Rehab to Perm Loans for Your Rental Portfolio

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)
Term      6 months
Amortization  Interest-Only
Rate   12%
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
Recourse Yes

Joe the Investor Combo Loan FAQ

Noble Mortgage will fund up to 100% of the purchase price of the property at closing; however, the rehab funds will be held in reserve and disbursed on a draw schedule.

As your contractor completes the project he is allowed to take draws on completed work after an inspection. We inspect the work and issue a check to you or your contractor.

At Noble Mortgage we realize cash is king and you need it to keep your projects moving forward. We guarantee that we will issue repair/construction draws within 2 business days.