Asset-Based Loans in Massachusetts

At Griffin Funding, we proudly serve individuals throughout Massachusetts, offering asset-based loans in Boston, Springfield, Cambridge, and beyond. Whether you’re located in one of the state’s major cities or any other area in Massachusetts, our team is committed to providing tailored financing solutions to meet your needs. Some of the cities we serve include: 

• Boston
• Worcester
• Springfield
• Cambridge
• Lowell
• Brockton
• New Bedford
• Quincy
• Lynn
• Fall River

Asset-based loans are a type of non-QM financing where individuals utilize their assets to secure funding. These loans are especially beneficial for individuals and businesses that may not qualify for traditional bank loans due to limited credit history, job history, or financial challenges. In Massachusetts, asset-based loans serve as a lifeline across various industries, offering people the flexibility and liquidity needed to thrive in a competitive market.

Here’s how asset-based loans work. Unlike traditional loans that primarily rely on creditworthiness, asset-based loans focus on the value of the borrower’s assets. These assets can include checking or savings accounts, money market accounts, CDs, and/or investment accounts. Lenders assess the value of these assets and determine the loan amount based on a percentage of their value.

There are limits on how much of a given asset you can use to qualify for a mortgage. For instance, you can use up to 70% of your retirement assets, 80% of the value of your stocks or bonds, and 100% of your bank accounts or money market accounts. 

Essentially, the assets you use for this type of mortgage will be used as a kind of income verification or proof of funds. Beyond that, an asset-based loan functions very similarly to any other type of mortgage. When you apply, the lender will underwrite your loan and provide you with an interest rate and qualifying loan amount based on financial metrics like your assets and credit score. Once you purchase a home with the mortgage funds, you will make monthly payments over the life of the loan term until the loan has been repaid.  

Here are some key benefits of asset-based loans:

• No Pay Stubs Needed: Asset-based loans provide an alternative financing option for individuals who may have difficulty obtaining traditional bank loans due to not having a conventional source of income. 
• Flexible Asset Options: Borrowers can use a variety of assets as collateral, such as bank accounts, CDs, money market accounts, and investment accounts. Unlike traditional asset-based loans, Griffin Funding does not require you to pledge any of your assets as collateral.
• Purchase Second Homes and Investment Properties: Asset-based loans in Massachusetts aren’t just limited to primary residences. You can take out an asset-based mortgage to invest in real estate or purchase a vacation home for your family. 
• Higher Loan Amounts: Asset-based loans often allow borrowers to access larger loan amounts compared to traditional loans, as the loan value is based on the appraised value of your assets.
• Tailored Financing Solutions: Asset-based loans can be structured to meet the specific needs of the borrower, with options such as revolving lines of credit or term loans offering flexibility in repayment terms.
• Fast Approval Process: Since asset-based loans primarily focus on the value of the assets rather than credit history, the approval process is often quicker compared to traditional loans, allowing borrowers to access capital more rapidly.

Here are some key qualification requirements for asset-based lending in Massachusetts:

• Asset Value: The primary qualification for asset-based lending is the value of the assets. Based on the value of qualifying assets, you can receive a loan amount of up to $3 million. 
• Credit History: While asset-based loans focus more on the value of asset than credit history, lenders may still consider the borrower’s creditworthiness to some extent. At Griffin Funding, you must have a minimum credit score of 620 to qualify for an asset-based loan in Massachusetts. 
• Asset Documentation: Borrowers must provide documentation proving ownership and the value of the assets. 

Since qualification requirements can vary depending on the lender and the specific terms of the loan, it’s essential to ask your lender about their specific requirements and eligibility criteria. They can provide guidance on what documentation is needed and help you navigate the qualification process effectively.

Whether you’re investing in real estate or purchasing a primary residence, you may be interested in what the asset-based loan application process looks like. To apply for an asset-based mortgage in Massachusetts through Griffin Funding, start with an initial consultation. During this meeting, you can discuss your goals and financial situation with one of Griffin Funding’s experienced loan officers. 

Next, gather the necessary documentation, including financial statements and proof of income. Once ready, submit your loan application to Griffin Funding. Our team will then evaluate your assets and financial documents to determine eligibility. 

Upon approval, you’ll proceed to the closing phase, where final terms are determined and documents are signed. Upon closing, Griffin Funding disburses the loan funds, enabling you to proceed with your purchase. With Griffin Funding’s streamlined process and personalized guidance, getting an asset-based mortgage in Massachusetts is quick and easy.

Whether you’re applying for an asset-based loan in Boston or Amherst, unlock the financing you need with Griffin Funding. Our streamlined process ensures quick access to capital, tailored to your unique needs and circumstances. 

As a leading provider of asset-based lending solutions, Griffin Funding offers flexible options for borrowers. Whether you’re looking to leverage your assets to purchase a primary residence or expand your real estate investment portfolio, we’re here to help. Plus, with the Griffin Gold app, managing your loan and tracking your investment portfolio has never been easier. Take the first step towards achieving your homeownership goals today by filling out an online application.