Colorado is different than many states on how Colorado property values are assessed. The assessments are done on a two year cycle, so the value we receive in May 11 will be based on sales from 1/1/09 to 6/30/10, the current taxes we are paying are last years taxes based on 08 to 6/09 sales. Many areas in Colorado did not see substantial property declines until late 09 and 2010 so therefore there has likely not been much impact on the tax bill for this cycle. Here is a link to a Denver Post Article that discusses this topic more: Property values lagging behind economic slump, assessors say
http://www.denverpost.com/news/ci_17223038#ixzz1CMNmvlKF
Fairview Lending is a private Colorado Hard Money lender. We make Private loans both in Denver and throughout Colorado. For more information please see: www.cohardmoney.com or call 303..459..6061
Start the New Year off right by helping your clients close more loans. Fairview already has already closed four loans in January throughout Colorado. As all of you know, bank lending still remains tight with increased underwriting requirements. Fortunately Fairview has created a product to help borrowers that fall out of conventional lending parameters. We are still only lending our own money and are able to fund transactions that are outside of conventional lending. This can happen due to the borrower’s credit, speed of loan closing, or many other reasons. Below are some of the more out of the box deals we have closed (more details on our programs can be found at www.cohardmoney.com ):
1. Cash out refinance on an investment property near Red Feather Lakes, borrower owned property free and clear, primary value was in the land value, needed cash to take care of other business ventures
2. Refinance on an investment house in Denver: Borrower had bought property as an investment, had terrible credit (<550) and needed cash to purchase another investment property
3. Cash out refinance on warehouse in Denver: borrower paid cash for the property and needed money for working capital; property operated by business. Borrower also self employed.
These are just a few of the hundreds of transactions we have funded. We do not charge any upfront fees and only lend our own money. When you contact me, I will always provide and honest answer quickly. We are experts in lending in both Denver and throughout Colorado. Below are two articles that I found insightful regarding the residential and commercial markets in Denver
1. The new Dodd-Frank financial overhaul law is poised to take effect. How will 30% down payment requirements impact your business? http://fairviewlending.com/blog/?p=62
• The new law requires banks to hold a “risk” piece for each loan of approximately 5%. Currently banks can sell 100% of loans that meet the government requirements (Fannie/Freddie requirements) without retaining a risk piece. There is a proposal by Well’s Fargo to increase the down payment from 20-30% to allow banks to not hold a risk piece of a transaction. Increasing the down payment would likely be adopted by others in the industry and become commonplace just as the 20% down payment is today. This new requirement would drastically reduce the liquidity in the market and the purchasing power of borrowers. The full article can be found at www.wsj.com .
2. Foreclosures in Colorado Mountains scaling record heights. Even though the Denver metro market has stabilized in my opinion. The mountains are not only filling up with snow, but foreclosures.
• It is interesting that the mountains seem to be lagging the rest of the state in their recovery. I’ve thought for a long time that there was considerable decreases left in many mountain towns. Many folks who have been able to hold on in hopes the economy would rebound have fallen victims to the new economic reality that wages are going to stay depressed for a while and the economic recovery will be a very wide U shape as opposed to a v-shape as previously anticipated. Full article at: http://cohardmoney.com/blog/?p=86
Condo loans throughout Colorado
Currently there is a shortage of lenders able to loan on condos in Colorado. Fairview is different than other lenders. We strictly lend our own money and are not bound by traditional bank underwriting. We are able to lend up to 50% of the current value of a condo (first mortgage only) that is not a primary residence (second home, rental property, etc… qualify). We can lend in Denver and throughout the various ski resorts in Colorado (Vail, Breckenridge, Telluride, Crested Butte, Steamboat, Keystone, Aspen, etc…). There are no upfront fees. Fairview is a local direct lender. We have closed hundreds of condo loans throughout the state and look forward to closing your next Colorado condo loan. Please fill out our one page application at www.fairviewlending.com and/or call 303…459.6061 to discuss your particular loan scenario. More details can also we found on www.cohardmoney.com . When you call, you will talk directly to the lender and get an honest answer quickly.
Colorado Private Lender: Recently closed loans
Many banks are no longer lending to borrowers without perfect properties, credit, income, etc… Even well qualified borrowers are having trouble getting loans from Banks in Denver and throughout Colorado. With all the doom and gloom in the economy, Fairview is still making Private loans/ hard money loans in Denver and throughout Colorado. Fairview is a specialist in lending both in Denver and the various resort areas throughout Colorado including: Aspen, Breckenridge, Keystone, Vail, Telluride, Crested Butte, and everywhere in between. Below are some of the recently closed Colorado hard money transactions:
Telluride Hard Money/ Telluride Private Money transaction:
- Borrower owned condo in Telluride, Colorado: investment property; not primary residence
- Self-employed borrower needed quick cash
- Unable to obtain conventional loan since he was self employed and not fully showing income after all the deductions
- Needed cash quickly for other ventures
- Fairview closed loan quickly without the drama of other lenders
Denver Hard Money/ Denver Private Money transactions:
- Non Owner single family home in Denver
- House presently listed for sale
- Borrower needed short term loan for other transactions
- Fairview closed the loan quickly to enable the borrower to take advantage of other opportunities
What properties can Fairview make a hard money loan on in Colorado?
Non owner occupied single family homes and income producing commercial properties (office, retail, and light industrial properties). More information on our hard money lending guidelines in Colorado: http://www.cohardmoney.com/lending.php
How can I learn more about Colorado hard money lending & Denver Hard Money Lending?
Fairview has multiple websites with an abundance of information on Colorado hard money loans and Colorado hard money lenders: www.cohardmoney.com
What areas can Fairview make loans in Colorado?
Fairview is a local Denver Hard Money Lender and Colorado hard money lender. We have made hard money loans throughout the state including: Vail, Aspen, Basalt, Carbondale, Glenwood Springs, Montrose, Grand Junction, Pueblo, Colorado Spring, Fort Collins, Denver, Evergreen, Conifer, and everywhere in between. Since we are local Colorado hard money lenders, we understand the various markets / submarkets throughout Denver and the state of Colorado. Call us locally to discuss your next Colorado hard money transaction: 303..459…6061
www.fairviewlending.com : General information on hard money lenders; hard money questions, and hard money information
www.cohardmoney.com: Denver Colorado hard money lenders and information about hard money lending in both Denver and throughout Colorado
www.georgiahardmoney.com: Atlanta Georgia hard money lenders and information about hard money lending in the Atlanta metro area