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 Lending is a private Colorado lender. We actively watch the Colorado market to pick up trends impacting the real estate markets throughout the state. The Denver Post had an interesting article: http://www.denverpost.com/business/ci_17210342 on the Colorado unemployment rate. It appears that the Colorado market is lagging the country in the recession. Colorado entered the recession after the majority of the rest of the country and unfortunately will come out at a later time. Most striking was the statement that Colorado employment would not return to normal levels until 2014/15. That is quite a ways off. Unfortunately just as the economy seems to be turning the corner there could be another downturn based on historical trends. Definitely stay tuned.
For more information on Private Lending in Denver and throughout Colorado please call 303.459…6061 or visit: www.cohardmoney.com
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
CO Hard Money: Recent closings
Fairview Lending (www.fairviewlending.com) has recently closed four transactions on Single Family homes / condos in Colorado. Below are just a few of our recent closings:
1. Greeley, CO (30k): borrower purchasing investment property, had 50% to put down, borrower had no credit since paid everything in cash
2. Denver, CO (120k): borrower owned property free and clear; rental property, borrower went through terrible divorce that significantly impaired credit
3. Steamboat Springs, CO (90k): Borrower lived out of state. Borrower was unable to obtain conventional financing since too many units were rentals in complex. Borrower needed cash quick to take care of balloon payment.
4. Commerce City, CO (45k): Borrower had free and clear rental property. Due to cash flow issues borrower had not paid taxes, needed cash quick to take care of back taxes and credit card bills
Fairview is different than other CO hard money lenders. We can handle small deals and close them quickly. There are no upfront fees. We underwrite all the deals in CO and only lend our own money. We are experts in the Denver market and can lend throughout Colorado. There are no surprises since Fairview is a direct CO hard money lender. Call us at 303.459..6061 to speak with a partner at Fairview to discuss your loan scenario today. For details on our lending parameters please visit: www.cohardmoney.com