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
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.
According to a recent release of the S&P / Case Shiller index, property values across the country have continued to decline. Denver declined less than many of the other markets (~.57% decline)… full article at www.bloomberg.com. This is good news for the Denver metro area as I think Denver is close to the bottom in the property value cycle. There is still pain in the market (especially in Ft Collins, Parker, Castle Rock, etc…) but hopefully we are at the bottom of the cycle with increases in value on the horizon.
Underwriting criteria for traditional lenders continues to be tight, but non conventional lenders like Fairview are still actively making loans in this economy and will continue to do so going forward
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
Fairview Lending is a Denver hard money lender. We actively watch housing trends of the Denver metro area along with prices throughout Colorado. Earlier this week, I posted a link to a Bloomberg article reporting on the Case-Schiller index trending. Well, for Denver it seems like there is a mixed bag on prices. In some areas throughout the metro prices are rising and others they are stagnant. The real sweet spot for price appreciation in the Denver metro is in the 100-300k. Above the 300k mark prices are stagnating. Below is a link to the Denver post article
http://www.denverpost.com/business/ci_17060952: What is in store for Denver housing prices
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.
Recent Condo loans throughout Colorado
Traditional lenders are having a hard time funding condo loans in Colorado. Fannie/Freddie will no longer fund unapproved condo complexes (too high of a ratio of renters, nightly rental pools, etc…). Unfortunately most condos throughout the Colorado high country are no longer qualifying for traditional bank financing. Fairview is an alternative to traditional lenders. Fairview is different than other lenders. We strictly lend our own money and are not bound by traditional bank underwriting. We are able to lend up to 50% of the current value of a condo (first mortgage only) that is not a primary residence (second home, rental property, etc… qualify). We can lend in Denver and throughout the various ski resorts in Colorado (Vail, Breckenridge, Telluride, Crested Butte, Steamboat, Keystone, Aspen, etc…). There are no upfront fees. Fairview is a local direct lender. We have closed hundreds of condo loans throughout the state and look forward to closing your next Colorado condo loan. Please fill out our one page application at www.fairviewlending.com and/or call 303…459.6061 to discuss your particular loan scenario. More details can also we found on www.cohardmoney.com . When you call, you will talk directly to the lender and get an honest answer quickly.
Fairview has recently closed condo loans in Breckenridge, Telluride, Steamboat Springs, Vail, Aspen, Keystone, Basalt, Evergreen, Gunnison, Crested Butte, and everywhere in between. Fairview is a local lender and can fund your Colorado condo transaction quickly whether it is in the high country or Denver metro area. Fairview is also able to fund loans on non owner occupied single family home and commercial properties.