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
There was an interesting article on Bloomberg regarding housing prices throughout the nation. Denver was on of two metro areas that had increasing prices. Below is an excerpt of the article with the link to the story:
Eighteen of 20 cities showed a decrease in prices in October, led by a 2.1 percent drop in Atlanta, and decreases of 1.8 percent in Chicago and Minneapolis. Denver and Washington were the only two that posted gains. Full article at: http://www.bloomberg.com/news/2010-12-28/u-s-property-values-decline-more-than-forecast-in-s-p-case-shiller-index.html
So what does this mean for Denver housing prices going forward. I personally feel that Denver residential housing prices are at or near the bottom of the market, many areas are still falling (castle rock, pueblo, highlands ranch, some of the front range communities, etc…). Long term we should begin to see a slow climb 1-2%/year going forward for the next 3-5 years.
Fairivew Lending (www.fairviewlending) is pleased to announce the upcoming publication of an article in the Colorado Real Estate Journal (www.CREJ.com). Fairview is recognized within the hard money industry as the expert on non-conventional lending. The upcoming hard money article in the Colorado real estate journal will discuss the following topics:
- Key reasons loans fall out of conventional lending parameters
- How Colorado hard money lenders are able to close loans that others cannot
- Typical Colorado hard money loan process
- Typical Colorado hard money loan structure: pricing, terms, etc…
- Appropriate times to use Colorado hard money
- OtherColorado hard money resources
This article is a must read and will be published in the January edition of the Colorado Real Estate Journal. More information on Colorado hard money can be found at www.cohardmoney.com or by calling 303…459.6061
Fairview is pleased to announce yet another Denver hard money closing. The property was a single family investment property. The borrower had some substantial credit dings and need cash quickly to pay off other bills. The borrower owned the property free and clear and had it leased to tenants. Fairview closed the loan within a week. There were no upfront fees or prepayment penalties. Fairview was able to structure the Denver hard money loan for 3 years to give the borrower ample time to clean up their credit and be able to utilize a conventional lender. Fairview is different than other hard money lenders. The borrowers work directly with the decision makers and loans are closed quickly. There are no games or upfront fees. If you have a need for a hard money lender in Denver or throughout Colorado, give Fairview a call at 303..459.6061 or visit our website at www.cohardmoney.com. For information on hard money lending in Chicago or Atlanta please visit: www.fairviewlending.com
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
Recent Condo loans throughout Colorado
Traditional lenders are having a hard time funding condo loans in Colorado. Fannie/Freddie will no longer fund unapproved condo complexes (too high of a ratio of renters, nightly rental pools, etc…). Unfortunately most condos throughout the Colorado high country are no longer qualifying for traditional bank financing. Fairview is an alternative to traditional lenders. 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.
Fairview has recently closed condo loans in Breckenridge, Telluride, Steamboat Springs, Vail, Aspen, Keystone, Basalt, Evergreen, Gunnison, Crested Butte, and everywhere in between. Fairview is a local lender and can fund your Colorado condo transaction quickly whether it is in the high country or Denver metro area. Fairview is also able to fund loans on non owner occupied single family home and commercial properties.
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