What Is Asset-Based Lending?
When you work with an asset-based lender in Washington, you can secure a loan by utilizing your assets as income. Asset-based lending allows you to bypass many of the steps associated with the traditional home loan application process, and instead secure financing by tapping into the equity of your assets.
Just because you don’t have a lot of money coming in doesn’t mean you shouldn’t be able to afford a loan. If you have enough assets to qualify for the loan, you should still be able to get a loan at a competitive interest rate.
How Do Asset-Based Loans in Washington Work?
If you choose asset-based lending, the first step is to decide what assets you would like to use to obtain the loan. A team member would be happy to work with you to figure out which assets would be best for this process. A few assets you may want to use include your bank account, retirement accounts, and other investment portfolios.
Based on the available assets, you will be given a limit against which you can borrow. In general, this limit is approximately 70 percent of the total value of your assets, but if you have a specific loan size you are looking for, we can help you go even higher. Then, you can use your assets to the loan to get the best asset-based lending rates in the industry. That way, you don’t have to spend more money than you have to.
Benefits of Asset-Based Lending in Washington
If you decide to work with an asset-based mortgage lender in Washington State, there are several benefits you will enjoy. Some of the top benefits include:
- You can qualify for a loan using only your assets, credit, and equity. This can make it easier for you to qualify for a home loan.
- You are in control of the assets you use to qualify for the loan. If you don’t want to utilize certain assets, you do not have to.
- You can still qualify for a substantial home loan. For example, you can access up to $3 million dollars in potential financing, allowing you flexibility in the types of real estate you can buy.
- You can secure a mortgage for a home that is not your primary residence. If you are purchasing a vacation home or looking for a rental property, you can get financing by taking out an asset-based loan in Washington.
We have plenty of loan options available, from traditional mortgages to Non-QM loans to VA home loans in Washington State. It would be our pleasure to help you qualify for a loan.
How to Get an Asset-Based Loan in Washington
If you are interested in accessing an asset-based loan in Washington, there are several steps you need to follow. They include:
- Reach out to us to talk to a mortgage strategist on our staff. That way, we can help you get the ball rolling.
- Fill out our online application. We will collect some basic personal and financial information from you to better understand your financial circumstances and assess your eligibility.
- Identify the assets you want to use to qualify for the loan. We may also ask you for documentation related to these assets.
- We will review your documentation and return to you with any questions that might have to be answered. We will also provide you with an estimate of the limit against which you can borrow.
- After your application has been approved, we will invite you to sign the final loan letter in the presence of a notary.
We have worked hard to streamline the process of taking out an asset-based loan in Washington, making it easier for you to qualify for a mortgage.
Areas We Serve
We can provide asset-based loans no matter where you are in Washington. Some of the cities we serve include:
- Bainbridge Island
- Federal Way
- Mercer Island
Other Non-QM Loans From Griffin Funding
We offer a wide variety of loan vehicles to make it easy for you to find the best option to meet your needs. Some of our options include:
- Jumbo loans: Jumbo loans and near miss jumbo loans allow borrowers to access large sums of money with flexible loan terms.
- Bank statement loans in Washington: We can assist you if you want to get a loan using nothing but your bank statements, credit, and equity.
- DSCR loans in Washington: Debt service coverage ratio (DSCR) loans allow real estate investors to qualify for financing based on the cash flow of existing properties.
- Interest-only loans: Interest-only loans require borrowers to pay only the interest for a set period of time, which means you can delay making any payments toward the principal amount.
Work With an Asset-Based Lender in Washington
With asset-based loans in Washington, you can qualify for a mortgage using assets you already own. At Griffin Funding, we have already worked with countless individuals and families across the state, so we can help you qualify for a non-traditional loan.
As one of the top asset-based lenders in Washington, we’re proud to offer our customers competitive rates and flexible loan terms. If you want to get the process started, contact us today or fill out an application online. We look forward to helping you get the right loan.