Colorado Hard Money Acquisition Loans
Hard money loans, which are also known as private capital loans, are frequently a useful resource for borrowers who are having difficulties finding a traditional lender that is willing to fund a loan to buy an investment property. Traditional lenders may turn down a loan application for a number of reasons—timing issues, credit scores, underwriting criteria, executive loan committee denials—none of which are deterrents to hard money lenders like Montegra.
Montegra is based and funded locally in Colorado. Montegra underwrites hard money acquisition loans using a completely different set of standards than the average bank or institutional lender. Montegra is usually able to approve requests regarding the acquisition of good properties with acceptable loan-to-value (LTV) rates. Because Montegra has no loan committees or chief credit officers and minimal red tape, we are able to respond to most requests with a definitive answer within 24 hours (subject to receiving appraisal confirmation of the property’s value) and to close on acquisition loans within 30 days (compared to the months that traditional lenders typically require).
What Information Should You Include in Your Request?
You can speed up your loan request by providing Montegra with the following information:
1. What is the property’s address?
2. What type of property is it?
3. What are your plans for the property once you purchase it (i.e., hold onto it long-term or fix it up, retenant and resell it)?
4. Do you have an executed purchase contract for the property? (If so, please submit a copy with your request.)
5. If you have signed a contract to purchase the property, when is your closing date?
6. What do you believe the fair market value of the property to be today?
7. How much cash are you willing to use as a down payment on the property?
8. What amount of money do you want to borrow?
We will also need other routine personal financial and credit information to complete the application process, but we would like to begin by gathering the basics about the property and your plans for it to better understand what you would like to accomplish and how we can best help you achieve those goals.
See our recent closings for examples of how Montegra helped other borrowers close their acquisition loans and realize their projects.