When demonstrating creditworthiness as part of a loan application, there are alternatives to simply showing your income to a lender.
You can demonstrate your assets as your income as part of what’s called an asset-based loan. Asset-based loans are a good alternative for many investors because instead of having to show a tax return or proof of employment as part of an application, they can simply show verified liquid assets instead. If you have assets you have already invested in and would like to show, you can include them on your application to get the financing you need.
Asset-based loans work well for retirees or those who are self-employed, who may not have a tax return or recent paycheck to show when applying for a loan. If you’re on a fixed income, you can simply show these assets you have in place of new income.
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Equity Direct Financial, LLC can help borrowers with asset-based lending. We’ll help you calculate the total value of your assets to determine what your monthly payment will be. The amount you will be approved for will be determined by an established percentage of your assets’ value. You can utilize 70% of the money you have in retirement funds and 100% of liquid assets in bank accounts to fund your asset-based loan. You are essentially borrowing against your own assets.
Equity Direct Financial can help you turn the assets you already have into an investment you want. Typical purchases made by investors using asset-based loans include new homes and home improvements. We can help you get started. Contact Equity Direct Financial today to learn more about asset-based loans and start your application today.GET A QUOTE