Areas We Serve

Griffin Funding provides financing throughout the entire state of Indiana. Whether you want to explore options for an asset-based loan in Indianapolis or learn more about Indiana DSCR loans for your business in Lafayette, we can help. Here are just some of the cities we work with:

  • Indianapolis
  • Fort Wayne
  • Evansville
  • South Bend
  • Bloomington
  • Hammond
  • Gary
  • Lafayette
  • Muncie
  • Terre Haute

What Is an Asset-Based Loan?

Asset-based loans, also known as asset depletion loans, are non-QM loans where the borrower secures financing using their own assets as proof of income. These differ from traditional loan qualifications that require verifiable income in the form of tax returns. Instead, asset-based loans allow borrowers to use bank accounts, investments, money market accounts, certificates of deposit (CDs), and retirement portfolios to qualify for the loan.

The ability to utilize the value of these assets means that borrowers with irregular income, like small business owners, investors, contractors, freelancers, and retirees, can all potentially qualify for a mortgage loan without the need to verify their income in a traditional way. All that’s needed are verifiable liquid assets.

Indiana asset-based loans are one of the best alternatives to qualify for a self-employed loan, offering competitive rates, predictable down payments, and more relaxed credit qualifying criteria.

How Does Asset-Based Lending Work in Indiana?

Because you are using liquid assets to qualify as income for your Indiana asset-based loan, it is important to work with a professional who is well versed in this variety of lending. When working with Griffin Funding, one of our agents will walk you through the process and help identify which of your assets could be accepted and how much they will help get you approved for.

As mentioned above, there are several opportunities to use tangible assets to qualify for your loan. Tangible assets include bank accounts, retirement accounts, investment portfolios, and accounts receivable. Depending on the asset, you could convert up to 100% of it to “income” for qualification purposes.

One of our agents will walk you through the process step by step, including how your assets are used to secure the funding, what personal credit criteria are needed to get approved, and what kind of down payment to expect.

Benefits of Asset-Based Lending

Similar to a bank statement loan, Indiana asset-based loans are a fantastic option over traditional mortgage loans for people who struggle to qualify using their irregular income. Here are some of the most useful benefits of asset-based lending in Indiana:

  • Qualify for a loan using your assets.Without the need to provide proof of steady income to qualify, there is less paperwork to track down and you can use your own liquid assets that will be converted into income. Minimum qualifying credit scores are also more relaxed than with standard financing.
  • Retain your assets. With asset-based lending in Indiana, you remain in control of your assets the entire time; they are simply used to prove your ability to repay the loan.
  • Loans of up to $3 million are available. With relatively high loan amounts available, borrowers have more flexibility when it comes to price and can expand their search when house hunting.
  • Buy vacation homes and investment properties. Indiana asset-based loans aren’t limited to just primary residences—you can use asset-based loans to purchase a second home, vacation home, or investment property as well.

How to Qualify for an Asset-Based Loan in Indiana

One of the benefits of an asset-based mortgage loan in Indiana is the more flexible qualifying requirements. However, you will still need to prepare your application and assets to have the best chances at approval.

As mentioned above, your assets will be converted into income for the sake of qualifying you for a loan. You can use 100% of liquid accounts (checking; savings; money market), 80% of the remaining value of your stocks and bonds, and 70% of retirement assets to help qualify.

From there, you have two options on how to use those assets to calculate your qualifying income: debt ratio calculation and total asset calculation. One of our loan officers can help you find the calculation method that works best for your unique scenario. Once your income is calculated, it is used with your loan term and approved amount to general an approval, monthly payment, and down payment.

How to Apply for an Asset-Based Loan in Indiana

Because Griffin Funding specializes in Indiana asset-based loans, we have made the application process as fast and straightforward as possible. Once you’ve completed a quick application online, an agent will likely request several varieties of assets from you: bank statements, retirement accounts, investment portfolios, and so on. This will allow them to build the strongest possible profile for you, and find a program that fits your needs while involving the minimal amount of your assets.

Although cash and assets are a major help in qualifying for asset-based mortgage loans in Indiana, you should also have good credit, as well. Aim to have a FICO score of at least 620 for the best chances of an approval. If you’re looking to learn more and build your credit before applying, you should download the Griffin Gold app to monitor your credit report, learn about financing programs available to you, and to begin making an action plan for success.

Get Pre-Approved for an Asset-Based Loan in Indiana

Asset-based loans in Indiana are a fantastic option for certain borrowers that have substantial liquid assets but lack verifiable income as required with traditional mortgage loans. Small business owners, retirees, investors, and contractors can all use their assets as income to qualify for up to 100% of their value, with competitive rates and manageable down payments. This allows borrowers who have previously been unable to qualify for a mortgage due to lack of steady, verifiable income to get into the home of their dreams or continue growing their investments.

When you work with the professionals at Griffin Funding, you are partnering with a knowledgeable team that will work with you to find the best financing option that fits your needs and financial strengths. Apply today to get started with your pre-approval.