As the spring weather continues in Colorado it appears that the Denver market has finally hit bottom and is starting to rebound. This is great news for anyone involved in the real estate industry. Here is a link to the full Denver Post article that talks about the increasing spring sales in CO. If you are in need of con conventional financing for your spring purchases or refinances. Give us a call 303..459..6061 or visit: www.cohardmoney.com
http://www.denverpost.com/business/ci_20429074/denver-housing-market-second-nation-quick-sales
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
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.
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