Aspen Hard Money Loans
Montegra has a long history of hard money lending in Aspen. Over the past 44 years we have funded many types of private capital loans in Aspen and the Roaring Fork Valley; following are a few examples:
Cash Out Loan in Aspen-Starwood
A family investment group paid cash for a single family lot in Starwood, which they bought in order to build a spec house. They wanted to take out some cash for architectural and engineering expenses, but found that banks would not make a land loan to them on the property because the structure of their investment group did not conform to the bank’s strict lending requirements. Montegra funded a loan for them that was paid off out of the proceeds of a construction loan, which was obtained after a reorganization of the investment group’s structure.
Aspen Hard Money Land Acquisition Loan
A borrower wanted to buy a single-family residence, and then tear it down and split the lot into two lots. One lot would be zoned for a duplex and the other lot would be zoned for a single-family residence. Banks and institutional lenders were unwilling to fund a loan to tear- down the existing house but Montegra, with its asset-based underwriting standards, was able to close the loan for the borrower. Once the tear-down and rezoning was completed, the borrower was able to obtain bank financing and pay back the hard money loan from Montegra.
Bridge Loan on a Commercial Property in Basalt
The owner of a large, commercially zoned property in Basalt wanted to redevelop the property and construct “live/work” condos. In order to do so, the borrower needed to be able to hold the property for two years in addition to paying architects, engineers and land planners. This required a substantial loan with an interest reserve to make monthly interest payments. Montegra funded a private capital loan that allowed the developer to proceed with this unique project. Montegra was ultimately paid off from the construction financing loan that the developer obtained once the project reached the construction stage.