My hard money niche is from $200,000 to $800,000. Need something larger or smaller? I might be able to refer you to someone who can help.
I will lend on real estate located anywhere within a reasonably populated area in Colorado, not just along the Front Range.
Usually, my loan will be no more than 65-70% of value of improved property and no more than 50% of the value of unimproved land.
Typically, the loan term will be no longer than 2 years. This works for most borrowers since hard money is more expensive than conventional financing and is used temporarily until conventional financing can be arranged or the property sold.
The interest rate can be as low as 8%. The rate is based on the LTV, property type, property location, borrower, etc.
My origination fee for a 6-month loan is 2 points. If a longer term is required, that fee may be higher.
Like convention financing, all my loans are closed by a title company. Fees charged by the title company are the responsibility of the borrower.
No. You can pre-pay the loan at any time without penalty.
I keep paperwork to a minimum. A closing usually consists of only 4 or 5 documents.
Five business days from receipt of the requested information is generally enough time.
Sorry, no. The proceeds of my loans need to be for a business purpose, not for personal, family, or household use.