Financing in Denver>Question Details

Austin, Home Buyer in Denver, CO

Private Lenders in Denver, CO

Asked by Austin, Denver, CO Fri Mar 9, 2012

Are there any lenders in the Denver, CO area willing to make longer term loans (3-5 years)? The properties would not be fix and flips, but would have very strong cash flow. Payment can include principle, and an LTV around 70% would be nice.

Thanks!

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If you have not already, I would contact a community bank regarding a portfolio loan (refi's all your properties with 1 loan), you may be able to 5-7 year balloon (amortized at 20-25 years) at a rate significantly lower than hard money lenders. Depending on the equity they may not require such large reserves.

Alternatively, I believe Merchants Mortgage provides 2-5 year "soft money" loans at rates lower than hard money. "Soft money" meaning they require that the borrower has sufficient equity in other properties/assets to cross collateralize the loan or have sufficient income (including rental income). I think Kim Hubbard 303 770-6801 would be the person to contact.

If the property does not require any significant repair, many lenders including hard money lenders may want you to put money down or have very strong justification of why the loan amount is only 70% of the real liquidation market value (many hard money lenders believe the purchase price is very close to the liquidation market value unless improvements would "unlock" value).

Please let me know the solution you choose. I like to let my borrowers and potential borrowers know of options.

I hope you will consider us if you ever need a shorter term (1 year or less) hard money investment loan.

Good Luck!
Web Reference: http://goodfundslending.com
1 vote Thank Flag Link Thu Mar 15, 2012
Regards,
Todd

The aforementioned is personal opinion and I believe it to be correct at the time of posting. None of the content should be considered a binding offer or agreement. I make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information. I recommend consulting a qualified professional before acting. Rates and terms are subject to change.
Flag Thu Mar 15, 2012
I can do loans as long as three years. Our max LTV is around 60% and we can do loans with no prepayment penalties. I'm a direct lender located here in Denver http://(www.fairviewlending.com). Please e-mail or call to discuss your scenario. I look forward to earning your business.
Web Reference: http://www.cohardmoney.com
0 votes Thank Flag Link Tue Nov 20, 2012
Thank you for the responses, they have been helpful.

The reason I am looking for hard money for an "extended" hold is because of the current lending environment. I have seven rental properties, and all properties have to have 6 months reserves in order to qualify traditionally. That is a steep sum of money, and I feel it would be better used deployed and invested, even if interest rates are higher over three years.

Thanks!
0 votes Thank Flag Link Thu Mar 15, 2012
Try Jeff Sigman you can e-mail him at jsigman@generationcap.com
0 votes Thank Flag Link Sat Mar 10, 2012
Usually it is not cost effective to use private or hard money for loans that last 3 or more years. Even with a credit event, after 2 years traditional channels will often make loans at lower rates than private hard money lenders.

If you are willing, please explain why you are looking for private money and the types of properties & price points. I doubt my company would be willing to make such long term loans, but maybe I or others can point you in the right direction.

Regards,
Todd

The aforementioned is personal opinion and I believe it to be correct at the time of posting. None of the content should be considered a binding offer or agreement. I make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information. I recommend consulting a qualified professional before acting. Rates and terms are subject to change.
Web Reference: http://goodfundslending.com
0 votes Thank Flag Link Fri Mar 9, 2012
Hi Austin-

I would try 1st Bank if you are looking for a 70% LTV buy and hold investment property loan. If you are putting at least 20% down they will portfolio the loan so the underwriting is more of a common sense approach than Fannie/Freddie channels. I use Blake Zimmerman over there for most of my NOO loan and he can be reached at blake.zimmerman@efirstbank.com or 303-329-4780. Good luck.
0 votes Thank Flag Link Fri Mar 9, 2012
I have access to a couple of private lenders in the Denver area. You might also check out Renav (renav.com) and Pine Financial (pinefinancialgroup.com)for private lending.

Phil Lunnon
303-888-2500
0 votes Thank Flag Link Fri Mar 9, 2012
I specialize in fix n flips and working with Investors. I have access to many great hard money lenders that work with flippers, buy and hold, etc. I also have many contacts in the contractor fields! What your talking about should be easy to do, and you are looking at a two week close time once you find your house.

Ryan Jonke
Modern Real Estate
303-229-5664
0 votes Thank Flag Link Fri Mar 9, 2012
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