Loan Process
The first step is the loan application. This can be made by telephone request to Kim Skari or Bob Amter at (303) 377-4181 or by e-mail. See our section Apply Now.
If we believe the Colorado hard money loan request meets our guidelines (see Loan Guidelines section) we will send you a “term sheet” that outlines in detail how we would structure and price your Colorado hard money loan request. This term sheet will be sent to you with 24 hours if possible and no later than 48 hours after we receive the application.
If you accept the terms we offer we will create and send you a detailed Commitment Letter. Our commitment letter “commits” us to fund your Colorado hard money loan subject to appraisal confirmation of value and completion and approval of our other underwriting requirements. Since we are an “asset based” private lender, our primary interest is in the appraised value. Remember, we always use a “fair market value" appraisal, not the “quick sale value” that other hard money lenders often use.
The commitment letter will set a closing date that, typically, is not longer than 30 days out and can be as little as 14 days out. We do not mislead clients with the claim that we can close a Colorado hard money loan in one or two days. We can’t do this and advise prospective borrowers to think very carefully before working with hard money lenders that claim they can do “instant” loans without telling you of title requirements or legal requirements.
Our Colorado hard money loans are always closed with the help of our attorney who works with the title company to make sure everything is done properly.
We underwrite, close and service all loans. We are not “loan brokers” but are direct lenders. We make the decisions ourselves, and fund the loan with money under our direct control. We are a one stop shop.
When dealing with a private lender you are dealing directly with the decision maker. We do not have loan committees and therefore we can cut through the red tape and get your deal done as fast as or faster than any other private lender.
We are always looking for Colorado hard money loans to close. Use our Apply Now section to send us your request. You will receive an immediate response.
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