What Is an Asset-Based Loan?
Asset-based loans in New Hampshire allow borrowers to secure their loan using assets. Assets used to secure the loan can include bank accounts, investment portfolios, retirement accounts, property, and more.
If you have inconsistent income or less than perfect credit, yet maintain a large pool of assets, this might be a good option for you. You do not have to liquidate your assets in order to obtain the loan, they are simply used to secure the loan amount.
- Carson City
- Incline Village
- North Las Vegas
- Sunrise Manor
- Las Vegas
- Spring Valley
How Do Asset-Based Loans Work in New Hampshire?
You may wonder how asset-based loans work in New Hampshire. Griffin Funding’s New Hampshire asset-based lending program adopts a straightforward approach to underwriting. Our loan officers will do everything in their power to make the process as easy and stress-free as possible.
An asset-based loan provides funding for a mortgage. Rather than undergo the traditional income verification process, you can use existing assets as income for the new loan.
With an asset-based loan in New Hampshire, you can typically use up to 70% of your investment or retirement accounts and 100% of your bank account balance as income. The borrowing base is the amount you can borrow based on your assets. Your lender determines both the borrowing base and how much you can take out on a loan based on that asset.
Benefits of Asset-Based Loans
There are clear benefits to choosing asset-based loans in New Hampshire. You don’t have to settle for a denial based on your credit or income level. If you have assets, you can potentially qualify for a loan.
Asset-based lending in New Hampshire has many advantages, including the following:
- Qualify based on assets alone: One of the primary benefits of an asset-based loan is that you do not need to meet an income threshold in order to qualify. Instead, you can secure financing by leveraging the equity of your existing assets.
- Improved liquidity: Because you don’t have to draw on reserves, you may end up with improved liquidity. This can help you keep your business going and stabilize operations for seasonal revenue.
- Easier to obtain: Asset-based loans can be much easier to get than traditional lines of credit and loans. You don’t have to meet the strict requirements of traditional home loans or undergo a conventional income verification process.
Asset-based loans in New Hampshire also offer considerable flexibility. The following are just a few examples of the types of assets you can use to secure an asset-based loan in NH:
- Checking and Savings Accounts
- Brokerage Accounts
- Retirement Accounts
Who Are Asset-Based Loans for?
Asset-based loans work well for those who can’t get traditional mortgages. This includes:
- Retirees on a fixed income
- New business owners
- Small business owners
- Self-employed individuals
At Griffin Funding, we offer a number of non-traditional financing products for you to explore, which makes it easier for more people to qualify for home loans.
Other Non-QM Loans From Griffin Funding
Are you wondering what type of loans to choose from? Griffin Funding offers the following Non-QM loans at competitive rates:
- Jumbo loans: When you’re looking for a large loan, consider jumbo loans, which require as little as 10% down.
- Interest-only loans: With an interest-only loan, you only make payments toward the interest for a set period of time. This gives you time to recuperate from the expense of moving, renovating, and personalizing the property.
- Bank statement loans: We typically ask for two years of bank statements to apply for this type of loan. It provides a great alternative for self-employed individuals with no W-2s.
- DSCR loans: Debt service coverage ratio (DSCR) loans use the projected income of a rental or investment property to qualify you for financing.
See if Asset-Based Lending in New Hampshire Is Right for You
There are numerous options for individuals who want to obtain funding for their home or business. Those with a high income but poor credit may not qualify for traditional loans. Fortunately, there is another alternative for those with high-value assets.
Interested in learning more about asset-based lending in New Hampshire? Reach out to us for more information or to set up an appointment to determine whether you qualify for one of the loan types above.
Contact Griffin Funding to apply for a NH asset-based loan today. We’re in the business of helping customers just like you move forward with your goals.