What Is an Asset-Based Loan?

An asset-based loan is a type of financing that uses verified assets to qualify for the loan. This can include checking, savings, money market, stocks, bonds, mutual funds, ETFs, and crytpo. Asset-based loans in Hawaii may be used by individuals who don’t qualify for a traditional loan or don’t want to go through the conventional application process.

Asset-based loans can provide access to cash that can be used for a variety of purposes, including growing a business, funding home renovation projects (ohana, etc.), paying off high-interest debt, combining a 1st and 2nd mortgage, buying an investment property, and more.

Asset-based loans are provided by specialty mortgage lenders in Hawaii, such as Griffin Funding, and can be tailored to meet the specific needs of the borrower.

How Does Asset-Based Lending in Hawaii Work?

Asset-based lending in Hawaii works by using the value of your assets to secure a loan. The loan amount is based on the value of your assets. This type of financing is often used by individuals that need quick access to capital and have the ability to use their assets as proof that they can repay the loan.

Asset-based lending can be a great option if you want to tap into the equity of your assets. When taking out an asset-based loan in Hawaii, the loan amount you qualify for is determined by the value of the assets.

If you fail to repay your asset-based loan, your assets cannot be seized by the lender since you are not required to pledge your assets. However, if you do default on your asset-based loan the lender can foreclose on the property. Thus, Hawaii asset-based loans allow borrowers to capitalize on the value of their assets while protecting lenders in case the borrower defaults on the loan.

Benefits of Asset-Based Loans in Hawaii

Asset-based loans can be a great way to access the capital you need to expand your business or finance a home. Here are some of the benefits of asset-based loans in Hawaii:

  • Qualify for a mortgage using only assets, credit score, and down payment: As a business owner or retiree, you may have a lot of assets but not a lot of income. With an asset-based loan in Hawaii, you can use your assets as income to get the loan you need.
  • Access up to $3 million in financing: Asset-based loans can provide up to $3 million in financing, which can be a great way to get the capital you need for a major project.
  • Flexible in the type of assets you put down for your loan: You can use a variety of assets as income for your asset-based loan.
  • Can get approved regardless of your income level: If you have a good credit score and a good amount of assets, you can get approved for an asset-based loan regardless of your income level.
  • Secure a mortgage for a home that isn’t your primary residence: If you hope to buy a vacation home or investment property in Hawaii, you can use an asset-based loan to purchase the property.

How to Get an Asset-Based Loan in Hawaii

If you’re looking for a loan and have assets, asset-based lending in Hawaii may be a good option for you. Here’s what you need to do to qualify:

  1. Reach out to a Griffin Funding mortgage strategist. We’ll help you determine if an asset-based loan is right for you and guide you through the process.
  2. Fill out an online loan application. This will give us some basic information about you and your financial situation.
  3. Identify the assets you’ll use to qualify. Asset-based loans are based on the amount of your assets.
  4. Provide necessary documentation. Once you’ve decided on the assets you’ll use, we’ll need some documentation to verify their value.
  5. Application and documentation are reviewed by the lender. We’ll take a look at everything and ensure you have all the information you need.
  6. Upon approval, you can sign the final loan document with a notary present. After that, the money will be deposited into your account, and you can put it to use.

Areas We Serve

Griffin Funding is happy to provide asset-based lending services virtually anywhere in Hawaii. Some of the areas we serve include:

  • Ahuimanu
  • Ewa Gentry
  • Honolulu
  • Kailua
  • Mililani Mauka
  • Ocean Pointe
  • Waikele
  • Waipahu
  • Aiea
  • Hilo
  • Kahului
  • Kaneohe
  • Mililani Town
  • Pearl City
  • Waimanalo
  • West Loch Estate

We understand that everyone has unique needs, and Griffin Funding is dedicated to serving them with the best possible financing options.

Other Non-QM Loans from Griffin Funding

If you’re looking for a loan that doesn’t conform to traditional standards, Griffin Funding has several options available. We offer:

  • Bank statement loans: It’s difficult for business owners to qualify for a traditional mortgage if their income fluctuates. With bank statement loans in Hawaii, you can use bank statements to prove your income and qualify for a loan.
  • DSCR loans: You can qualify for DSCR loans in Hawaii with Griffin Funding if you have strong cash flow from existing real estate, even if your credit score is low.
  • Jumbo loans: If you’re looking to finance a property that exceeds the limits set by Fannie Mae and Freddie Mac, we can help with a jumbo loan.
  • Interest-only loans: An interest-only loan from Griffin Funding can help you free up cash flow by deferring principal payments for a set period.

We also offer VA loans in Hawaii for qualifying service members and veterans. With a VA loan in Hawaii, borrowers can obtain a home loan with no down payment, low interest rates, and preferential loan terms.

Begin the application online or request a free quote today!

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Apply for an Asset-Based Loan in Hawaii

If you’re looking for an asset-based loan in Hawaii, look no further than Griffin Funding. We provide asset-based loans across virtually all of the Hawaiian islands, in addition to offering a number of other financing products. Whether you need a traditional home loan, a VA loan, or an asset-based loan in Hawaii, Griffin Funding is here to help. Reach out to us today to learn more about our asset-based loans in Hawaii or fill out an online application to get started.