Asset-Based Loans in Kansas

Griffin Funding is dedicated to providing asset-based loans across the entire state of Kansas, ensuring individuals have access to the capital they need. Whether you’re seeking out an asset-based loan in Wichita or Kansas City, we can help you leverage your assets for financial growth. Areas we serve include (but are not limited to):

• Wichita
• Overland Park
• Kansas City
• Topeka
• Olathe
• Lawrence
• Shawnee
• Manhattan
• Lenexa
• Salina

An asset-based loan is a financing option where borrowers use their liquid assets, such as checking and savings accounts, investment accounts, or retirement accounts to secure a loan. This type of financing offers a flexible source of capital, making it particularly useful for those with irregular income patterns or significant tax write-offs, provided they have substantial liquid assets to back the loan. Ideal borrowers for asset-based loans include:

• Self-employed individuals: Entrepreneurs who require funding to manage their businesses despite having fluctuating income.
• Business owners: Small to medium-sized enterprises needing working capital for operations or growth.
• Contractors and freelancers: Professionals who often experience variable cash flow and need a reliable financing option.
• Retirees: Individuals who need additional liquidity without drawing from their retirement funds.
• Anyone with inconsistent income: Those facing seasonal or cyclical revenue fluctuations.
• Individuals with significant tax write-offs: Borrowers whose reported income doesn’t reflect their actual income due to tax write-offs.

Asset-based lending in Kansas is a flexible financing option that utilizes assets as collateral, catering to the diverse economic landscape of the state, particularly in sectors like agriculture, manufacturing, and energy. Businesses and individuals can leverage various assets, such as:

• Checking accounts
• Savings accounts
• Certificates of deposit (CDs)
• Money market accounts
• Mutual funds, stocks, and bonds

For individuals with substantial liquid assets, an asset depletion mortgage provides an alternative path to financing. This mortgage calculates income based on liquid assets, offering a way to qualify without traditional income proof.

Asset-based lending in Kansas plays a crucial role in providing essential capital to individuals and businesses, supporting financial growth through asset-based loans and asset depletion mortgages. It offers a flexible and accessible financing solution tailored to the unique needs of borrowers in the state’s dynamic economic environment.

Asset-based lending offers a unique financing option for individuals and businesses, leveraging assets. Here’s a breakdown of the pros and cons:

Pros:

• No income required: Asset-based loans accept various assets, providing flexibility for borrowers.
• Access for self-employed individuals: Asset-based loans offer financing options for self-employed individuals or those with irregular income.
• Higher loan amounts: Borrowers can access higher loan amounts compared to traditional loans, based on the value of their assets.
• Improved cash flow: Asset-based loans provide immediate access to capital, aiding in managing cash flow fluctuations.
• Quick approval: With fewer documentation requirements, asset-based loans often have quicker approval processes.
• Tailored solutions: Loans can be customized to meet specific needs, offering flexibility in terms of amounts, terms, and rates.

Cons:

• Risk of asset loss: Defaulting on asset-based loans can result in the loss of the assets you used to secure the loan.
• Higher interest rates: Interest rates on asset-based loans may be higher compared to traditional loans due to increased risk.
• Limited eligibility: Not all assets may qualify, limiting eligibility for some borrowers.

To secure an asset-based loan in Kansas, borrowers must fulfill specific criteria and provide necessary documentation. Here’s an overview of the requirements and calculation process:

Asset-based loans in Kansas are determined primarily by the value of the assets offered by the borrower. These assets typically include checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, mutual funds, stocks, and bonds. The loan amount is calculated as a percentage of the value of these assets, with varying loan-to-value ratios depending on the type of asset.

Minimum requirements for borrowers include demonstrating the value of the assets to secure the loan. Additionally, borrowers must have a reasonable credit history with a minimum credit score of 620, although asset-based loans may be more flexible in this regard compared to traditional loans.

Documentation proving ownership and the value of liquid assets is essential for the loan approval process. Lenders conduct thorough assessments of the borrower’s financial situation and asset value during the underwriting process. Once all requirements are met, the lender will make a final decision on loan approval and provide the borrower with the terms and conditions of the loan.

To obtain an asset-based loan in Kansas through Griffin Funding, follow these simple steps:

• Application: Begin by completing Griffin Funding’s online application, providing necessary information about your business and assets.
• Asset evaluation: Griffin Funding will assess the value of your assets, including checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, mutual funds, stocks, and bonds.
• Underwriting: Our team conducts thorough underwriting, considering factors like credit history and asset value to determine loan eligibility.
• Approval: If you meet the criteria and your assets are deemed sufficient, you’ll receive approval for your asset-based loan. Additionally, if you’re looking to buy a home, you can also get approved for a mortgage through Griffin Funding.
• Loan terms: Once approved, you’ll receive the terms and conditions of your loan, including the loan amount, interest rate, and repayment terms.
• Funding: Upon accepting the loan terms, you’ll receive the funds you need to support your business objectives or get approved for a mortgage to purchase your dream home.

Griffin Funding’s streamlined application process ensures a hassle-free experience, allowing you to access the financing you need quickly and efficiently.

Griffin Funding offers hassle-free pre-approval for asset-based mortgage loans in Kansas. With flexible financing options tailored to your needs, including Kansas DSCR loans and bank statement loans, we provide personalized solutions to fit your unique financial situation.

Utilize our cutting-edge Griffin Gold app for easy access to your loan status and documents. Trust Griffin Funding as your reliable partner in securing the financing you need to achieve your homeownership goals in Kansas. Apply for an asset-based mortgage loan in Kansas today!