Areas We Serve
We provide asset-based lending services across the state of Utah. You can get approved for an asset-based loan in all the major cities throughout the state, including the ones listed below:
- Layton
- Moab
- Ogden
- Orem
- Park City
- Provo
- Salt Lake City
- Sandy
- South Jordan
- St. George
- West Jordan
- West Valley City
Even if you’re not in one of the major cities in Utah, you can still apply for an asset-based mortgage in Utah. We’re proud to provide mortgage loans for everyone, whether you’re in Salt Lake City or Sundance.
What Is an Asset-Based Loan?
Asset-based loans are loans that are secured using a borrower’s liquid assets. If you can’t get approved for a conventional loan due to irregular income or credit issues, you may still be able to purchase a home through asset-based lending in Utah.
Various types of liquid assets can help you qualify for asset-based loans in Utah. You can qualify using assets such as bank accounts, investment accounts, money market accounts, and certificates of deposit (CDs). Equipment, inventory, real estate, and valuable items can’t be used for Utah asset-based loans.
Asset-based loans are a great choice for self-employed individuals, business owners, and independent contractors. If you can’t qualify for a traditional loan due to inconsistent income or because you benefit from tax write-offs, you can still qualify for an asset-based loan.
If you’re purchasing real estate that will generate income, you may be able to qualify for a DSCR loan in Utah. DSCR loans are based on your debt service coverage ratio. Keep in mind that DSCR lenders still look at your credit score and other financial factors when reviewing your loan application.
If you’re having trouble qualifying for a self-employed mortgage, we can help you get the cash flow you need with asset-based loans in Utah. Before you apply for a loan, explore your options and make sure you’re choosing the right type of loan based on your finances.
Pros and Cons of Asset-Based Lending
Asset-based loans can help you access the cash you need to purchase a home, but it’s important to consider whether this type of financing is well-suited for your particular situation. Let’s take a look at some of the pros and cons of asset-based lending to help you decide which type of loan is right for you.
Pros:
- Leverage your assets to qualify for financing.
- No income verification in the form of tax returns or pay stubs are required.
- Loan amounts of up to $3 million are available.
- DTI ratio isn’t calculated in most cases.
- Interest-only options are available.
- Purchase a primary residence, second home, or investment property.
Cons:
- Only verifiable liquid assets qualify.
- Asset-based loans typically come with higher rates and down payment requirements compared to conventional loans.
If you’re considering an asset depletion mortgage, make sure to explore your options and weigh the pros and cons before you commit.
Asset-Based Mortgage Eligibility Requirements
Before you get approved for an asset-based mortgage, you need to meet the requirements. Here are some of the factors lenders consider when you apply for an asset-based loan in Utah:
- Asset verification: In order to qualify for this type of financing, you must have sufficient qualifying assets and supporting documentation that verifies those assets.
- Age: If you’re planning on using your retirement account to qualify for an asset-based mortgage, you need to meet the age requirement. Typically, you need to be at least 59-½ years old to qualify using a retirement account. If you are below the required age, we can use a percentage of the asset.
- Credit: You should have a minimum credit score of 620 if you’re applying for an asset-based loan.
- Down payment: To reduce the risk of offering asset-based loans, lenders may require that you make a down payment of at least 20% to secure a loan.
Since asset-based mortgages don’t factor in your income, you don’t have to worry about making a certain amount or verifying your income to get approved. If you don’t meet the typical credit score requirements for asset-based loans, you can use the Griffin Gold app to track your spending and get help to improve your credit score.
How to Get an Asset-Based Loan in Utah
Getting started with asset-based lending in Utah is simple with Griffin Funding. Fill out our asset-based loan application and provide some basic personal and financial information to get started. If you need help completing your application, feel free to reach out to us with any questions. We’ll review your application and get back to you quickly to let you know if you qualify.
See If You Qualify for an Asset-Based Mortgage in Utah
If you’re having trouble getting approved for a mortgage loan in Utah, you have other options. Griffin Funding can help you secure a mortgage loan even if you can’t provide traditional income documentation, such as tax returns or pay stubs. Reach out to learn more about asset-based loans in Utah or complete an online application to apply for an asset-based loan in Salt Lake City or elsewhere.