What Is an Asset-Based Loan?
When you apply for traditional mortgage loans in South Carolina, you need to show proof of income. Unfortunately, you may not have a large enough income to qualify for a traditional mortgage or your pay stubs may not fully illustrate your financial circumstances. However, if you have assets such as bank accounts, brokerage accounts, and retirement accounts, you may be able to qualify for an asset-based loan in South Carolina.
With asset-based lending services, you can qualify for a loan using your assets instead of your income, hence why is loan is also called an asset-utilization loan. When you work with an asset-based lender in South Carolina, you can secure financing regardless of your income and instead use your assets to qualify.
If you are looking for asset-based lenders South Carolina, it would be our pleasure to help you.
How Do Asset-Based Loans Work?
Through asset-based lending, you get to designate assets that you can use to qualify for the loan. Some of the assets you may use can include, your stock portfolio, your retirement accounts, and your bank accounts. Generally, you can use up to 100 percent of your liquid cash and 70 percent of retirement accounts to qualify for an asset-based loan.
Your assets are protected with an asset based loan. You are not required to pledge your assets and use them as collateral, you are in control of the assets. Your assets are simply being converted into income to show your ability to repay the loan. That way, even if you don’t have a large income, you can still qualify for an asset-based loan in South Carolina.
Benefits of Asset-Based Lending in South Carolina
With an asset-based loan in South Carolina, you will enjoy several significant benefits. Some of the top benefits of going with an asset-based loan include:
- You can qualify for a mortgage without having to show proof of income. Even if your income level is relatively low, you can still qualify for an asset-based loan by using your assets to qualify.
- You can access a loan of up to $3 million. Flexible loan amounts allow you to purchase the property that’s right for you.
- You are in control of the assets that you use to qualify for a mortgage. If you don’t want to use certain assets to qualify for your loan, you don’t have to.
- You can finance a second home or investment property. While traditional home loans can prevent you from financing a home that isn’t your primary residence, asset-based loans don’t come with the same restrictions.
If you want to take full advantage of the benefits associated with an asset-based loan in South Carolina, partner with the team at Griffin Funding.
How to Get an Asset-Based Loan in South Carolina
If you are interested in an asset-based loan in South Carolina, there are several steps you need to follow. Here are the steps you need to take in order to secure an asset-based loan in South Carolina:
- Reach out to a member of our team to talk about the process. We have plenty of professionals who will work with you every step of the way to ensure that you understand exactly what you need to do to qualify for your loan.
- Fill out an application online. You will be asked to provide some basic demographic information so that we can help you find the right loan to meet your needs.
- Identify the assets you want to use as income. This is where you specify what assets you want to use to secure the interest rate that you are looking for.
- Provide documentation to demonstrate proof of your assets. Once you have provided us with the documentation, you can submit your application.
- Finalize the agreement. After your loan application has been reviewed and approved, we will let you know that it is time to sign the final document in the presence of a notary.
Areas We Serve
We are proud to offer asset-based loans across the state of Oregon. Areas served include:
- Goose Creek
- Hilton Head Island
- Mount Pleasant
- Port Royal
- Tega Cay
- Fort Mill
- James Island
- North Charleston
- Rock Hill
Reach out to us to learn more about how we can help you secure an asset-based loan in South Carolina.
Other Non-QM Loans From Griffin Funding
Even though we specialize in providing mortgage loans, there are plenty of other loans that we offer as well. They include:
- Jumbo loans: If you need a larger loan to purchase a larger property, we can help you.
- Interest-only loans: Interest-only loans allow you to only make payments toward the interest of the loan for a predetermined amount of time.
- South Carolina DSCR loans: Debt service coverage ratio (DSCR) loans allow borrowers to qualify based on the cash flow of existing rental properties.
- Bank statement loans in South Carolina: With a bank statement loan, you can qualify based on bank statements rather than traditional income verification methods.
- VA Home Loans: VA mortgages are for active duty military and veterans. VA loans offer zero down-payment and 100% cashout with lower rates than conventional loans.
Work With an Asset-Based Lender in South Carolina
If you want an easier way to qualify for a loan, it would be our pleasure to help you. We are Griffin Funding, and we have already helped countless people throughout South Carolina. We have the experience and loan products necessary to help you qualify for an asset-based home loan in South Carolina.
Reach out to us today to get the process started. Or, if you’re ready to get financing, fill out an online application today. We look forward to working with you.