Residential hard money
Noble Mortgage’s hard money residential loan program is designed for investors who are buying distressed properties in need of repairs or need a quick cash-out on an investment property.
Our easy-to-use hard money loan calculator helps you quickly determine how much you’ll need to put down to secure a residential hard money loan for your next fix-and-flip project.
Property Types:
All 1-4 unit properties considered
Loan Amounts
$50K-$1.5MM (Minimum $100K outside of Houston)
Fees
TBD
Loan Types
Rehabs, Cash-Outs, Purchases, Refinances & New Construction No Home Equity Loans
Amortization
TBD, Interest-only & 20-year amortizations available
ARV (After Repaired Value)
Up to 75% on “as is” or “after repaired” value if repairs are included
Markets
Houston, Austin, San Antonio and Dallas/Fort Worth, Texas
Term
6-months to 5 years
LTC (Loan to Cost):
Up to 100%
Rate
TBD
Recourse
Yes
What is a Hard Money Loan?
A hard money loan is a short-term asset-based real estate loan that is primarily used to purchase real estate by investors who are either looking for a quick or simpler underwriting process or do not qualify for traditional loans. Residential hard money loans, or fix-and-flip loans, can close in just a few days and offer up to 100% financing.
Noble Mortgage explains what a hard money loan is and how to use it in this brief video.
What are the benefits of a Fix & Flip Loan
Quick Turnaround
Noble Mortgage makes all lending decisions in house and can close as quickly as a few days!
Aggressive Leverage
Our residential hard money loans are based on the after-repair-value (ARV) of the property, which means we can offer up to 100% financing to include the purchase, repairs, and closing costs.
Easier Underwriting Process
Since hard money loans place less emphasis on a borrower’s credit and finances, the underwriting process is often less detailed.
Flexible Loan Terms
Noble Mortgage does not require a minimum credit score when it comes to flipping houses, which provides more opportunities for borrowers.
If you’re looking to flip houses in Houston or Dallas, contact us today!
FAQ
How does the hard money loan program work?
What are the benefits of hard money loans?
Since hard money loans are provided by private lenders and backed by the ARV (after-repair-value) of your property, the borrower does not need to worry about low credit scores, large money down, strenuous underwriting or digging up old tax returns. Hard money loans offer funds quicker and simpler!
What's the difference between a hard money loan and a traditional loan?
Hard money loans do not require the same documentation requirements of a traditional loan. We are a private lender and therefore make all lending decisions in-house!
What is required to qualify for a hard money loan?
It depends on what the exit strategy is for the loan. Flipping a home simply requires some capital reserves to handle loan payments and money to get the project started.
We do not have a minimum credit score if you are flipping.
However, if the investor intends on refinancing the property to hold as a rental property then they would need to qualify for long-term financing which Noble can arrange in-house. These loans typically require at least a 650 credit score.
What is ARV?
ARV, or after repair value, represents the current value plus the value added by any repairs or renovations. Read our blog post to learn more about ARV and how it’s determined.