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.
Loan Origination Fee: 3 Points (min. $2,500)
Loan Document Fee: $650-850
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
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!