Real Estate Investment Loan Process
In fulfilling our mission to provide innovative, timely, and competitive Texas real estate financing opportunities, we make our real estate investment loan process as transparent and straightforward as possible.
Get Pre-Qualified for a Real Estate Investment Loan (Same Day)
Pre-qualification for a real estate investment loan not only informs you and us about the Texas real estate financing program you are qualified for, but also helps you understand the benefits and potential opportunities that come with it.
This process is inclusive, applying to all six primary loan types: residential and commercial traditional mortgages, residential and commercial hard money loans, our DSCR/No Income Documentation loans, and our signature rehab to perm loan.
Hard Money Loan Application Process (10+ Days)
Hard money, or fix-and-flip loans, are short-term real estate investment loans used to quickly refurbish distressed property and sell it at a profit. They are a great investment for individuals with an eye for real estate and excellent project management skills.
These loans are available on both residential and commercial properties, include all repair costs, and are based on the After Repair Value (ARV) of a property.
Steps to Hard Money Loan Application:
- Complete an application and submit the supporting documentation.
- Within 1-2 business days we will issue you a pre-approval letter so you can start submitting offers.
- Once you have an executed offer, provide a detailed Repair Budget. Prefer either contractor quote(s) or a detailed line-item budget.
- Provide access to the property so we can have the appraiser inspect the property.
- Once Noble Mortgage receives the appraisal of the After-Repair-Value (ARV) we will review the report. (Typically 2-3 days)
- The loan officer will call you to discuss the valuation and go over final numbers.
- Loan is Approved, including full disclosure of terms and conditions.
- A closing day/time is set for you and the seller to execute all documents at the title company chosen.
- At closing the seller is paid directly. The rehab budget is now available via ‘draw request’ to pay for work as it’s completed. *Loan interest is only paid on money drawn.
- Complete all repairs as soon as possible! Noble will send an inspector to make sure the work is being done professionally and wire funds to either you or your contractor.
- Enlist a realtor to market and sell your refurbished property.
- Repay the loan and retain the profits!
Conventional Mortgage Application Process (typically 30 Days)
Conventional mortgages are the most traditional form of real estate investment loans. They are long-term, low-interest loans for both primary and rental property investors. They are available for both residential and commercial real estate investment.
Steps to Conventional Mortgage Application:
- Complete and sign an application and submit the required documentation, which will be sent to you in a checklist.
- The loan officer will call you to discuss terms/rate.
- Begin the underwriting process with ordering the appraisal prepared/provided by 3rd party management company. (Typically 2 Weeks)
- Once the appraisal is received the file goes into final underwriting.
- Receive your ‘Clear to Close’ from the lender. This means that all conditions have been cleared, the file has been approved, and you are clear to close the deal with a signature.
- A closing time is set with the title company to execute the loan documents.
- Sign and close the mortgage.
- Receive access to your new property in 24-48 hours depending on the terms of the contract.
DSCR / No Income Documentation Loan Application Process
Our DSCR/No income documentation loans are a great permanent loan alternative for investors who either can’t qualify for a conventional loan or do not want to reveal their tax returns. These loans offer long amortizations and are designed for residential investment properties only. Using a DSCR loan the market rent can qualify the borrower provided the rent is equal to the proposed new mortgage payment.
Steps to DSCR/No Income Documentation Application:
- Complete and sign an application and submit the required documentation which will be sent to you in a checklist.
- The loan officer will call you to discuss terms/rate.
- Begin the underwriting process with ordering the appraisal prepared/provided by 3rd party management company. (Typically 2 Weeks)
- Once the appraisal is received the file goes into final underwriting.
- Receive your ‘Clear to Close’ from the lender. This means that all conditions have been cleared, the file has been approved, and you are clear to close the deal with a signature.
- A closing time is set with the title company to execute the loan documents.
- Sign and close the mortgage.
- Receive access to your new property in 24-48 hours depending on the terms of the contract.
Rehab to Perm Loan Application Process
Our signature rehab to perm loan is for investors looking to build a rental portfolio using the BRRRR strategy, by purchasing distressed properties using a hard money loan, renovating the home, and then refinancing into a long term loan for passive income.
Our Rehab to Perm loan program is a unique offer, providing up to 100% financing. It starts as a Hard Money Loan, providing immediate funds, and then transitions to a Conventional Mortgage, offering long-term stability. To qualify for this loan program, borrowers must be pre-approved for both loan types
Steps to Rehab to Perm Loan Application:
1. Complete an application and submit the supporting documentation.
2. Within 1-2 business days we will issue you a pre-approval letter so you can start submitting offers.
3. Once you have an executed offer provide a detailed Repair Budget. Prefer either contractor quote(s) or a detailed line-item budget.
4. Provide access to the property so we can have the appraiser inspect the property.
5. Once Noble Mortgage receives the appraisal of the After-Repair-Value (ARV) we will review the report. (Typically 2-3 days)
6. The loan officer will call you to discuss the valuation and go over final numbers.
7. Loan is Approved, including full disclosure of terms and conditions.
8. A closing day/time is set for you and the seller to execute all documents at the title company chosen.
9. At closing the seller is paid directly. The rehab budget is now available via ‘draw request’ to pay for work as it’s completed. *Loan interest is only paid on money drawn.
10. Complete all repairs as soon as possible! Noble will send an inspector to make sure the work is being done professionally and wire funds to either you or your contractor.
11. Market the property to find an eligible tenant.
12. Once the repairs are completed the loan officer will start the refinance process with you for the loan selected.