Areas We Serve
Griffin Funding is an asset-based lender that offers mortgages throughout the state of Illinois, including:
- Arlington Heights
- Clarendon Hills
- Lincoln Park
- Gold Coast
What Is an Asset-Based Loan?
An asset-based loan is a Non-QM mortgage loan that allows you to use your assets to secure a home loan. The more valuable your assets are, the more you can borrow to purchase a home. Assets may include a variety of retirement, savings, and checking accounts or investment accounts like stocks and bonds.
Asset-based loans in Illinois are ideal for individuals without income because they can use their assets to secure a loan rather than getting financing on the basis of their income or employment status. Asset-based mortgages allow borrowers to use 70% of their investment and retirement accounts and 100% of their liquid assets, such as securities, short-term bonds, and checking and savings accounts, to determine how much financing they qualify for.
Benefits of Getting an Asset-Based Loan in Illinois
Asset-based loans in Illinois can help you secure a loan with your assets instead of using job history or income verification. Of course, asset-based lenders in Illinois may offer their own benefits and requirements, but in general, the benefits of asset-based loans include the following:
- No need for standard income
- Less stringent qualifying requirements
- Streamlined application process
- Loan amounts up to $3 million
- Open to those with credit scores as low as 620
- No tax return required
- No debt-to-income (DTI) ratio required
- Interest-only option available
- Cash out allowed
- As little as 20% down payment
Who Qualifies for an Asset-Based Loan?
Anyone can qualify for an asset-based loan if they have assets that are valuable enough to secure the loan. Asset-based lending has less stringent requirements than traditional home loans, offering borrowers a more streamlined application process that helps borrowers avoid barriers associated with traditional lending. Asset-based loans are ideal for individuals with little to no regular income, such as retirees, investors, and the self-employed. Assets you can use for an asset-based loan include:
- Checking and savings bank accounts
- Certificates of deposits (CDs)
- Investment accounts, such as stocks, bonds, and retirement accounts
- Money market accounts
How to Get an Asset-Based Loan in Illinois
Asset-based lenders in Illinois have varying application and approval processes. However, asset-based lending in Illinois is straightforward with Griffin Funding. If you’re unsure whether an asset-based loan in Illinois is right for you, you can reach out to Griffin Funding to discuss your goals and financial situation with one of our strategists to help you find the right home loan.
When you’re ready to apply, you’ll need to be prepared to identify the assets you’ll use to qualify for a loan and submit documentation for us to review. If approved, you’ll receive a preview offer before we complete a total review of the assets. Then, once your assets are audited and reviewed, we’ll request your approval, and you can sign the final loan document.
Other Non-QM Loans From Griffin Funding
If Illinois asset-based loans aren’t right for you or you don’t qualify, we have many other options to help you secure a home loan. Other Non-QM mortgage loan offerings from Griffin Funding include:
- Bank statement loans: Illinois bank statement loans are similar to asset-based loans in Illinois. However, instead of using all of their assets to secure funding, borrowers only need to use their bank statements to prove their ability to repay the loan. With bank statement loans, you don’t have to provide proof of income in the form of tax returns or pay stubs; instead, we’ll determine your ability to repay by looking at the growth of your bank accounts.
- Jumbo loans: Jumbo loans only require a 10% down payment for borrowers with good credit. Jumbo loans are designed for individuals who need a large sum of money to purchase a home.
- Interest-only loans: With Interest-only loans, borrowers can make interest-only payments for the first part of their loan before payments are recalculated to include the principal amount. These loans can help borrowers save money in the first few years of homeownership so they can focus on building their wealth before paying back the principal.
- DSCR loans: Illinois DSCR loans are ideal for real estate investors who may not qualify for traditional mortgages because they deduct business expenses from their tax returns. With DSCR loans, borrowers don’t have to provide proof of income or job history; instead, their ability to repay is determined by their DSCR, which is the annual gross rental income divided by the mortgage.
Depending on your needs, we also offer traditional mortgages and VA loans in Illinois. If you’re looking for the best home loan for you, depending on your unique financial situation, Griffin Funding can help. We’re not only asset-based lenders in Illinois; we can help you find the best home loan and walk you through the application process to help you purchase the house of your dreams.
See If You Qualify for an Asset-Based Loan in Illinois
Asset-based loans in Illinois are ideal for borrowers who don’t have the traditional income stream that comes with a 9-5 job. Borrowers can be retirees, self-employed, or investors who may not qualify for traditional home loans. With an asset-based loan, you can finance your primary residence using your assets as income. Griffin Funding’s asset-based lending in Illinois makes it easy for borrowers of all types to purchase a home.
If you’re ready to secure an Illinois asset-based loan, contact us to get the process started or learn more about your options. You can also fill out our online application.