What Personal Criteria Must You Match to Get a Loan With KC Investor Funding?

The biggest hurdle you will face when finding loans for your new investment property is checking to see if you fit into the personal criteria necessary to qualify. Thankfully, lenders such as ourselves and other hard money lenders offer flexible and obtainable criteria. The qualification aspect alone is why many people choose to get their loans from hard money lenders rather than traditional banks or other financial institutions. Here at KC Investor Funding, our goal is to get you the investment property, so our personal criteria are aimed to ensure you can do just that. So, if you are looking for a loan for your next fix&flip or rehab project, check out if you fit into our criteria.?

Routine Billing?

Our first and foremost requirement for qualifying for one of our hard money loans is that you pay your bills on time. This could be bills such as a mortgage, utility, vehicle, or whatever else you might have under your name. If you want to apply for one of our loans, we want to ensure that we are working with individuals who are timely, responsible, and conscientious about their payments.?

Cash Reserve Necessities?

When you take out a loan, you are expected to have a certain amount of cash reserves or liquid assets set aside. At KC Investor Funding, we typically want to see 15% of the loan amount in cash reserves. Those funds do not necessarily need to be committed to the loan itself, but we just want to know you have access to the cash if the need arises. This amount could include the down payment, any fees, closing costs, and interest reserves for a certain amount of time. We would also qualify you if the amount was under a home equity line of credit or line of credit.?

Credit Expectations?

Credit expectations could vary depending on the specific loan you are applying for. At KC Investor Funding, we will always require that there be no derogatory marks on your credit in the last two years. For loans such as our KC 100 Bridge Rehab Loan, we require a credit score of at least 620, but for our Nationwide 30-Year Rental Program, you will need a credit score of at least 680. Depending on the loan, the credit expectations might vary, so if you are interested, it is essential to contact us if you have any questions.?

Additional Criteria to Consider?

With any hard money lender, there will always be interest rates to be aware of before you agree to a loan. Many of our loans have different interest rates, varying between 11-15% or 9-14%. It is essential that you are able to take on these rates when you sign for a loan. Fortunately, at KC Investor Funding, we do not have a prepay penalty. Additionally, some of our loans, such as the Nationwide 30-Year Rental Program and the Nationwide Bridge/Rehab Program, are not available in some states. While it is only a handful, this could halt you from qualifying for those loans.?

While our loans are flexible, quicker, and easier to earn, it is essential to consider the criteria before sending in an application. If you have any questions or wish to apply for a loan, send me a message or contact the team at KC Investor Funding.