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
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
Denver Hard Money Lending: the new game in town
As I’m sure you have heard conventional lenders in Denver are not lending to most borrowers for various reasons. To get a conventional loan in Denver borrowers have to jump through many more hoops for a very straightforward loan. If a borrower cannot fully show their income there is no hope with a conventional lender. For example if someone were self employed they can almost forget a conventional loan. What is a borrower to do that is financially capable of a loan?
Denver Hard Money Lenders:
Denver Hard Money lenders are no longer the lenders of last resort. They are one of the few groups with cash available to lend. A hard money lender, since they are typically not backed by a bank, has the capability to do loans that conventional lenders no longer can fund.
How is Fairview different than other hard money lenders?
Denver Hard Money lending is the wild west of lending. It is largely unregulated so borrowers & brokers need to beware. Many Denver hard money lenders charge up front fees and basically make a large portion of their profit on these fees. Fairview is different; Fairview never charges upfront fees or other due diligence fees prior to loan commitment. Fairview strictly lends its own money so when you call you talk directly to the lender. Fairview has an office in Denver Colorado and underwrites all files locally. One of the partner inspects every property prior to funding (no appraisals are required). Fairview is a direct no nonsense lender that can close your loan quickly without the hoops of a conventional lender
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 hard money lending?
Fairview has multiple websites with an abundance of information on hard money loans and hard money lenders:
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