Frequently Asked Questions

Frequently Asked Questions

What is DSCR Loans and how does it help real estate investors?

Unlike traditional conventional bank loans, a Nambi loan is based on the value of the property being used as collateral, not just your financial position. While the rates are typically higher, hard money loans are attractive for real estate investors because they tend to close much faster, provide flexible terms and you can pay them off quickly to offset costs, allowing you to scale your business faster. Here are just a few additional benefits of DSCR loans:

Access to quick capital and fast turn times
Flexible terms with various repayment schedules and loan durations
Up to 90% money financed based on the property value and your renovation budget
The more you work with the same lender, the more benefits you may receive such as reduced origination fee, rate, and more.

What types of DSCR loans does NAMBI offer?

Nambi offers bridge and rental loans for purchases or refinances. A bridge loan is a short-term loan for real estate investors who prefer to finance the purchase and/or rehabilitation of their investment property rather than buying it fully in cash or taking a traditional bank loan. Real estate investors renovate these properties to either quickly sell back in the market or refinance into a rental loan.

A rental loan is for investment properties in which the real estate investor will buy and hold (and rent out to generate passive income), rather than fixing and flipping it quickly for a profit. These need to be turn-key, livable condition properties. Real estate investors use both bridge and rental loans for the BRRRR strategy to increase their portfolio and long-term cash flow.

What types of properties does Nambi offer loans for?

Nambi offers single asset bridge and rental property loans for 2-4plex, attached/detached-pud, and single-family properties. We are rapidly growing and anticipate adding more property types and portfolios soon. At the moment, we do not lend on mixed-use, commercial, mobile homes, and rural properties (zoned as agricultural/rural property with 4+ acres).

Do I need a business entity to secure a loan with Nambi?

Yes. We lend to business entities. Is means the property should be in a bussiness entities and later into the Trust.

Will I qualify for a Nambi loan?

The first step is to apply online. If approved, you will receive your personalized rate in just a few minutes! Begin by answering a few short questions about your experience and the investment property you wish to purchase/finance, and we’ll provide customized estimated terms for you to choose the best loan option for your needs. Please note that we do not offer pre-approvals, but will provide you with a pre-qualification summary once you submit your application.

Why should I partner with Nambi for fix-and-flip or rental loans?

Nambi provides competitive terms, a fast technology-powered process, and dedicated industry support. With our data and innovative financing programs, we empower you to make informed decisions, close deals faster, and realize the full potential of your real estate investment strategies.

Do you require appraisals?

Appraisals vary on your financing needs. We do not require appraisals on bridge loans, but we do require them for rental loans.

Are there any financing fees?

We pride ourselves on transparency throughout the loan process and all fees are collected at closing. We do not require an application fee and the origination fee is based on the final loan amount.

Do I need to be a Costa Rican citizen to apply?

No, Nambi was founded on serving the global community. Foreign nationals can apply for a mortgage to finance Costa Rica real estate with Nambi.

Why not get a home equity line of credit instead?

Home equity lines of credit often come with large origination fees, minimum credit limits & advances, and can take on average 4-6 weeks to close.

Nambi uses technology to significantly reduce the underwriting burden that traditional HELOCs carry so that we can get you approved in minutes. We also issue you a card in the mail so you can easily transact while reaping the benefits that credit cards carry. Plus, you’ll get cash back on your purchases.

What is a HELOC

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.

Is this a HELOC or a Credit Card?

Both! The Nambi Card is a HELOC issued via a credit card and can be used anywhere that you can use a credit card.

If I miss a payment, is my home impacted?

Missing a few payments or paying late will not impact your home. Our mission is to help homeowners build wealth and we want to support you as best as we can. If you can’t make your payments, let us know and we’ll work with you on alternative payment plans. We don’t have high late payment fees and your interest rate won’t increase for late or missed payments. In the event of a default, we have remedies available. Foreclosure is our last option.

What do I need to qualify for this credit card?

1. Own and have equity in your home.
2. Have an house rent income that can support your monthly bill. We don’t want you getting into debt that you can’t afford.
3. Meet certain credit qualifications such as credit score, income, and property value requirements.