Areas We Serve

Because Griffin Funding specializes in asset-based lending, we are able to provide financing options throughout the entire state of Iowa. So if you are looking for Iowa DSCR loans to continue building professional property investments or are self-employed and want to use an asset-based loan in Des Moines for your first home, we can help. Here are just some of the many cities we fund in:

  • Des Moines
  • Cedar Rapids
  • Davenport
  • Sioux City
  • Iowa City
  • Waterloo
  • Ames
  • Council Bluffs
  • Dubuque
  • Cedar Falls

What Is an Asset-Based Loan?

Asset-based lending in Iowa, also commonly referred to as an asset depletion mortgage, is a type of non-QM loan where a borrower secures financing by using their own assets in place of income to qualify for a loan. These differ from traditional loan qualifications that require verifiable income in the form of W-2s and tax returns, and instead use strong liquid assets such as:

  • Checking and savings accounts
  • Investment accounts
  • Retirement accounts
  • Certificates of deposit (CDs)
  • Money market accounts

The ability to leverage the value of these assets as income means that borrowers like small business owners, investors, contractors, freelancers, and retirees can all potentially qualify for a mortgage loan without needing to verify their income in traditional ways. All that’s needed are high-quality liquid assets.

How Does Asset-Based Lending Work in Iowa?

Working with a knowledgeable professional is essential when considering an asset-based loan, as you will need to gather stock of all potential assets – the stronger, the better. The loan officers at Griffin Funding can help you through the process and identify which of your assets could be accepted and how much they will help toward getting you a competitive approval.

As mentioned prior, there are several types of tangible assets that can be used to qualify for your loan. Commonly used assets include bank accounts, retirement accounts, and investment portfolios. Depending on the asset, you could convert up to 100% of its value into income to qualify for an asset-based mortgage loan in Iowa.

Advantages of Asset-Based Lending

Iowa asset-based loans offer several advantages for those with substantial assets who struggle to qualify for conventional loans due to irregular income:

  • Qualify using your assets as income.Without needing to provide pay stubs or tax returns as proof of steady income to repay a loan, you can use your own liquid assets to qualify.
  • Keep using your assets. With asset-based loans in Iowa, you will not be required to sign over your assets to the lender in order to qualify.
  • $3 million mortgage loans available. With the right high-value assets, you can secure a large mortgage loan that could get you into your first home. Or, use the money to add a second investment property that won’t be a primary residence. Competitive rates and manageable down payments make it easier than ever.
  • Not limited to primary residences. With an asset-based loan, you can finance vacation homes and investment properties in addition to a primary residence.

How to Qualify for an Asset-Based Loan in Iowa

Similar to other non-QM loans, like bank statement loans, the qualifying criteria for Iowa asset-based loans is substantially more relaxed than with conventional mortgage loans. However, you should still have a well-prepared application and work to get your FICO credit score as high as possible prior to applying.

Upon applying and providing a detailed list of your assets, an agent will help to convert those assets into income for the sake of qualifying you for a loan. You can use up to 100% of liquid accounts (checking, savings, or money market accounts) and up to 80% of the value of your stocks, bonds, and retirement assets to qualify.

From there, your assets will be converted into income to qualify you for a loan. Once this income is known, and provided you meet other credit-qualifying criteria, you will be provided with the terms, rate, down payment, and monthly payment for your loan.

Applying for an Asset-Based Loan in Iowa

Because we work so hard to be a leader in Iowa asset-based lending, we at Griffin Funding have made the application as smooth and fast as possible. Once you’ve completed a quick online application, an agent will reach out and likely request several varieties of assets from you: bank statements, retirement accounts, investment portfolios, and other relevant documentation. This allows them to build the strongest possible application for you, and find a program that fits your needs while involving the fewest amount of your precious assets as possible.

Although cash and assets are a major component in qualifying for an asset-based mortgage loan in Iowa, you should work before applying to ensure your credit is optimized to get the best rate and terms. In order to qualify, you must have a minimum credit score of 620.

To learn more about the application process, monitor your credit and finances, and begin building an action plan, download the free Griffin Gold app today.

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

Asset-based mortgage loans in Iowa can be a great fit for borrowers with substantial assets who struggle getting approved for conventional mortgage loans because of irregular pay or inability to provide proof of verifiable income.

Small business owners, investors, retirees, freelancers, and contract workers can all benefit by using their assets as income to qualify for up to 100% of their value. These alternative qualifying criteria, along with competitive rates and manageable down payments, allow borrowers to secure funding and buy the home of their dreams or continue growing their investments.

Griffin Funding stands by as your Iowa asset-based lending partner with valuable knowledge and a team that will work with you to find the best financing option that fits your needs and harnesses your financial strengths. Apply today to get pre-approved.