Yes, after closing a commercial hard money loan, we will allow you to walk away from the closing table with cash in your pocket if our underwriting justifies a loan amount larger than that needed to pay off an existing loan(s).
Commercial
Will you extend my commercial hard money loan if I reach the maturity date and have been unable to get the property sold?
Most likely, yes, provided you have made your payments on time, are not in default on any other loan provisions and the project fundamentals are substantially the same as those at the time the loan was originated. Our loan documents contain an extension provision.
Can I qualify for a loan if my credit history doesn’t look stellar?
Yes. While we will pull your credit report and examine additional financial information, our decision to make the loan will be based primarily on an inspection of the property itself, our opinion of the value of the property and your exit strategy. We understand that bad things can happen to good people.
Will you make a commercial real hard money loan secured by real estate not located along the Front Range?
Yes. We will consider making a hard money loan elsewhere in Colorado, and have done so. However, depending on the location, you may incur additional expenses, including, but not limited to, an inspection fee and an appraisal fee.
Will you allow subordinate financing?
Yes, we will allow a second lien position behind our first lien position.
