Start Spring off with a closed hard money loan
I hope each of you are enjoying our nice spring weather here in Colorado (a little dry but the temperature has been great). Even though the weather has started to get nice and the economy is gradually improving, traditional bank lending guidelines are still challenging for most borrowers.
Fortunately Fairview is able to assist you and your clients with challenging loan scenarios that for one reason or another do not fit traditional bank criteria. Fairview is 100% privately funded so we have the ability to accommodate various situations. We are able to lend to borrowers with impaired credit (no minimums and prior Bankruptcies are okay. We can also accommodate borrowers with less than perfect financials. Finally, we are able to see the value of the property even if it is not performing as well as it should. Not only are we able to fund properties that most lenders cannot, we have flexible terms as long as five years with no prepayment penalties.
The beauty of working with Fairview is that we are a local lender with an A+ rating with the Better Business Bureau. I personally inspect all of our CO properties and make a lending decision. There are no upfront fees or long waits for appraisals since we underwrite everything in house. We are able to lend on both commercial properties and investment single family homes (no primary residences). We not only lend our own money, but we also hold and service our own loans. If you have a transaction I can usually tell you within hours if we are able to assist on the transaction (subject to final inspection). Below are just a few of our recent transactions. To learn more or fill out our one page application please visit www.cohardmoney.com or call me at 303..459.6061.
Colorado Commercial Hard Money: 150k SW of CO Springs
• Property was a free standing retail location
• Borrower unable to obtain conventional financing since he had a prior Bankruptcy due to his construction company
• Borrower needed money quick in order to consummate the purchase of the property; when he contacted Fairview he had 2 weeks to close and a traditional lender could not move this quickly
• Borrower needed a 5 year term to stabilize their financials and ultimately refinance with an SBA loan
Denver Residential Hard Money: 225k Denver, CO
• Borrower had an investment property owned Free and Clear
• Borrower needed funds quickly to help a startup business that he was focusing on
• Unable to get traditional lending since self employed in a new business
• Fairview able to close the transaction in a week and provide a five year fully liquidating loan to the borrower with no prepayment penalties
Boulder Residential Hard Money: 325K Boulder, CO
• Borrower owned property free and clear
• Borrower had sold a business and gotten into a dispute with the IRS regarding their tax liability. The IRS won the suit
• Borrower able to settle with the IRS for 60 cents on the dollar but needed money quickly
• Fairview was able to inspect and fund in under seven days saving the borrower several hundred thousand dollars
Above are just a few of the thousands of loans we have closed in both Denver and throughout Colorado. I look forward to working with each of you to earn your business and make this a profitable spring season for you.
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
Colorado’s leading local private lender
Hope each of you is off to a prosperous 2011. I’m commonly asked what makes Fairview different than other lenders. Below are some of the highlights:
• No upfront fees or appraisals (we do an inspection free of charge)
• Quick closings on both residential (No primary residence; strictly investment properties) and commercial properties
• Local Lender only lending our own money; we provide honest answers quickly
• Ability to close transactions throughout the state of Colorado
• One page loan application
• Hard money/private money loans is all we do
• No Credit score minimum; we are underwriting on the property as opposed to the borrower
• When you call Fairview, you will talk directly to the decision makers.
• A+ rating with the BBB
Fairview has recently closed a number of hard money loans throughout Colorado during 2011. Below is just a small sample
• 185k Commercial Warehouse, Denver: Borrower leased building to medical marijuana operation
• 100k Agricultural Land, Montrose: Borrower owned free and clear, needed quick cash to take care of outstanding late payments with other creditors
• 25k Investment Condo, Aurora: Borrower lived out of stats, had free and clear investment condo in Aurora, needed funds for another property
• 125k Investment townhome, Fort Collins: Borrower paid cash for property, needed funds quickly to settle with the IRS
• 200k Single family home, Red Feather Lakes: Borrower needed cash for working capital for another business, self employed with credit dings
For more details please call me at 303..459.6061 or visit our website at www.cohardmoney.com.
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
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
Another bank in Colorado: United Western just got shut down by the FDIC. Full article in the Denver post at: http://www.denverpost.com/business/ci_17188017. I think the banking crisis will continue as prices on real estate fail to rebound nearly as fast as everyone had anticipated when the downturn started. Fortunately there are some alternatives to bank lending. One avenue is a loan from a private lender like Fairview. They only lend their own money and make decisions quickly. They are a local lender and have recently closed a number of deals that were unbankable including a land transaction in livermore, an investment property (single family) in Englwood, and a warehouse in Denver, CO. More information on private lending in Colorado can be found at www.cohardmoney.com or call us at 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
Colorado Hard Money lending: Recent hard money closings
With all the doom and gloom in the economy, Fairview is still making hard money loans in Denver and throughout Colorado. Below are some of the recently closed Colorado hard money transactions:
Estes Park, CO hard money:
- Non-owner single family home owned free and clear
- Borrower’s credit impaired
- Borrower needed funds quickly for another transaction
Denver Hard Money:
- Non-owner single family home listed for sale
- Property had little debt on it
- Borrower in process of buying another property and needed cash
Vail Hard Money:
- Owner occupied office building
- Borrower not current with the bank
- Needed cash to pay off bank and take care of other expenses
What properties can Fairview make a hard money loan on?
Non owner occupied single family home and income producing commercial properties (office, retail, and light industrial properties)
How can I learn more about Colorado hard money lending?
Fairview has multiple websites with an abundance of information on Colorado hard money loans and Colorado hard money lenders:
What areas can Fairview make loans in?
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
Denver Hard Money Lenders
I am commonly asked how does a borrower go about selecting a Denver hard money lender? This can be a tricky task in today’s economy. There are many folks on the internet claiming to be a Denver hard money lender that are actually brokers or loan arrangers. The questions to ask are as follows:
1) Do you fund with your own capital? Fairview strictly lends its own money
2) Are you local? Fairview has an office in Denver and can be reached at 303.459.6061
3) Are there upfront fees? Fairview does not charge any upfront fees
4) Have there been complaints against the lender? Google the lenders name and see what comes up, look at various message boards, etc…
5) Does the lender actually fund loans? Talk with the lender and ask them about their recent fundings. It is also a good idea to physically meet the lender.
6) Can you talk with the decision makers? Fairview makes all decisions in house and performs its own property inspections. We live in Denver and understand Denver hard money and hard money transactions throughout Colorado
7) Does the deal sound too good to be true? Do you for example have a 580 credit and a lender offering you a 3% non-recourse loan?
Fairview Lending is a direct Denver hard money lender and Colorado hard money lender. There are no upfront fees or games. We strictly lend our own money and close loans quickly. More information can be found at www.cohardmoney.com, or for Georgia hard money: www.georgiahardmoney.com, or for more info on hard money lending: www.fairviewlending.com