I have said for a while now to watch out for brokers/lenders requiring upfront fees prior to closing. This recent article on 9 news in Denver highlights this concern. The mortgage broker is accused of bilking customers out of over 500k in fees without ever providing a loan: http://www.9news.com/news/local/article/239680/346/Woman-indicted-in-mortgage-case
As always, there are no upfront fees required by Fairview prior to closing. We have an a+ rating with the BBB and close loans we commit on quickly. For more tips on private lending please visit: www.fairviewlending.com. As always with any financial transaction, buyer beware.
To learn more about private lending in Denver and Colorado please visit: www.COHardMoney.com or call us at 303..459.6061
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 pleased to announce the recent closing of hard money commercial and residential loans both in Denver and throughout Colorado. Fairview Lending is the leader in Denver private loans and Colorado private lending. As always we only lend our own money and there are never any upfront fees. We are located in the Denver metro and can inspect and close your transaction quickly. For more information on our recent closings please visit: http://www.cohardmoney.com/closings.php or call us at 303..459..6061 to discuss your transaction
Fairview is a direct Colorado hard money lender. We fund both residential and commercial loans. Below are a couple recent closings.
1) investment Single Family Home: Aurora, CO. Borrower had inherited the property. He owned it free and clear. Had some prior dings on credit due to lates, etc… Borrower needed 55k cash to put into his business. He was unable to get a conventional loan due to credit score. Borrower had tried getting a loan with countless other folks before locating Fairview. We committed, inspected the property, and closed the loan in a week and a half.
2) Commercial office Building: Denver, CO. Borrower in construction business. Borrower currently behind on taxes on building and also needed money to pay off creditor. Borrower able to negotiate a discount with creditor (40%) if he could pay cash within two weeks. Fairview was able to close the loan in less than two weeks, saving the borrower 40% on an outstanding lien. No appraisal was required since Fairview physically inspected the property and then put the transaction into closing. There were no fees to the borrower prior to closing. The borrower also received cash out at closing to take care of other business needs and provide working capital
As you can see from above, Fairview is in the business of making loans. We strictly lend our own money and are locally based. We can underwrite and close a transaction in under two weeks with no appraisals (we physically do a property inspection to determine value). For more information please call 303..459.6061 to discuss a loan scenario or visit us at www.cohardmoney.com to fill out our 2 minute no obligation loan scenario submission form
Property Tax Appeals in Colorado:
Anyone who owns real estate property in Colorado should have received their notice of the new tax assessment. Owners have until June 1st to appeal their new valuation. Values have changed substantially both in the Denver metro area and throughout Colorado
First, should you appeal your valuation?
1. If you have purchased your house in the last 3 years and your assessed value is higher than you purchase price then you likely should appeal.
2. Also if your assessed value is higher than what comparable properties have sold for in your neighborhood you should appeal.
3. If you own a commercial property and there has been substantial change in tenancy you should appeal.
4. If the information listed on the assessment is incorrect (square footage, beds/baths, etc…) and overstated
How do you appeal?
1. Colorado is different than many other states. In Colorado, the assessment cycle is every two years.
2. For this year’s cycle, you can only use comparables from June 08 to June 30th 2010. This is critical to remember when appealing your taxes.
3. The appeal process is governed by state stature so each county is basically the same (some might allow online appeals while others may not)
Items to help you determine the value of your property?
1. For residential properties, comparables are the best indicator of value. Most counties provide a list of the comparables by neighborhood that were used with their reassessment
2. For commercial properties there are two methods
a. Comparables; similar to residential properties, one can locate comparables of commercial properties that have sold in the 08-6/30/10 time frame
b. Income approach: This approach takes the net operating income divided by a reasonable cap rate for a property to determine the value. More information on this calculation along with CAP rate, etc.. can be found at: http://www.fairviewlending.com/underwriting.htm#33
Can you appeal taxes yourself or do you need to hire someone?
1. I have personally appealed taxes on both residential and commercial properties and have been very successful
2. The appeal process is not that difficult if you have a basic knowledge of real estate
3. If you have a very large (>2 million) commercial property and do not have real estate expertise, you might want to consider hiring an expert
Resources for appealing your taxes:
• Denver County: http://www.denvergov.org/Default.aspx?alias=www.denvergov.org/assessor
• Jefferson County: http://jeffco.us/assessor/assessor_T80_R51.htm
• Boulder County: http://www.bouldercounty.org/live/taxes/pages/appealpropvalue.aspx
• Adams County: http://www.co.adams.co.us/index.cfm?d=standard&b=1&c=7&s=24&p=290#appeal_valuation
• Douglas County: http://www.douglas.co.us/assessor/Protest_Appeals_Process.html
Fairview Lending is an expert in Colorado Real Estate. We are private lenders that strictly lend our own money. We underwrite all our transactions in house locally and close your loan quickly. There are no upfront fees and we hold and service all of our loans after closing (we are not brokers). For more information on Fairview’s Colorado private lending programs please call 303…459..6061 or visit: www.cohardmoney.com
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.
There has been a recent uproar regarding agricultural exemptions. Should a developer who is unable to develop their platted subdivision be eligible for a agricultural tax exemption? A number of recent articles in the Denver Post have discussed this issue (Link to Denver Post Articles ). In my opinion the way to solve allot of the agricultural tax exemption abuse is to make the parameters more stringent. The following changes would solve the majority of problems: 1) make a minimum lot size for agricultural exemption (lets say 40 acres) 2) require anyone who receives the agricultural exemption to maintain the agricultural zoning for twenty years. If the zoning is changed, then all taxes at the normal rate for prior years become due and owing. These two changes will solve the majority of issues with agricultural zoning in Colorado.
Fairview Lending is a private Colorado Lender who has made hundreds of private loans on both residential properties, agricultural land, and commercial properties. To learn more please visit our website at www.cohardmoney.com or call 303…459…6061
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
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