Areas We Serve

Griffin Funding offers a variety of alternative lending solutions to help you achieve your financing dreams, including asset-based loans and Kentucky DSCR loans. If you’re exploring alternative mortgage solutions in Kentucky, asset-based loans can provide the flexibility you need. From funding asset-based loans in Louisville to mortgages in Fort Thomas, we serve every city in Kentucky, including:

  • Louisville
  • Lexington
  • Bowling Green
  • Owensboro
  • Covington
  • Richmond
  • Florence
  • Georgetown
  • Elizabethtown
  • Paducah

What Is an Asset-Based Loan?

An asset-based loan, sometimes referred to as an asset depletion mortgage, is a financing option designed for borrowers with unconventional income streams and significant liquid assets. Unlike traditional loans that rely on income verification, asset-based loans use your liquid assets, such as savings, investments, and retirement accounts, to determine your eligibility and the qualifying loan amount.

Therefore, asset-based loans offer flexibility and can be used for various purposes, from purchasing a home to financing a business venture. They provide a pathway to financing for those who may not qualify for traditional loans due to their income variability or tax strategies, making them a valuable option in today’s diverse financial landscape.

How Does Asset-Based Lending Work in Kentucky?

In Kentucky, asset-based loans evaluate various types of assets to determine eligibility and loan amounts. For example, retirement accounts like IRAs or 401(k)s may allow up to 70% of the asset value to be used for a loan. If you have a retirement account worth $100,000, you could potentially use $70,000 of that asset to qualify for an asset-based loan.

Stock accounts are often evaluated at a higher percentage, typically around 80% of their current market value. If you have stocks worth $50,000, you might be able to use up to $40,000 of that value towards qualifying for an asset-based mortgage loan in Kentucky.

Bank accounts such as money market accounts or savings accounts can typically use all of their value. At Griffin Funding, we calculate 100% deposits as income so if you have a personal savings account with $20,000, you can use this full amount towards qualifying for a loan.

This approach allows you to leverage your assets effectively, even if you have irregular income or significant tax deductions. An asset-based loan in Louisville and other areas of the state provides flexibility in financing options beyond traditional income-based mortgages.

Benefits of Asset-Based Lending

Asset-based loans in Kentucky offer a flexible financing option for those with diverse financial circumstances. Rather than relying solely on traditional income verification methods, these loans leverage your assets to determine eligibility. This approach provides several key benefits:

  • Simplified qualification: You can qualify for a mortgage using only your assets, eliminating the need for traditional income verification and reducing paperwork.
  • Higher loan amounts: Depending on the value of your assets, you may be able to access larger loan amounts, up to $3 million.
  • Control over assets: Unlike traditional loans that may require assets as collateral, asset-based loans typically allow you to retain ownership and control of your assets.
  • Flexible income requirements: Regardless of your income level, you can qualify for Kentucky asset-based loans by using certain assets as income.
  • Second home financing: Asset-based lending in Kentucky can be used to finance a second home or investment property, providing flexibility in your real estate investments.

Asset-Based Loan Requirements in Kentucky

Asset-based loans in Kentucky are calculated based on the value of your assets rather than your traditional income. Lenders typically evaluate a percentage of your liquid assets, such as savings, stocks, retirement accounts, and bonds, to determine the loan amount you qualify for.

The minimum requirements for asset-based loans can vary but generally include:

  • A minimum credit score, often around 620 or higher.
  • Documentation of your liquid assets and proof of ownership.
  • Verification of other financial information, such as employment history and debt obligations.

How to Get an Asset-Based Loan in Kentucky

Griffin Funding’s application process for asset-based loans typically involves the following steps:

  1. Prequalification: You start by filling out an online prequalification form, providing basic information about your financial situation and the assets you intend to use for the asset-based mortgage loan in Kentucky.
  2. Consultation: A Griffin Funding loan specialist will contact you to discuss your financial goals, assess your assets, and determine the best loan options available to you.
  3. Documentation: You’ll need to gather and submit documentation, such as bank statements, retirement account statements, and other financial records to verify your assets.
  4. Underwriting: Griffin Funding’s underwriting team will review your application, assessing your credit score and other financial metrics to determine your eligibility.
  5. Approval and closing: Once approved, you’ll receive a loan offer detailing the terms and conditions. After signing the documents, the loan will be funded and you can finalize the purchase of your home or investment property.

Griffin Funding aims to streamline the process, providing personalized service and support throughout the application and approval process for asset-based loans. For added support, download the Griffin Gold app and discover smart budgeting and mortgage assistance tools to help manage your loan.

Apply for an Asset-Based Mortgage Loan in Kentucky

If you’re considering a non-traditional mortgage solution, asset-based loans could be the perfect fit for you. Griffin Funding specializes in asset-based lending in Kentucky, offering flexible options that cater to your unique financial situation. Whether you’re self-employed, have irregular income, or significant assets but lower reported income, our team of specialists can help.

Contact Griffin Funding today to learn more about our asset-based lending program in Kentucky. We make it easy to leverage your assets and get approved for a loan, making your homeownership or investment property dreams a reality.

Get in touch for a free consultation and find out how our asset-based loan solutions can work for you. Apply online or give us a call today to get started!