Yes, 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). However, the cash out must be used for a business purpose. It cannot be for personal use, such as paying down credit card debt. Forrest Financial does not underwrite or fund consumer loans.
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.
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.
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.
Yes, we will allow a second lien position behind our first lien position
Yes. See our fix & flip loan guidelines.