An investor loan is sometimes called a hard money loan. Where you should look for an investor loan depends in part on what you plan to do with your property. If you plan on keeping the property and renting it out, you don't want to be paying high interest rates. You may be able to afford the longer lead time it takes to get a more traditional loan. However, if you are trying to turn the property around quickly, also known as flipping, time is critical and getting a loan approved and funded immediately can make a difference in your profits.
If you are trying to get a more traditional loan, you are going to have to qualify like you would for your own home. Your credit score will definitely come into play. With a hard money loan, your lender is usually a private individual or group that doesn't care as much about your credit score as it does about your ability to repay the money with interest. That doesn't mean he doesn't care at all, but it's not the number one factor in considering whether to give you a loan.
If you are looking for a more traditional investor loan, you should start with the banking institutions you already have a relationship with. You can also search other local lenders or do online searches to find lenders who offer investor loans. Getting your paperwork in order before you are trying to close a deal can really help your stress levels.
It may be a little harder to find a hard money loan. If you are using a realtor, ask them for some recommendations. You can also ask your mortgage broker or a title agent for a recommendation. Most of them have had other clients who have used a hard money lender at some point and they may be able to point you in the right direction. An internet search will also provide some additional sources you can try. While getting the actual deal done is quicker than processing a traditional loan, you should start building a relationship with the lender ahead of time. They will still need information from you to help them decide if you are a worthy credit risk.
Preconstructionprograms is one internet source for hard money lenders. RISMedia and ForeclosureUniversity offer some education about hard money. It's a good idea to understand your options so that you can make the best decision for your situation.
Whether you choose a regular lender or a hard money lender, it will help if you have all your documentation ready to provide your lender. W-2, pay stubs, tax returns may all be required. With either type of lender, you will probably be financing only 60-70% of your loan. Both will usually want to see a fair amount of your own capital invested into your project. Certainly the property you are attempting to finance will be considered as well. Both lenders will want to know that it is worth what you are trying to do with it. Otherwise, they may not get paid back in a timely manner.
Remember that getting your financing done ahead of time can really make things easier for you. And building a relationship with your lender can improve your odds of securing the loan.