Combination Loan Program
Noble’s Joe the Investor loan program is a two-step loan process utilized by investors to buy distressed residential real estate in need of repairs for long term rentals. It provides up to 100% of the purchase price, repair money and closing costs. After the property is repaired and leased, Noble assists in arranging a long-term traditional mortgage. The loan amount is based on the after-repaired-value of the property.
Typically, a combination loan is used to acquire residential property that conventional lenders will not consider due to the condition. These loans typically close in 10 business days, and the investor must qualify for conventional financing.
|Property Types||1-4 single-family properties|
|Market||Houston, Austin, San Antonio and Dallas/Fort Worth, Texas|
|Loan Amounts||$50K-$400K (Minimum $100K outside of Houston)|
|Fees||3% (can be rolled into loan if LTV allows)|
|LTV||Up to 75% of the “after-repaired” value|
|LTC||Up to 100%|
|Qualifying||Must be able to qualify for conventional financing|