Asset-Based Loans in West Virginia

Griffin Funding offers tailored lending solutions across West Virginia, ensuring you have access to flexible financing options that fit your needs. Looking into asset-based loans in Charleston, Huntington, or anywhere else? We proudly serve the entire state, from bustling cities to smaller towns and communities. Some of the cities we serve include:

Asset-based loans in West Virginia use your savings, investments, and retirement accounts to determine your eligibility for a mortgage. Unlike traditional loans, which focus mainly on your income, asset-based loans consider the total value of these assets, converting them into income to determine eligibility. 

Lenders typically look at 100% of your savings and investments. For retirement accounts, they might count up to 70% of the balance, especially if you’re over 59½ years old. This approach is great for people with irregular income or who are self-employed, making it easier to buy a home in West Virginia.

Relying on your assets rather than just your income can potentially qualify you for larger loans. This is a smart option if you have savings or investments but don’t always have a steady paycheck.

Additionally, asset-based loans can fund a range of properties—from your main residence to a vacation getaway or an investment venture. This flexibility means you can tailor your real estate endeavors to match your financial aspirations.

If you’re investing in real estate, Griffin Funding also provides DSCR loans in West Virginia. These loans evaluate the potential income of the property itself, not just your personal earnings. 

Considering an asset-based loan in West Virginia? Let’s weigh the pros and cons.

Pros of West Virginia asset-based mortgage loans include:

• Flexibility in income verification: These no-income verification loans are ideal for freelancers, retirees, and individuals with irregular income, as they focus on liquid assets rather than traditional income documentation like pay stubs or tax returns. 
• Higher borrowing limits: Based on the value of your assets, you may qualify for larger loan amounts, up to $3 million, offering greater financial flexibility.
• Control over assets: You retain ownership and control of the liquid assets used to qualify for the loan, deciding which accounts to leverage. These assets are not treated as traditional collateral, so there’s less risk for you as the borrower. 
• Streamlined approval process: Asset-based loans often require less scrutiny of traditional income sources, leading to faster approval times.

Cons of West Virginia asset-based loans include:

• Higher down payment: These loans typically require a minimum down payment of 20%, which can be higher than conventional loans.
• Higher interest rates: Interest rates may be higher compared to traditional mortgages, reflecting the increased risk for lenders due to unconventional income verification.
• Risk of losing assets: There is a possibility that you can lose your home if you end up not being able to repay your asset-based loan.
• Limited lender options: Not all lenders offer West Virginia asset-based loans, limiting your choices and potentially complicating the loan application process.

As an asset-based lender in West Virginia, we can count up to 100% of the value of liquid assets such as savings and checking accounts toward your loan. For retirement and investment accounts, lenders may count up to 70% of the balance if the borrower meets specific age requirements, usually 59½ years or older.

As an example, let’s say you have $250,000 in savings and $100,000 in a retirement account. In this scenario, you could potentially qualify for a loan based on $250,000 (100% of savings) plus $70,000 (70% of retirement account), totaling $320,000 in asset value for loan qualification purposes.

This approach allows individuals in various financial situations, including those with irregular income or self-employed, to leverage their assets effectively for mortgage qualification. 

Other requirements for asset-based lending in West Virginia include: 

• Lenders typically require a minimum credit score of 620.
• Borrowers must provide detailed documentation proving ownership and current value of liquid assets.
• Lenders typically require a higher down payment, often around 20% of the property’s purchase price.
• Borrowers must generally be at least 59½ years old to count 70% of the value of their retirement accounts for qualification.

Lender requirements for all these criteria can vary significantly, so it’s important to check with specific lenders to understand their eligibility requirements and terms.

Download the Griffin Gold app to find out if you qualify for an asset-based loan. Our user-friendly platform provides a seamless experience to check eligibility, explore loan options, leverage smart budgeting tools, and connect directly with our team of experts.

Explore the ease of securing West Virginia asset-based loans with Griffin Funding. Whether you’re eyeing a new home in Charleston or investment opportunities in Huntington, our tailored solutions cater to your financial needs. Here’s how our asset depletion loan process works: 

1. Start your application: Complete an online application form or contact our dedicated team to begin the process. This initial step kickstarts the assessment process based on your liquid assets and ensures your application is on track. 
2. Lock in your interest rate: We’ll help you secure a competitive interest rate so you can save more on your loan. 
3. Document submission: Detailed and accurate documentation substantiates the value and ownership of your assets. 
4. Evaluation and review: We’ll conduct a thorough review of your assets to finalize the terms of your West Virginia asset-based loan. 
5. Loan approval and closing: We’ll finalize your loan agreement and schedule a convenient closing date that works for you. 

With asset-based loans in West Virginia, you don’t have to worry about strict income requirements. Instead, you can qualify for a home loan based on the value of your assets, making it ideal for those with fluctuating incomes or taking advantage of tax deductions. 

Let Griffin Funding be your trusted partner in getting a mortgage in West Virginia. Our commitment to transparency, efficiency, and personalized service ensures a seamless experience for borrowers of all types. Apply today and get started!