Asset-Based Loans in Wyoming

Griffin Funding is proud to offer asset-based loans in Cheyenne and other cities in Wyoming, giving residents in every corner of the state access to the financial assistance they need. No matter where you are located in Wyoming, Griffin Funding can provide the financial solutions you need. Some of the key areas we serve include:

Asset-based loans are designed for individuals who may not meet the traditional income verification criteria but have substantial liquid assets. This type of loan is particularly beneficial for self-employed individuals, business owners, contractors, freelancers, and retirees who experience fluctuating incomes or significant tax write-offs.

To qualify for an asset-based loan, borrowers can use various types of liquid assets, such as:

So, how does it work? Lenders typically calculate the potential borrower’s income by taking a percentage of the total value of their liquid assets. This percentage varies but often ranges from 70% to 100%, depending on the type of asset and the lender’s policies.

For example, if a borrower has $1,000,000 in qualifying assets and the lender uses 70% of the asset value to determine income, the borrower would have $700,000 considered as income for the loan qualification process.

There are multiple factors to consider before diving into a mortgage in Wyoming. When it comes to asset-based loans, there are several advantages and disadvantages that borrowers should consider before applying.

Pros:

• Flexibility: Asset-based loans are ideal for borrowers with irregular incomes, such as self-employed individuals and freelancers. These loans make it easier to qualify for a self-employed mortgage, which is similar to an asset-depletion mortgage.
• It’s a no-income verification loan: This type of loan allows borrowers to qualify based on assets rather than income. Like DCSR loans in Wyoming, which allow borrowers to qualify without relying on personal income, this loan focuses on the borrower’s assets as income.
• Faster approval: Typically, there’s a quicker approval process than traditional loans.

Cons:

• Higher interest rates: Asset-based loans often come with higher interest rates than conventional ones.
• Asset depreciation: There’s a risk of assets losing value over time, which could impact loan terms.
• Limited asset types: Only liquid assets qualify, excluding real estate and other valuable items.

Asset-based loans are particularly suited for individuals with significant liquid assets who may not have the steady income that traditional loans require. 

Asset-based lending in Wyoming is ideal for those who possess substantial financial resources yet find it difficult to secure conventional financing due to inconsistent income or other financial complexities. 

Borrowers who typically qualify for asset-based loans include:

• Self-employed individuals: Entrepreneurs and freelancers often face income variability, and traditional lenders might see this as a risk, but asset-based loans allow these individuals to leverage their substantial liquid assets.
• Business owners: Running a business can mean fluctuating income levels, depending on market conditions or seasonal demands. Asset-based loans allow business owners to use their business’s liquid assets or personal savings to secure financing, bypassing the need for steady income verification.
• Contractors and freelancers: Similar to self-employed individuals, contractors and freelancers frequently experience irregular income. The nature of contract work can result in periods of income gaps or inconsistent cash flow. Asset-based loans enable these professionals to use their savings or investments to qualify for a loan.
• Retirees: Retirees may have significant assets in retirement accounts but lack a steady paycheck. Asset-based loans consider the value of these retirement accounts, allowing retirees to leverage their savings to obtain a loan. This makes it easier for them to manage large expenses or invest in property without liquidating their retirement funds.
• Individuals with significant tax write-offs: High-income earners or those with substantial business expenses may have significant tax write-offs, reducing their taxable income and, consequently, their apparent income on paper. This can make qualifying for traditional loans difficult. Asset-based loans consider the liquid assets these individuals hold, such as investments and savings, providing a more accurate picture of their financial stability and ability to repay the loan.

Applying for a Wyoming asset-based loan with Griffin Funding is a straightforward process designed to provide quick and efficient access to the funds you need. 

Here are the steps to get started:

• Initial consultation: Contact Griffin Funding to discuss your financial needs and determine if an asset-based mortgage loan in Wyoming is the right fit for you.
• Asset assessment: Provide documentation of your liquid assets, such as bank statements, investment account statements, and retirement account details.
• Loan application: Complete the loan application, including all necessary documentation and information. With the Griffin Gold app, you can upload documents, explore resources, and track important information.
• Review and approval: Griffin Funding will review your application and asset documentation to determine your loan eligibility. 
• Loan closing: Once approved, the next step is to head into the closing process, where the loan terms are finalized and funds are disbursed.

Our goal at Griffin Funding is to help Wyoming residents lock in the financial assistance they need through asset-based loans. Whether you’re self-employed, a business owner, or someone with substantial liquid assets, our team guides you through the process and ensures you get the best possible loan terms.

Asset-based loans offer a viable alternative for those with significant liquid assets who may not qualify for traditional loans due to irregular income or other factors. With Griffin Funding, we’ll guide you through the process so you can leverage your assets to secure the financing you need, regardless of your income situation. 

Fill out an online application or get in touch today to learn more about how we can help you achieve your financial goals with an asset-based loan in Wyoming.