I have said for a while now to watch out for brokers/lenders requiring upfront fees prior to closing. This recent article on 9 news in Denver highlights this concern. The mortgage broker is accused of bilking customers out of over 500k in fees without ever providing a loan: http://www.9news.com/news/local/article/239680/346/Woman-indicted-in-mortgage-case
As always, there are no upfront fees required by Fairview prior to closing. We have an a+ rating with the BBB and close loans we commit on quickly. For more tips on private lending please visit: www.fairviewlending.com. As always with any financial transaction, buyer beware.
To learn more about private lending in Denver and Colorado please visit: www.COHardMoney.com or call us at 303..459.6061
After last weeks announcement we could still close hard money transactions prior to year end. We had a number of loans inspected and set for closing this week. As always there are no upfront fees/inspection fees, etc.. prior to closing. I’m commonly asked how we can close loans so quickly. First, we do not require appraisals; we personally inspect every property and put our value on the property. This can typically be done in less than a couple of days depending on our schedule. Second, Fairview is a direct lender that lends its own money. We are not brokers and do not have to rely on third parties to make decisions (note: when looking at hard money lenders in Denver and Colorado make sure you are dealing with a direct lender like Fairview as opposed to a broker that will promise the moon and string you along). Since Fairview is a direct lender that underwrites in house we can close your Denver hard money transaction and Colorado hard money transaction quickly. For more information please visit www.cohardmoney.com or call 303..459.6061 to talk directly with the underwriter.
I hope everyone has had a healthy and prosperous 2011. Fairview has closed hundreds of private/hard money loans this year both in Denver and throughout Colorado (below is just a small sample). Since Fairview is privately funded we are able to close loans quickly. All underwriting is done in house and we lend our own funds.
Due to our closing speed, there is still time to close your loan in 2011. Our process is simple. Call (303.459..6061) or e-mail me with details or fill out our one page application at www.cohardmoney.com .
There are no upfront fees or appraisals required. We can handle all credit situations since we underwrite on the property. We’ll give you an honest yes or no in 24 hours or less. Below are just a few of the hundreds of loan transactions we have funded.
. Denver, CO $250,000, warehouse. Borrower owned property free and
clear, he had cosigned on a loan with an associate and the transaction went south (took borrowers credit below 500), borrower needed funds quickly to take care of back taxes and credit card bills. Fairview funded a 5 year loan with no prepayment
. Englewood, CO $125,000, retail/office, Borrower needed working
capital funds quickly to buy merchandise for the holiday. Her current bank was unable to respond quick enough. Fairview closed the loan in under 10 days and gave the borrower a 3 year loan with no prepayment
. Evergreen, CO 205,000, single family home with acreage, borrower
owned a cabin on acreage near Evergreen. Borrower needed cash quickly to take care of other financial obligations. Borrower had credit in the low 400s. Fairview funded the 3 year loan in under a week
. Fort Collins, CO 175,000, single family investment townhome.
Borrower had negotiated a settlement with the IRS and needed funds quickly in order to obtain the discount. Fairview funded to loan and the borrower saved over 50,000 in fees/penalties
Above are just a few of the many hard money transactions we have closed in Colorado recently. We are able to fund on both investment single family homes as well as commercial properties. I look forward to assisting
you and your clients with their funding needs. Have a great Holiday
Season.
Regards,
Glen
Fairview has recently closed a number of Denver Hard Money and Colorado Hard Money transactions. Below are just a few of our recent closings:
1) Evergreen, CO: small cabin on large acreage, borrower owned free and clear, needed money in order to pay past due taxes and get caught up on other bills
2) Centennial, CO: free standing commercial building, borrower had credit issues due to some prior late payments, needed money for working capital and inventory, structured loan as a 5 year loan with no prepayment penalty
3) Englewood, CO: investment single family home, borrower had bought as an investment, needed funds to get property ready for new tenant
4) Broomfield, CO: investment town home, borrower’s credit poor due to messy divorce, needed funds to settle with a creditor for a discount
Above are just a few of the hundreds of loans Fairview has closed both in Denver and throughout Colorado. We are a local lender with extensive knowledge of both the Denver market and markets throughout Colorado. Fortunately there is still time to close your loan before year end. Call us today at 303…459..6061 or visit us at www.COHardMoney.com
Recent Denver Hard Money / Colorado hard money closings October 2011
Fairview is pleased to announce the closing of the following hard money transactions in Denver. Fairview is a private lender specializing in private loans both in Denver and throughout Colorado. We are true hard money lenders and lend on the value of the property as opposed to the borrower’s credit. We are able to lend on both commercial properties and non owner single family homes. Fairview is the leader in Denver hard money and Colorado hard money transactions. We have an A+ rating with the BBB and there are never any upfront fees required prior to closing. For more information on our Colorado hard money and Denver hard money products please visit www.COHardMoney.com or call 303..816.7357
1) Broomfield, CO townhome $95,000
a. Investment single family home
b. Borrower had credit score below 500
c. Owned property free and clear
d. Needed cash quickly to satisfy a judgment
2) Colorado Springs, CO office/retail $125,000
a. Borrower had spent substantial cash remodeling property in order to retenant it
b. Borrower needed cash to pay down high interest credit card debt
c. Needed a 3 year loan in order to allow ample time to stabilize property and get a conventional loan
3) Englewood, CO non-owner single family home $145,000
a. Borrower bought house and paid all cash
b. Needed funds for another project
c. Self employed so showed limited taxable income
4) Aurora, CO condo $20,000
a. Borrower bought condo in cash 3 months prior for use as a rental
b. Credit low 500’s
c. Needed cash for other business needs
d. Unable to obtain conventional financing due to credit
For additional information please visit www.cohardmoney.com or www.fairviewlending.com or call us at 303.459..6061
Denver Hard Money
It is hard to believe summer is drawing to a close in Denver and throughout Colorado with the temperatures soaring into the high 90’s. I hope each of you have had a prosperous and relaxing summer. I’m definitely looking forward to fall and some cooler weather. I wanted to send out a quick e-mail to highlight our Private lending programs in Colorado. We are drastically different than other Denver hard money lenders/ Denver Private lenders. Our loan terms are as long as 5 years with no prepayment penalties or upfront fees. Below are details of our program along with some recent closings. Please call or e-mail if I can assist with anything or feel free to fill out our one page loan application (http://www.fairviewlending.com/loan_app.htm )
Program Highlights:
• True Denver Private Lending product with no upfront fees or appraisals (we inspect all the properties and then put the transaction into closing)
• No credit minimums (borrower cannot be actively in Bankruptcy, but prior BK’s okay)
• No prepayment penalties
• Quick closings
• Cash out for any reason
• We only lend our own money and hold and service all of our loans
• We provide answers typically in less than 24 hours
• Loan terms up to 5 years (interest only, amortizing, etc… depending on the situation)
• Hard money/ Private money loans on Residential (non owner) and commercial properties throughout Colorado
• 50% Loan to Value
• Loans from 25k-400k
Recent Transactions
1. 175K loan on office building in Denver. Borrower ‘s tenant in the medical marijuana business. Closed the loan in under two weeks to give borrower cash flow for other business needs
2. 95k Single family in Aurora, CO. Borrower had a credit score of 495 with a prior foreclosure. Recently inherited the property and owned free and clear. Needed money quickly to take care of unpaid property taxes.
3. 150k Single Family in Englewood, CO. Borrower was a real estate investor. Had given one house back to the bank. Owned a rental property free and clear. Needed money to finish another project and buy out a partner
4. 125k commercial retail building in the foothills west of Denver. Borrower had a loan with a bank that went under. Bank offered borrower a discount if they were able to pay the loan off quickly. We closed in a week and a half and borrower got a 30% discount on outstanding principle balance.
5. 140k Steamboat Springs, CO, investment condo. Unable to get conventional financing since development had too many nightly rentals. Borrower lived out of state and had some credit dings. Needed cash quick to settle some credit card bills.
6. Above are just a few of the hundreds of recent closings; to see more examples: http://cohardmoney.com/closings.php or call me at 303.459.6061 to discuss your specific transaction.
Fairview Lending is pleased to announce the recent closing of hard money commercial and residential loans both in Denver and throughout Colorado. Fairview Lending is the leader in Denver private loans and Colorado private lending. As always we only lend our own money and there are never any upfront fees. We are located in the Denver metro and can inspect and close your transaction quickly. For more information on our recent closings please visit: http://www.cohardmoney.com/closings.php or call us at 303..459..6061 to discuss your transaction
Based on the recent Colorado Housing report it appears foreclosures have peaked in Colorado. In metro Denver, I think values are at or near the bottom. In the suburbs there is likely a little more room to fall although we should be close to the bottom. We have closed hundreds of loans both in Denver and throughout Colorado. We strictly lend our own money. To learn more about private lending please visit: www.cohardmoney.com
Fairview is a direct Colorado hard money lender. We fund both residential and commercial loans. Below are a couple recent closings.
1) investment Single Family Home: Aurora, CO. Borrower had inherited the property. He owned it free and clear. Had some prior dings on credit due to lates, etc… Borrower needed 55k cash to put into his business. He was unable to get a conventional loan due to credit score. Borrower had tried getting a loan with countless other folks before locating Fairview. We committed, inspected the property, and closed the loan in a week and a half.
2) Commercial office Building: Denver, CO. Borrower in construction business. Borrower currently behind on taxes on building and also needed money to pay off creditor. Borrower able to negotiate a discount with creditor (40%) if he could pay cash within two weeks. Fairview was able to close the loan in less than two weeks, saving the borrower 40% on an outstanding lien. No appraisal was required since Fairview physically inspected the property and then put the transaction into closing. There were no fees to the borrower prior to closing. The borrower also received cash out at closing to take care of other business needs and provide working capital
As you can see from above, Fairview is in the business of making loans. We strictly lend our own money and are locally based. We can underwrite and close a transaction in under two weeks with no appraisals (we physically do a property inspection to determine value). For more information please call 303..459.6061 to discuss a loan scenario or visit us at www.cohardmoney.com to fill out our 2 minute no obligation loan scenario submission form
Property Tax Appeals in Colorado:
Anyone who owns real estate property in Colorado should have received their notice of the new tax assessment. Owners have until June 1st to appeal their new valuation. Values have changed substantially both in the Denver metro area and throughout Colorado
First, should you appeal your valuation?
1. If you have purchased your house in the last 3 years and your assessed value is higher than you purchase price then you likely should appeal.
2. Also if your assessed value is higher than what comparable properties have sold for in your neighborhood you should appeal.
3. If you own a commercial property and there has been substantial change in tenancy you should appeal.
4. If the information listed on the assessment is incorrect (square footage, beds/baths, etc…) and overstated
How do you appeal?
1. Colorado is different than many other states. In Colorado, the assessment cycle is every two years.
2. For this year’s cycle, you can only use comparables from June 08 to June 30th 2010. This is critical to remember when appealing your taxes.
3. The appeal process is governed by state stature so each county is basically the same (some might allow online appeals while others may not)
Items to help you determine the value of your property?
1. For residential properties, comparables are the best indicator of value. Most counties provide a list of the comparables by neighborhood that were used with their reassessment
2. For commercial properties there are two methods
a. Comparables; similar to residential properties, one can locate comparables of commercial properties that have sold in the 08-6/30/10 time frame
b. Income approach: This approach takes the net operating income divided by a reasonable cap rate for a property to determine the value. More information on this calculation along with CAP rate, etc.. can be found at: http://www.fairviewlending.com/underwriting.htm#33
Can you appeal taxes yourself or do you need to hire someone?
1. I have personally appealed taxes on both residential and commercial properties and have been very successful
2. The appeal process is not that difficult if you have a basic knowledge of real estate
3. If you have a very large (>2 million) commercial property and do not have real estate expertise, you might want to consider hiring an expert
Resources for appealing your taxes:
• Denver County: http://www.denvergov.org/Default.aspx?alias=www.denvergov.org/assessor
• Jefferson County: http://jeffco.us/assessor/assessor_T80_R51.htm
• Boulder County: http://www.bouldercounty.org/live/taxes/pages/appealpropvalue.aspx
• Adams County: http://www.co.adams.co.us/index.cfm?d=standard&b=1&c=7&s=24&p=290#appeal_valuation
• Douglas County: http://www.douglas.co.us/assessor/Protest_Appeals_Process.html
Fairview Lending is an expert in Colorado Real Estate. We are private lenders that strictly lend our own money. We underwrite all our transactions in house locally and close your loan quickly. There are no upfront fees and we hold and service all of our loans after closing (we are not brokers). For more information on Fairview’s Colorado private lending programs please call 303…459..6061 or visit: www.cohardmoney.com