Are you a landlord looking to invest in rental property, but don’t have the finances to do so out of pocket? If you answered yes, you’ll likely need to apply for a loan to purchase the property, especially if it needs fixing up before you can rent it out to potential tenants. Conventional lenders have been making it more and more difficult to qualify for a loan for investment properties due to the risks involved, so that leaves you with scant options.
Enter Hard Money Lenders NLDS Corp. With our 30-year private loan program for landlords, you can get the financial help you need to properly invest in the property you’re looking at, and close in as little as 20 days as long as our criteria is met. We accept credit scores of 630 and above, and our loan amounts start at $45,000 with a 30-year fixed rate, making this program ideal for investors and landlords alike.
When you enter this program, there will be no seasoning requirements. This means you aren’t required to have owned the property for any length of time prior to approval. We offer a fixed interest rate from 6.5% and up, so there’s no need to worry about the rates going up as the loan goes on. Our loans are offered to property values of up to 75%, and property types from 1 to 4 residential units are accepted, even condos.
The process will be faster than that of a traditional loan, and because we aren’t required to adhere to as many requirements, you can expect a higher interest rate. Despite this, you shouldn’t let that sway you from considering this an option; when negotiating a plan with us, just bring us your plans for the property, as well as your backup plans if they are available. This allows us to get a clear idea of your plans for the property, including rending it out or flipping it, and we do take into account the value of the land and the property as it stands, so more information means a better process for approval.