minimum credit score of 620.
  • Have a minimum down payment of 20% for new purchases and 20% remaining equity for cash out financing.

How to Get an Asset-Based Loan

If you are looking for financing to purchase a home and believe that an asset-based loan is right for you, there is an application process that you will need to go through. Fortunately, the process is simple and can be started online today. Our process includes the following steps:

  • Fill out an online application and attest that all the information is accurate. Based on this, you could obtain a pre-approval letter to be used when putting in purchase offers.
  • Provide all necessary supporting documentation. You must submit any documentation that proves you have the assets that you will be using for the loan.
  • Loans will be underwritten and approved. We will reach out if we have any more questions or requests before approving your loan.
  • Complete final signing upon approval and receive full loan funding at loan closing. Loan proceeds will be wired directly to the title company to ensure a smooth closing.

Other Non-QM Loans from Griffin Funding

Asset-based loans continue to be a great source of financing for those looking for an alternative form of financing. In addition to asset-based loans in Delaware, Griffin Funding also offers other forms of Non-QM loans to consider. These include the following types of loans:

  • Bank statement loans: A bank-statement loan is a Non-QM loan that is based on money that comes into your bank account each month. This can be a good option for small business owners.
  • DSCR loans: DSCR loans allow you to qualify for loans based on rental income. This is an ideal type of financing for investment property owners.
  • Interest-only loans: With an interest-only loan, you can lower your monthly payment by avoiding making payments towards the principal amount of the loan for a specified period of time.

Begin the application online or request a free quote today!


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See If You Qualify for an Asset-Based Loan in Delaware

If you are looking for a loan to buy a home, an asset-based loan in Delaware could be right for you and your situation. As you look for an asset-based lender in Delaware or other parts of the country, contact Griffin Funding to learn more about our unique financing options and underwriting process. Call Griffin Funding today to get a quote and start the process of obtaining a loan to purchase or refinance your home.