If you are a current NREF client, please contact your loan officer directly with any questions.

If you are a new client, you can contact NREF by phone through our general number: 800-611-3060, or by email: info@noradafunding.com

NREF’s terms vary by loan program. Here is a basic breakdown of NREF’s most popular programs:

Short-Term Bridge

Term: 12 Month & 18 Month Loans
Loan Amount: $50k – $10M
Minimum Property Value: 
$75k for 1-4 Family Properties
$50k per unit for 5+ Unit Multis
Rates: Starting at 9.74%
LTV for Purchase: Up to 75% of the As-Is Value
LTV for Refinance: Up to 65% of the As-Is Value
LTV for Cash-Out: Up to 60% of the As-Is Value
Property Types: Residential 1-4 Units; Condos; Townhomes; 5+ Unit Apartments; Mixed-Use Properties
Occupancy: Non-Owner Occupied
Minimum FICO: 650

After Repair Value (ARV) Loan Program

Term: 12 Months
Loan Amount: $50k – $10M
Minimum Property Value: $50k
Rates: Starting at 9.74%
LTV: Up to 70% of After Repair Value
LTC (Loan-to-Cost): Up to 85% of Purchase Price, Up to 100% of Rehab Costs
FICO: 650 Minimum Credit Score
Property Types: Residential 1-4 Units; Condos; Townhomes; 5+ Unit Apartments; Mixed-Use Properties
Occupancy: Non-Owner Occupied
Termination Fee: 1% After Month 9
No Pre-Pay Penalty
Experience Not Required but Does Affect Pricing & Leverage

Long-Term Rental Loan Program

Term: 30 Years
Loan Amount: $75k to $2M
Minimum Property Value: $100k
Rates: Starting at 6.25%
LTV for Purchase: The Lesser of up to 80% of As-Is Value or up to 80% Loan-to-Cost
LTV for Refinance: Up to 80%
LTV for Cash-Out: Up to 75%
Property Types: Residential 1-4 Units; Condos; Townhomes; Planned Unit Development (PUD)
Pre-Pay Penalty: Prepays Adjustable Up to 5 Years
Minimum FICO: 660

NREF is able to lend to most states in the U.S. with the exception of Alaska, Nevada, North Dakota, South Dakota, Minnesota, and Vermont.

NREF requires basic documentation to underwrite the borrower and the property. This includes an application; authorization to run a credit report and background check; copies of bank statements (proof of funds); property appraisal; copies of leases, if appropriate; renovation estimates; and documentation on the business entity.

NREF’s bridge loans and After-Repair Value loan program have a minimum FICO requirement of 620. The Long-Term Rental loan program has a minimum FICO of 640. The New Construction loan program has a minimum FICO of 680.

With all loans at NREF, the borrower’s credit score is taken into consideration when underwriting the loan. NREF reviews the individual’s history to determine if there is a repeating pattern of poor financial management or if an isolated incident affected the individual’s credit. We also look at the borrower’s credit in terms of the exit strategy. If the borrower intends to buy and hold rather than fix and flip the property, we will pay closer attention to FICO scores.

NREF does not charge any upfront fees during the pre-approval and approval process such as an application fee. However, the borrower is responsible for third party fees such as appraisals or project feasibility studies.

Unlike many of our competitors, NREF only charges interest on the current outstanding balance of an ARV loan. We do not charge interest on the hold back until the funds are drawn, saving you money.

NREF’s 24-month Buy-to-Rent loan has a 5% pre-payment penalty if the loan is repaid during the first 6 months of the loan term. NREF’s 30-year Long-Term Rental loan has adjustable prepayment options up to 5 years . There are no pre-payment penalties associated with NREF’s other loan programs.

For our Bridge Loans, After-Repair Value loan program and Buy-to-Rent loan program, NREF will consider non-owner occupied 1-4 family & multi-family real estate, condos, townhomes, 5+ unit apartments & mixed-use properties as potential collateral. For our Long-Term Rental loan program, NREF will consider non-owner occupied 1-4 family real estate, condos, townhomes, and planned unit developments (PUDs) as collateral.

NREF offers an After Repair Value loan program for non-owner occupied 1-4 family & multi-family real estate, condos, townhomes, 5+ unit apartments, & mixed-use properties. NREF will lend up to 90% of the purchase price and up to 100% of the renovation costs, not to exceed 75% of the after-repair value.

NREF is an ARV Lender. Our ARV Loan Program provides up to 90% of the purchase price with an LTV not exceeding 75% of the After Repair Value.

NREF is a commercial lender meaning our loans are used for business purposes, rather than individual or personal interests. We do not provide funding for the purchase of any owner-occupied residential properties. Our loans are strictly backed by non-owner-occupied residential and commercial properties and are issued to a business entity.

Hard money loans are a specific type of asset-based loan that is typically secured by real estate. At RCN Capital, loans are backed by non-owner occupied residential real estate or small balance commercial real estate. In some cases, multiple non-owner-occupied properties are cross-collateralized in order to secure the needed loan amount.

Commercial loans are used for business purposes, rather than individual or personal interests. At RCN Capital, we only make commercial loans that are secured by non-owner-occupied residential and commercial real estate.

A bridge loan is typically interim alternative financing used by a business until more conventional financing is secured. The bridge loan may also be used to cover short-term cash-flow issues.

A line of credit can be used for a variety of purposes, such as the funding of construction phases, specific business purchases, or addressing cash flow needs.