What Is Asset-Based Lending?
If you talk to a mortgage lender in the local area, they will typically ask you for proof of income and proof of employment before they approve you for a loan. There might be some situations where you do not have enough income to qualify for a home loan, and you might be worried that you will never be able to purchase property. Whether you are a business owner or a retiree on a fixed-income, asset-based lending can open up an alternative route to qualifying for a loan.
If you are looking for a professional team that can help you through the asset-based lending process, reach out to our team. It is possible for you to collateralize an asset-based loan using assets you have instead of using a traditional loan. Furthermore, you might be able to qualify for a competitive interest rate by proving that you have assets available.
How Does Asset-Based Lending Work in Maine?
If you are interested in Maine asset-based loans, you first need to prove that you have enough assets to qualify for the loan. The first step is to take all of the assets you have and total them up. This might include your retirement accounts, investment portfolio, and bank accounts. Then, you can partner with asset-based lenders in Maine, such as Griffin Funding, to figure out what assets you would like to use to obtain the loan.
In general, you are able to take out an asset-based loan worth up to 70% of the funds stored in retirement and investment accounts, or up to 100% of the value of your liquid assets. It is up to you to decide what assets you want to tie to the loan. For example, if there are specific assets that you don’t want to collateralize, you don’t have to. If you would like to learn more about this process, reach out to our team.
The Benefits of Asset-Based Lending in Maine
There are several significant benefits associated with asset-based lending in Maine. Some of the top benefits of asset-based loans are as follows:
- No income requirements. Regardless of your income level, you can still apply. Even if your income is relatively low, you can qualify for a home loan using the assets you have.
- Large loan amounts. We are able to provide you with a loan for up to $3 million dollars, dependent on the assets you have available.
- Choose which assets will secure the loan. This loan is not tied to all of your assets—it is up to you to decide what assets you want to use to secure your asset-based loan.
- Purchase a second home. Even if you are interested in purchasing a house that will not act as your primary residence, we can walk you through the process.
How To Qualify for an Asset-Based Loan in Maine
If you are interested in Maine asset-based lending, there are a few steps to follow. They include:
- Speak with a loan specialist. Reach out to our team to talk to a loan specialist. We can help you get the ball rolling.
- Fill out our online application. We will provide you with a link that you can use to submit it. We will collect some demographic information from you, and you will specify the assets that you want to use to qualify for asset-based loans in Maine.
- Submit documentation. We will ask you for documentation proving that you have the assets that you have specified.
- We will review the application. If we have further questions about your assets, we will reach out. If you would like to change the assets you use for loan qualification, you can do so.
- Approval and signing. Once we approve the loan, we will ask you to sign the final loan document in the presence of a notary.
Finally, we will provide you with the funds you need to complete your transaction. We will be with you every step of the way, and we will answer any questions or concerns you might have.
Other Non-QM Loans From Griffin Funding
We encourage you to take a look at all of the loan options we have available. Some of our options include:
- Bank statement loans: If you are self-employed and interested in using only your bank statements to qualify for a loan, we can talk with you about that option.
- DSCR loans: We provide competitive rates on debt service coverage ratio (DSCR) loans, which can be beneficial for real estate investors.
- Interest-only loans: With an interest-only loan, you can avoid making payments toward the principal amount of the loan for a predetermined period of time.
- Jumbo loans: If you need to purchase a property with a non-conforming loan, our team can help you.
We are always available to answer your questions about asset-based loans in Maine. Reach out to us to learn more about all of the Non-QM loan options we offer.
Apply for an Asset-Based Loan in Maine
At Griffin Funding, we know that everyone is in a slightly different situation. We have a team that can help you customize your Maine asset-based loans to meet your needs, and we can even help you with VA loans and FHA loans. We are confident that we can help you find the right loan option to purchase your property. Contact us today to speak to a member of our team, and get your application started for Maine asset-based lending.