Asset-Based Loans in Minnesota

Griffin Funding is proud to provide asset-based financing throughout the entire state of Minnesota. So if you are a first-time buyer looking to realize your dream of homeownership with an asset-based loan in Minneapolis, or are looking to build on your commercial investment properties with a DSCR loan in Minnesota, we can help.

Here are just some of the many Minnesota cities we specialize in:

• St. Paul
• Minneapolis
• Rochester
• Bloomington
• Duluth
• Plymouth
• Brooklyn Park
• Maple Grove
• Burnsville
• Blaine

Because you will be using your own hard-earned liquid assets to qualify as income for your Minnesota asset-based loan, it is important to work with a seasoned, trustworthy professional. The loan officers at Griffin Funding can walk you through the entire process of securing a loan and help identify which of your assets could be accepted and how much their value will bring you closer to a competitive approval.

Instead of verifying your ability to repay using pay stubs or tax returns, with an asset-based loan (also commonly referred to as an asset depletion mortgage), you will be using your liquid assets instead.

You can provide several types of tangible assets to qualify, including bank accounts, retirement accounts, investment portfolios, and Certificates of Deposit (CDs). Depending on the type of asset, you may be able to convert 100% of it into “income” to qualify for an asset-based mortgage loan in Minnesota.

For those who struggle qualifying for conventional loans due to irregular income or retirement, asset-based lending in Minnesota offers many benefits for borrowers who have substantial liquid assets:

• Qualify using your assets as income. Without the need to hunt down pay stubs or tax returns as proof of your ability to repay the loan, you can use your own liquid assets to qualify.
• Maintain use of your assets. With an asset-based mortgage in Minnesota, you remain in control of your assets the entire time; they are simply used to ensure your ability to consistently and comfortably make a monthly payment.
• Up to $3 million available in mortgage loans. With the right high-value assets, you can secure a large mortgage loan. Use it to get into the home of your dreams as a first-time buyer, or use the funds to add a second investment property that won’t be a primary residence. The flexibility and high loan amounts give you the power to expand your search for the perfect home, regardless of high-cost areas.
• Not limited to primary residences. With asset-based loans in Minnesota, you aren’t limited to only financing a primary residence. You can use the loan to purchase a vacation home or investment property just as easily as purchasing a primary home.

Similar to other non-QM loans, like the retirement mortgage, an asset-based mortgage loan in Minnesota typically provides substantially more relaxed criteria when compared to conventional mortgage loans. Because you are using your tangible assets to qualify, there is no income verification required.

Upon applying and providing a detailed list of your liquid assets, one of our agents will help convert those assets into “income” to help you qualify for a loan. You will be able to use 100% of liquid accounts (checking; savings; money market), 80% of the remaining value of your stocks and bonds, and 70% of retirement assets.

Our agents will review your credit profile, alongside your assets that have been converted to income, and determine whether a Minnesota asset-based mortgage loan is a good fit. If you qualify, you will then be provided with the terms, rate, down payment, and monthly payment for a loan. It’s that simple.

Griffin Funding has extensive experience with asset-based lending in Minnesota, and we’ve strived to make the application process as fast and simple as possible. Once you’ve completed a quick online application with basic information, an agent will likely request several varieties of assets from you:

• Bank statements
• Retirement accounts
• Investment portfolios
• Certificate of Deposit (CDs)

With these assets, they can build the strongest possible application and find a program that best fits your needs while involving the minimum amount of your hard-earned assets. With the right assets and credit profile, you can qualify for up to $3 million.

Though asset-based lending in Minnesota leans heavily upon cash and assets to help qualify, you should still work to ensure that your credit is as clean as possible before applying. A minimum credit score of 620 is required. That being said, it is preferable to get your score up to at least 650 to have the highest chance of approval and the most competitive terms. If necessary, pay down some credit cards, bring any delinquent accounts current, and challenge any erroneous derogatory items that may appear on your credit report.

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

Asset-based lending in Minnesota can be a great option for borrowers that are having difficulty securing a traditional loan approval due to irregular income, but have substantial tangible assets like bank accounts, retirement income, or investment portfolios.

Small business owners, retirees, investors, and independent contractors can all use their own liquid assets as income to qualify for up to 100% of their value. Competitive rates and manageable down payments can further help to get you into the home of your dreams or continue building your commercial property investment.

When you work with the professionals at Griffin Funding, you are in the hands of a knowledgeable team that works with you to find the best Minnesota asset-based loan to fit your needs while harnessing your asset strengths. Apply today to start the process of getting pre-approved.