What Is Asset-Based Lending?
In most cases, Virginia mortgage lenders will ask you for proof of income before they approve your mortgage application. However, in some situations, you may not have enough income to qualify for a home loan. Maybe you are retired and do not have a significant income anymore. Perhaps you are on disability and do not have the necessary income to qualify for a traditional loan. What are you going to do?
That is where asset-based lenders in Virginia can help you. You can obtain a loan using your assets instead of your income through asset-based lending, hence why these loans are also known as asset utilization loans.
How Does Asset-Based Lending Work?
To qualify for Virginia asset-based loans, you need to demonstrate that you have enough assets to qualify for the loan. First, you will total up all of your assets that you may want to use to qualify. This may include your bank accounts, investment portfolios, and retirement accounts. Then, you will work with an asset-based lender, such as Griffin Funding, to determine what assets you want to utilize and how much financing you can access based on those assets.
Generally, you can qualify for a loan for up to 70 percent of the total value of your assets. You get to decide which assets you use to obtain the loan. If you want to learn more about what assets you can use for this process, reach out to us today.
Benefits of Asset-Based Lending in Virginia
If you decide to go with an asset-based loan in Virginia, there are several benefits you will enjoy. Some of the benefits of asset-based loans in Virginia include:
- You can qualify for a mortgage using your assets, credit, and down payment. Using only assets, you can qualify for an asset-based loan and access the financing you need. A minimum credit score and equity are required.
- You can qualify for a significant loan amount. We can give you a loan for up to $3 million, depending on your available assets.
- Regardless of your income level, we will always consider your application. Even if you have a relatively low income, you can still qualify for a loan using your assets.
- You are in control of the assets you use to qualify for the loan. If you don’t want to obtain the loan using certain assets in your possession, you don’t have to.
- We can help you secure a home loan for a home that is not your primary residence. Whether you’re looking to buy a vacation home or investment property, an asset-based loan in Virginia can help you achieve your goal.
If you want to secure a loan using your assets, contact us today and speak with our team.
How to Get an Asset-Based Loan in Virginia
You need to follow several steps if you want to take out an asset-based loan in Virginia. The steps include:
- Contact us to speak to a mortgage strategist from our team. We can help you get the process going.
- We will provide you with a link to our online application. You will fill that out and submit it.
- After collecting your demographic information, we will ask you to identify the assets you want to use as income for the loan.
- We will ask you to provide documentation for any assets you wish to use.
- Once we have the necessary documentation, we will review the application. We will reach out to you if we need clarification on anything.
- After we approve your loan, we will invite you to sign the final document in the presence of a notary.
Areas We Serve
At Griffin Funding, we can help you secure an asset-based loan regardless of where you live in Virginia. Below is a list of some of the areas we serve within Virginia:
- Virginia Beach
- Falls Church
- Newport News
Other Non-QM Loans From Griffin Funding
At Griffin Funding, it would be our pleasure to help you qualify for an asset-based loan in Virginia. At the same time, we have plenty of other Non-QM loans available, so you have several options to choose from. Some of the Non-QM loans available from Griffin Funding include:
- Bank statement loans in Virginia: Bank statement loans are a good option if you would like to qualify for a loan using nothing but your bank statements, credit score, and equity in the property.
- DSCR loans in Virginia: If you are interested in the best rates on debt service coverage ratio (DSCR) loans, work with our team. Qualify uses the rental income instead of W2s and tax returns.
- Interest-only loans: If you are interested in taking out a loan where you only pay interest for a set period of time, we can review your options with you.
- Jumbo loans: We offer jumbo loans in case you are looking to borrow a large sum of money.
Griffin Funding is sure to have a financing product that matches your needs. From traditional mortgages to Non-QM loans to VA home loans in Virginia, we have something for everyone.
Work With an Asset-Based Lender in Virginia
At Griffin Funding, we understand that lending is not a one-size-fits-all approach. We have a strong team that can help you customize your loan to meet your needs. There are some situations where acquiring a loan with your assets may help you secure the money you need to purchase your dream home.
We can also work with you to identify the best assets to secure the lowest interest rate possible. If you want to learn more about how we can help you qualify for a loan, reach out today or fill out an online application. It would be our pleasure to help you secure the loan you need.