What Is an Asset-Based Loan?
An asset-based loan uses your assets as a form of income. Traditionally, when you apply for a loan, you need to show that you have enough income to pay back the loan. Even though having a healthy income can be beneficial, you might have other assets that you can use to cover the cost of the loan. Or, if you’re on a small fixed income, you might be better off using your assets to qualify for a mortgage. Therefore, if you are looking for mortgage loans in Montana, consider using your assets to qualify for your loan.
How Does Asset-Based Lending Work?
If you choose Montana asset-based loans, you will qualify for the loan using your assets instead of your income. Typically, asset-based lenders in Montana will take a look at the assets you want to use, calculate their total value, and provide you with a limit against which you can borrow.
For example, you might be told that you can use 100 percent of your total liquid assets, plus 70% of your retirement accounts, to qualify for a loan. Even though plenty of other factors will be taken into account, this is a basic overview of how asset-based lending will work.
Benefits of Getting an Asset-Based Loan in Montana
If you are interested in Non-QM Mortgages, there are several benefits of an asset-based loan or asset utilization loan in Montana. Some of these benefits are as follows:
- You can qualify for a mortgage using only your assets instead of having to show proof of income. However, a minimum credit score and down payment are still required.
- You can access up to $3 million in financing, giving you plenty of flexibility as you search for the right loan to meet your needs.
- You control the type of assets you put down for your loan. If you want to protect certain assets, you do not necessarily have to use them to qualify for your loan.
- You can still qualify for an asset-based loan if you do not have substantial income. Just because you don’t have a lot of income coming in doesn’t mean you can’t qualify for a loan.
- With an asset-based loan, you can secure a mortgage for a home that is not your primary residence. This means you can potentially use an asset-based loan to purchase an investment or rental property in Montana.
These are just a few of the top benefits of working with an asset-based lender in Montana.
How to Get an Asset-Based Loan in Montana
If you are interested in qualifying for an asset-based Loan in Montana, there are several steps you need to take. They include:
- You must reach out to one of our strategists to discuss the steps you need to follow. You will have a professional who will walk with you every step to ensure you understand what to do.
- You need to fill out an online loan application. During the application process, you will provide some basic demographic information. You also get to specify the items you will use as collateral to help secure a loan.
- You need to provide all the necessary documentation. You will need to demonstrate proof of your assets before you can get approved for the loan.
- Once you complete the application, a professional lender will review your documentation. We will contact you if we need more information regarding what you need to do to qualify for the loan.
- After we have approved your loan, you can sign the final loan document in front of a notary.
Applying for an asset-based loan is straightforward. It would be our pleasure to help you secure an asset-based loan in Montana so that you can achieve your financial goals.
Areas We Serve
At Griffin Funding, we have worked hard to make sure we serve as many people throughout Montana as possible. Some of the areas that we serve include:
- Great Falls
- Red Lodge
- Butte-Silver Bow
No matter where you are located in Montana, we should be able to help you. We are proud to provide asset-based / asset-utilization loans virtually everywhere throughout Montana.
Other Non-QM Loans From Griffin Funding
Even though we specialize in providing mortgage loans, we offer plenty of other loans as well. Some of the other Non-QM loans that we offer include:
- Interest-only loans: If you are looking for an interest-only loan, we can talk with you about your options.
- Jumbo loans: We can work with you if you need a large loan for a specific project. We also provide jumbo loans on houses.
- DSCR loans in Montana: It would be our pleasure to provide you with a DSCR loan that takes into account the cash flow of existing properties in order to qualify you for financing.
- Bank statement loans in Montana: If you are looking for a bank statement loan, we would be happy to discuss your options.
We understand that lending is not a one-size-fits-all approach. We will work with you carefully to ensure we provide you with the loan you want. Count on our team to help you.
Apply for an Asset-Based Loan in Montana
If you are frustrated with the traditional lending process, you might want to explore the prospect of an asset-based loan in Montana. This could be a great way to qualify for a loan you need while saving money. If you have assets that you can use as collateral for an asset-based loan, we would be happy to help you.
We are Griffin Funding, and we are proud to be one of the most trusted asset-based lenders in Montana. Now, it would be our pleasure to help you as well. Give us a call today to speak to a member of our team about our loan options or apply online today to get started.