Foreclosure activity in Colorado has slowed according to the most recent data (full story in Denver Post). This data is a bit misleading since many lenders slowed down their foreclosures last year due to various document snafus (assignments, etc…). in Colorado foreclosures take an average of 6-12 months. I would suspect that the foreclosure rate would begin accelerating again in Q2/3 of 2011.
Fairview Lending is a private Colorado Lender. They fund both residential (investment properties only) and commercial properties throughout the state of Colorado. They are able to fund loans that traditional lenders cannot including borrowers with credit issues, cash flow issues, tax issues, and various other scenarios. They are recognized within the state as a leader in private lending. They have been featured in both regional and national publications as an expert on private lending. For more information please visit www.cohardmoney.com or call 303…459..6061
Fairview Lending is a Colorado hard money lender. We specialize in hard money loans both in Denver and throughout Colorado. The objective of this post is to provide information regarding the Colorado residential and commercial markets. From earlier posts it appears the Denver metro housing market is stable and likely near a bottom. Unfortunately the high country (Breckenridge, Vail, Aspen, Keystone, Steamboat Springs, etc…) have not yet hit bottom. The foreclosures are actually continuing to accelerate. My theory is that the majority of these owners were able to wait out the worst of the economy. Unfortunately the recession has dragged on longer than anyone had originally anticipated. As property values continue to decline in mountain areas due to less disposable income, tighter underwriting standards, etc… more homes will continue to go into foreclosure. The Denver post published and article: http://www.denverpost.com/business/ci_17071031 showing the increase in foreclosures in mountain communities.
Fairview has closed a number of loans in the high country that traditional lenders were unwilling to fund. Most recently we funded a transaction in Steamboat Springs, CO where the borrower was unable to obtain conventional financing on a condo since there were too many nightly rentals in his complex. Fairview was able to close the loan. If you have a property in the high country and need creative private financing. Call Fairview at 303..459.6061 or visit our website at: www.cohardmoney.com for more information