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503-941-5473

5335 Meadows Rd, Suite 380
Lake Oswego, OR 97035

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503-941-5473

Acquisition / New Purchase Loans

The most common of all loans is the loan given to a borrower to purchase or acquire a new primary residence. We believe that this space is best served by conventional lenders and banks who can offer 30-year terms as well as government sponsored loan products like FHA, VA and others. That being said, both the banks and conventional lenders have very specific guidelines for a borrower to qualify for those loans.

But what if you have a large down-payment but still cannot qualify for a conventional loan? At Northwest Private Lending, we work with clients in Oregon, Idaho, and Washington who can’t qualify conventionally or don’t have the time to jump through all the hoops. Since we don’t pull credit or require tax returns our loans can support those who don’t fit in the box or don’t want to deal with the hassle.

Simple Rates and Terms

Loan Origination Fee: 3 Points (min. $2,500)
Loan Document Fee: $650
Monthly Interest Rate: 1% per month
Monthly Payment: Interest Only
Loan Amount Range: $50,000 up to $2,000,000
Closing Costs: Paid by Borrower

Loan Closing: 3-5 Business Days
Loan Maturity: 1 month to 10 years
Property Appraisal: Not Required
Underwriting Fee: None
Pre-Payment Penalty: Never
Extension Fee: $0 on performing loans

When should I use a Hard Money loan on a new purchase?

Well it depends, you are not a number and NW Private Lending is not a bank. We don’t evaluate our clients with FICO scores, citizenship, or debt to income calculations. We are a Private Lending company who gets to know our clients situations and works to do everything we can to solve problems and help you to make the best financial decision for you.

Patricia’s Story

At Northwest Private Lending, we love being able to connect clients like Patricia with loans that wouldn’t typically be available through banks. By taking advantage of a fix and flip hard money loan, Patricia and her family were not only able to hold on to the equity in their house but their hard work paved the way for them to become first-time real estate investors!

Featured Loans

Fix and Flip Portland

Location: 9205 NE Woodridge Street Vancouver, WA 98664

Zillow

Purchase Price: $310,000

Loan Amount: $240,000

Scenario: Borrower is a successful business owner who was purchasing a rental property for their employee to live in and rent out. Because of the number of properties they already owned, they could not easily qualify for a conventional loan and needed about a year before they could. NWPL funded the purchase in 5-days and has worked with the client and a conventional lender to get our loan refinanced conventionally.

Customer Review (BBB):  Steven Rosenthal – “Eric in two words is a great man… I came to Northwest Private Lending in the eleventh hour and he came threw. My neighbor whom said he needed to sell his house asap and wasn’t suppose to for a year said he need to in 30 days and with lending these days take about 30 to 45 days to complete… So i would have lost the home and privacy…. Eric came from a referral from a good friend of mine and I’m glad she gave it to myself… Eric was easy to work with and very responsive and able to answer and deal with all issues that came up with the seller… Eric made all his bench marks needed as long as i did my part with information requested from him… I am now refinancing the home and he has been very easy and quick to help to make the process easier and fun…. I am now purchasing another home threw Eric and I called him on a Sunday and he answered so like i said before he is a good man.”

Fix and Flip Property Portland

Location: 21029 SW Lebeau Rd, Sherwood OR

Zillow

Purchase Price: $1,830,000

Loan Amount: $600,000

Scenario: Borrower is a successful business owner and had plenty of cash to purchase and make payments, however due to the property being over 20A in size it would not easily qualify for a conventional loan for the purchase. NWPL closed the purchase of the primary residence in 10-days. Once they have lived there for a year the options for a conventional refinance open up and they will pay off our loan with a jumbo loan from their bank.

BBB Review – Troy Williver – “First let me start by saying Eric, Lizz, Michelle, et al are total rock stars. My wife and I cannot thank NW Private Lending enough for the professionalism, thoughtfulness, mutual respect and courtesy of their staff during a quick close at the end of the summer 2020. Eric, a true gentleman and his can-do attitude proved to be instrumental in both supporting our financial need to complete the sale as well as offering a few more sets of eyes to be insure the title company was accurate. During the sale process it was obvious Eric and team were most interested in achieving our goal to close the purchase on time or early. Truth is, thanks to NW Private lending we were able to close 5 days early on our new beautiful home. A+++++++ and thank you! **** * ****”

Fix and Flip Property Portland

Location: 12170 SW 173rd Terrace Beaverton, OR 97008

Zillow

Purchase Price: $789,000

Loan Amount: $400,000

Scenario: The client is self-employed and had worked with a builder to purchase a new construction home for him and his pregnant wife. The conventional lender was struggling to get the loan closed on time and they were in jeopardy of losing the home. NWPL was able to close on the primary residence purchase in 10-days and saved the transaction. The home has gone up almost $40K since they purchased and will conventionally refinance the property with their bank.

Google Review – Ryan Martin – “Absolutely the best experience you could ever ask for. Easy to work with and the friendliest staff. Eric made my stress go away! I would highly recommend him to anyone.”

Fix and Flip Property Portland

Location: 307 S Harrison St, Newberg Oregon 97132

Zillow

Purchase Price: $208,000

Loan Amount: $180,000

Scenario: Borrower had an opportunity to purchase a property worth $310,000 (appraised value) for $100K below market value but needed to close the purchase in the same week. NWPL was able to close the loan in 2-days which saved the transaction and allow the borrower the time they needed to get a conventional refinance when they had more time.

We currently service loans in Oregon and Washington.

Oregon Washington Hard Money Lender

Northwest Private Lending Inc NMLS # 1522364 // ML # 5496 is based in Portland, Oregon. NW Private Lending is an Equal Opportunity Hard Money Lender. We provide quick acess to capital for borrowers, real estate agents and mortgage brokers in Oregon and Washington. NW Private Lending is a collateral based lender focusing on bridge loans, fix and flip or rehab loans, commercial loans and non-owner occupied real estate investment properties.

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