What Is Asset-Based Lending?
We know that a lot of people have questions about Texas asset-based loans. Traditionally, when you apply for a home loan, you need to show proof of income to qualify for the loan. In some cases, people might have unpredictable income, making it hard for them to qualify for a traditional mortgage. Or perhaps you are retired and on a small, fixed income. How can you qualify for mortgage loans in Texas? That is where an asset-based loan is helpful.
With an asset-based loan, you use an asset as income in order to get financing. Unlike pledging your assets as collateral with your bank, an asset-based loan allows borrowers to tap into the equity of their assets to show the lender that they have the ability to repay the loan.
How Do Asset-Based Loans in Texas Work?
If you are interested in securing an asset-based loan in Texas, you need to select what assets you can use to qualify for the loan. For example, you may have liquid cash in a bank account or you may have retirement accounts that you would like to use.
To secure the best asset-based lending rates, work with us to identify your chosen assets. Generally, you can qualify for up to 70 percent of your total assets. This might include a retirement account, a savings account, or even an investment portfolio. It would be our pleasure to help you identify assets you can utilize for your asset-based loan.
Benefits of Asset-Based Lending in Texas
By going with this type of loan, there are several benefits you will enjoy. Some of the top benefits of an asset-based loan include:
- You can qualify for a mortgage using only your assets. You don’t have to worry about demonstrating proof of income to a mortgage lender to qualify for a home loan. Asset based or asset utilization loans do require a minimum credit score and a minimum down-payment.
- With this type of loan, you can access up to $3 million in total financing. This gives you the flexibility to find the right home for you and your family.
- You are in control of the assets that you put down. If there are certain assets that you don’t want to use to qualify for the loan, you can keep them out of the equation.
- You can purchase a second home or investment property. If you are interested in purchasing a home that will not be your primary residence, you can use this type of loan to help you.
Work with our team to take full advantage of the benefits provided by an asset-based loan in Texas.
How to Get an Asset-Based Loan in Texas
If you are interested in applying for an asset-based loan in Texas, there are several steps you need to follow. They include:
- Contact Griffin Funding to start the process. A mortgage strategist from our team would be happy to help you.
- Fill out an application online.
- Identify the assets you will use for the loan. You will also need to provide documentation showing proof of assets.
- If we need more information, we will reach out to you before reviewing the application.
- After we have approved your application, you will sign the final loan agreement in the presence of a notary.
Areas We Serve
Griffin Funding is one of the premier asset-based lenders in Texas. We can provide asset-based loans virtually anywhere in the state. Some of the areas that we serve include:
- Alamo Heights
- Corpus Christi
- El Paso
- Fort Worth
- San Antonio
- Fair Oaks Ranch
No matter where you are located in Texas, there is a good chance that we can help you. If you want to learn more, contact us and we can help you navigate the application process.
Other Non-QM Loans From Griffin Funding
Even though we specialize in providing mortgage loans in Texas, we offer plenty of other loans as well. A few examples include:
- Jumbo loans: Jumbo loans allow you to access large sums of money with as little as 10% down.
- Interest-only loan: If you are interested in a loan where you only pay the interest for a set period of time—but not the principal amount—consider an interest-only loan.
- Bank statement mortgages in Texas: If you are looking into a loan that you can secure using bank statements as income, reach out to our team.
- DSCR loans in Texas: Debt service coverage ratio (DSCR) loans allow you to qualify for financing based on the cash flow of your current rental properties.
At Griffin Funding, we’re committed to creating financing opportunities for a wide range of individuals. We have a tremendous amount of experience in this industry and can use it to provide you with the right loan for your needs.
Work With an Asset-Based Lender in Texas
At Griffin Funding, we understand that everyone has slightly different needs. That is why we customize our loans to meet your specific requirements. And, with an asset-based loan in Texas, you can get the financing you need while streamlining the loan approval process.
It would be our pleasure to help you through this process, so reach out to us today to start working with the best asset-based lender in Texas. Or, if you’re ready to apply for an asset-based loan in Texas, fill out an online application. We look forward to helping you find the right loan to meet your needs.