Frequently asked questions
What is North Oak Investment?
North Oak Investment is a hard money lending company based in Kansas City, MO. They provide hard money loans to real estate investors who need quick financing solutions for their projects.
What is a hard money loan?
A hard money loan is a type of loan that is typically used for short-term real estate investment projects. The loan is secured by the property being purchased and the loan is typically issued by a private lender, such as North Oak Investment.
What types of properties does North Oak Investment lend on?
North Oak Investment lends on residential rehab, fix and flip properties, including single-family homes and multi-family properties (up to duplex size)
What is the interest rate for a North Oak Investment loan?
The interest rate for a North Oak Investment loan can vary depending on a variety of factors, including the borrower's credit score, the type of property being purchased, and the loan amount. Generally, interest rates for hard money loans are higher than traditional bank loans.
What is the loan term for a North Oak Investment loan?
The loan term for a North Oak Investment loan is 6 months. Typically, hard money loans have a shorter loan term than traditional bank loans, ranging from 6 months to 2 years.
What is the loan-to-value (LTV) ratio for a North Oak Investment loan?
The loan-to-value ratio for a North Oak Investment loan can vary depending on the property and the borrower's creditworthiness. Generally, the LTV ratio for a hard money loan is typically between 60% and 70%. An LTV of up to 80% is possible if the deal can support it.
How quickly can I get approved for a North Oak Investment loan?
North Oak Investment can provide loan approvals within a couple of days of receiving a complete loan application. Once approved, funding can typically be provided within 7 to 10 days.
What is the application process for a North Oak Investment loan?
To apply for a loan with North Oak Investment, you will need to complete an application and provide information about yourself, the property you are purchasing, and your financing needs. North Oak Investment will review your application and provide you with a loan offer if you meet their lending criteria.
What fees are associated with a North Oak Investment loan?
North Oak Investment charges 2 fees associated with their loans, including an origination fee, and a $25.00 wire fee, Fees you will have to pay to others include an appraisal fee, title insurance, and builders risk insurance. These fees can vary depending on the specifics of the loan.
Can I get a loan from North Oak Investment if I have bad credit?
North Oak Investment considers various factors when determining whether to approve a loan, including the borrower's creditworthiness. While they do require a credit check (soft pull), they may still be able to provide financing to borrowers with less-than-perfect credit.