Recent Closings
Income
Property
An experienced real estate investor has a contract to buy an undervalued retail property at a great location in southeast Denver. The investor had a promise from his bank to fund the loan but at the last minute they pulled the plug. The investor's loan broker introduced him to Montegra. Montegra was able to fund 100% of the purchase money required for the deal plus an interest reserve for the one year term of the loan by collateralizing both the retail building and a parcel of transit oriented development land that the investor owns free and clear. Montegra funded the loan within 3 weeks of the signing of the commitment letter.
Industrial and Warehouse
An established Denver moving and storage company needed to raise capital for its business in this economic downturn. For several months the company tried, unsuccessfully, to borrow $350,000 from their bank on a 14,000 sq ft warehouse they owned free and clear. The borrower's loan broker introduced him to Montegra. Montegra funded the loan within 2 1/2 weeks of the signing of the commitment letter. The company received the funds they need and are able to recapitalize.
Resort Area
A real estate investor signed a contract on a high-end condo in a premier Colorado ski resort at a special pre-construction bargain price. 18 months later when the condo is finished and closing is scheduled his bank was only willing to lend against the purchase price and not the current value of the property, in effect penalizing him for getting a good deal. Montegra funded a 60% loan to appraised value for the borrower allowing him to close the property with a smaller cash down payment and the greatest possible leverage.
Investor Owned Residential
A California businessman
was contacted by Denver relatives about an outstanding purchase
opportunity to acquire a 30-acre estate in Douglas County for under
its fair market value. Institutional lenders are concerned about
the investment purpose of the loan rather than use as an owner
occupied residence. Montegra funded a purchase money loan for 60%
of the purchase price for 2 years with interest only payments.
Spec Home
A well-known Denver spec home builder with 25 years of experience cannot find a buyer for his latest project in a premier Denver neighborhood. His construction lender threatened foreclosure. In this difficult residential market Montegra was willing to fund a one-year first mortgage loan on the property to take the pressure off the builder to fire sale the property below its fair market value.