Areas We Serve
At Griffin Funding, we can provide asset-based lending services no matter where you are in Pennsylvania. Some of the areas we serve include:
- Reading City
- Upper Darby
What Is an Asset-Based Loan?
An asset-based loan is a type of loan that uses the borrower’s assets to qualify. When applying for an asset-based loan, the borrower lists the assets that they would like the lender to consider. Assets may include things such as checking accounts, savings accounts, investment portfolios, insurance policies, and more.
The loan amount you qualify for will be determined after the lender reviews and evaluates your assets. The borrowing base that determines your loan is set by the lender. This base reflects the value of the assets you use l for the funds you borrow.
How Does an Asset-Based Loan Work?
When you take out an asset-based loan, the lender doesn’t take possession of any of the assets used to qualify for the loan and you are not required to pledge the assets either. If you make timely payments throughout the life of the loan, all that is required is that you pay off the principal amount and accumulated interest.
When taking out an asset-based loan in Pennsylvania, different classes of assets are also treated differently. Liquidable assets like checking and savings accounts can be borrowed against up to 100% of their value. Individuals may also borrow up to 70% of the value of their investment and retirement assets.
With asset-based Non-QM loans, you can use your assets to qualify for a loan here at Griffin Funding. Unlike many small and medium-sized business (SMB) loans, these are viable alternatives to traditional lending for many Pennsylvania real estate investors and private citizens seeking to purchase a home.
Benefits of Getting an Asset-Based Loan in Pennsylvania
You can be cash-strapped and still have a high net worth due to the qualifying assets that you own outright. Asset-based loans don’t require as much documentation as government-based programs like FHA loans typically do. Not every real estate investor or Pennsylvania resident involved in another business or personal project welcomes that level of intrusion into their fiscal affairs.
Pennsylvania asset-based loans aren’t solely for financing your primary residence. You can use these loans to purchase rental properties or second homes. You could even invest in a multi-family property in the Poconos or on the shores of Lake Erie.
If you would like to refinance a home loan to invest in your business, asset-based cashouts are another option to consider.
How to Get an Asset-Based Loan in Pennsylvania
At Griffin Funding, we make it easy to apply for an asset-based loan in Pennsylvania. Through our straightforward application process, you can work quickly to get your loan approved and funded. Below are the steps you will need to follow when seeking an asset-based loan in Pennsylvania:
- Complete an online application: We offer a simple online application that can typically be completed in under 15 minutes. Fill out our online application and share some basic information with us to start the process of applying for an asset-based loan in Pennsylvania.
- Schedule a meeting with a loan specialist: You can meet with one of our loan specialists either virtually or in-person in order to discuss more details related to the loan, including information regarding your financials, the property you intend to purchase, the down payment you plan on putting down, and more.
- Get your loan underwritten: Once you apply, our team will work quickly to verify your assets and underwrite your loan. We will notify you if we need you to submit additional documentation on your end.
- Get your loan approved and funded: After your loan has been underwritten, you will be able to sign the final loan document. Once the final loan document has been signed in the presence of a notary, your loan will be funded.
At Griffin Funding, our loan approval process is smooth and swift. You won’t wait long for a decision.
Apply Online for Your Asset-Based Mortgage or Loan
At Griffin Funding, we believe in making the loan application and approval process as simple, streamlined, and secure as possible. We provide five-star service for our clientele, using cutting-edge technology to provide fair and effective financing that meets your needs.
All of the loans and financing products we offer at Griffin Funding come with competitive interest rates and loan terms. We are proud to provide the best asset-based lending services Pennsylvania has to offer.
In addition to asset-based loans, we offer a wide range of other financing products, such as bank statement loans, DSCR loans, VA loans, and more. Reach out to Griffin Funding today to apply for an asset-based loan in Pennsylvania or speak to one of our highly-knowledgeable team members about the other loan types we have available.