With 45 years of experience as a Colorado Private Capital Lender, Montegra is able to offer flexible loan structures and highly competitive rates that can be underwritten and closed in a very expeditious time frame. Because of our flexibility, creativity, and speedy turnarounds, Montegra can easily tailor hard money loans to fit our borrowers’ requirements. Here are just a few examples of recent closings in which Montegra has striven to provide hard money loans that are beneficial to our borrowers.
Denver Retail Center Refinance
The borrower needed to pay off a maturing CMBS loan but did not have time to secure a bank loan. Montegra funded a $3,500,000 first mortgage loan for a one-year term at a 10% interest rate and funded in 2 weeks.
Acquisition Loan for a Metro-Denver Office-Warehouse Building
The borrower’s bank loan fell through after a lengthy underwriting process and he didn’t have time to start the process with another bank lender. The borrower needed to close within a week or risk losing his full earnest money deposit. Montegra funded a $780,000 one-year loan at a 10% interest rate in only 6 days.
Cash-Out loan for Industrial Lots
A local developer needed cash-out of their commercial property to use for other business purposes. The lots were owned free and clear but the developer’s bank wasn’t able to move quickly enough to provide the financing. Montegra funded a 6-month, 40% LTV, $1,500,000 first-mortgage loan in only 5 days.
Cash-Out Loan for a Metro-Denver Retail Building
A local investor needed cash out on his free and clear retail building to use for the construction of another investment property. His bank was reluctant to fund the loan since the funds wouldn’t be used for the collateral property. Montegra funded a 2-year $3,500,000 first-mortgage loan in less than 30 days.
Acquisition Loan for a Denver Industrial Building
A local investor was under contract to purchase a commercial building with plans to rehab and lease to a single tenant. His bank was reluctant to fund a loan on a vacant building. Montegra funded a 1-year, 65% LTV, $575,000 first mortgage loan in 3 weeks.
Metro-Denver Dispensary Refinance
The borrower needed to payoff a bank loan after leasing the building to a dispensary tenant. Montegra funded a $400,000 two-year loan at a 11.75% interest rate and was able to close for the borrower in less than 30 days.
Four Separate Parcels in Cherry Creek North Funded
A developer recently purchased four contiguous parcels of land from three separate sellers in Cherry Creek North. There are currently single family and duplex rental homes on the parcels. The developer has plans to scrape and construct residential condo units on the properties. Montegra funded one loan on the four parcels for $1,862,500 in under three weeks. See the article in BusinessDen here.
$2,500,000 Shopping Center Refinance
The borrower, who owned the Colorado Springs shopping center free and clear, needed to pull cash out for some capital improvements and general maintenance on the property. They needed to close more quickly than a bank could. Montegra was able to fund the deal in under 30 days at a 65% LTV for two years.
Lakewood Apartment Cash-Out Refinance
The borrower currently owned a 16-unit apartment building in Lakewood. The property was recently listed for sale and went under contract for $2,125,000 closing in mid-May. The borrower needed to pull cash out of this Lakewood property to close on an out-of-state apartment building he is under contract to purchase. Montegra was able to fund the $1,400,000 loan in 7 days. Six month term, 10% interest with 1.5 points in fees.
A residential investor was under contract to purchase two rental homes in Englewood. He had tenants ready to sign leases at both locations and contracts with tight deadlines that a bank would not be able to meet. Montegra was able to help the investor close on the properties in three weeks to satisfy seller’s short timeframes. Both two year loans totaled $450,000 at a 65% LTV and a 10% interest rate.
In 2015 the borrower purchased a 24,360 SF warehouse located near Peoria along the I-70 corridor. They plan to turn the building into a subdivided, marijuana-tenanted facility and needed to pull cash out of the building to construct the necessary tenant improvements. Montegra funded an 18 month loan in under 30 days at a 50% LTV. The loan is interest only at 12% with 3 points in fees.
A borrower came upon a good deal for a mixed-use, owner-occupied project near downtown Denver at 24th & Welton St. They were under contract on the property and needed to fund quickly to start renovations on the building. They intend to make the main level their office space and include two new apartment rental units upstairs. There are currently no tenants in place in the building to cover a bank’s DSC ratios for the borrowers to obtain traditional financing. Montegra was able to close the one year loan in under three weeks at 10% interest, 3 points in fees at a 65% LTV.
A $1,900,000 loan was recently funded on a 30,000 SF industrial building in Northglenn, CO. It was fully leased at closing with long term tenants in place. The borrower needed to use some of the equity from the building toward another business opportunity. Banks and traditional lending sources couldn’t refinance the loan quickly enough for the borrower. Montegra was able to close un under two weeks at a 65% LTV, 10.5% interest rate and 2 points.
A vacation home investor found an opportunity to purchase an old church currently not in use with no existing tenants. With no income on such an unusual product, a bank wouldn’t lend on the project. Montegra funded this $500,000 loan in two weeks. The loan was a one year loan at 64% LTV at a 10.25% interest rate.
An investor purchased two storage units near Dove Valley to be used as “mancaves” to safely store high-end automobiles. The borrower was unable to obtain bank financing due to credit circumstances and lack of debt service coverage on the units. Montegra was able to fund the loan and close quickly for the borrower. The $186,000, 65% LTV loan was made for two years with a one year option to extend. The interest rate is 10% with a 2 point fee.
A retail property investor owned a building in Longmont, CO free and clear. The building is currently 60% leased to Anytime Fitness and the other 40% of the building was recently improved by the owner and made tenant-ready. He needed to cash-out and recapitalize quickly. Montegra funded the one year, 50% LTV in two weeks. The loan amount was $375,000 at 10% with 2.5 points.
A local developer was under contract on an 18,800 SF multi-family lot in Cherry Creek South. Over $500,000 of earnest money was at risk. His bank told him they could close by contract deadline, but unfortunately they couldn’t execute. Montegra funded a $1,000,000 loan on this property in six days. It was 60% LTV, with 10% interest and 1.5 points for a six month term.
West Denver Multi-Family Rehab Acquisition
An investor found a great opportunity to buy and rehab a 20-unit multi-family property. His bank promised to close by contract deadline, but backed out at the last minute. With $40,000 of hard earnest money and the purchase opportunity at risk, the borrower contacted Montegra. We closed the 65% LTV $1,170,000 loan in under two weeks at a 10% interest rate, 1.5 points.
Cash Out Loan on Owner-Occupied Retail Building on South Broadway
The owner of a high-quality, owner-occupied retail building on South Broadway needed to pull cash-out of the property for their business. Banks would not lend due to the borrower’s insufficient liquidity and credit to qualify, and the property income did not meet bank standards for debt service coverage. Montegra was able to fund a loan of $1,050,000 at a 64% LTV for two years.
Colorado-Based Restaurant Group Needed Land Loan
Southern Concepts, a Colorado restaurant group, needed a land acquisition loan for a piece of property they were purchasing in Colorado Springs. The group owned two valuable parcels adjacent to the land which the bank would not use as collateral. Montegra funded a $1,300,000 land acquisition loan for two years at 65% LTV.
$3,750,000 Loan Funded on a Marijuana Grow Facility in Denver
Montegra Capital funded a $3,750,000 first-mortgage secured loan on a 55,000 SF grow facility along the I-70 corridor. The borrower, a real estate development company, enhanced the property by adding an interior second floor to the 26-foot high facility, doubling the rentable square footage. Montegra’s loan provided funds to build a turnkey grow warehouse with state-of-the-art equipment and finishes. The prospective tenant, a well-known cannabis company, plans on consolidating its Colorado operations into this building to take advantage of the energy efficient facility.
Business Owner Purchases Adjacent Property at 58% of Market Value
A Wheat Ridge business owner wanted to purchase the converted residential property located next door to his premises to open a bar and grill, which would complement his existing business. Because the business’s recent financials didn’t meet bank standards, the bank would not consider a loan. However, Montegra was able to fund a $140,000 loan at 58% of the appraised value, which enabled him to take advantage of the opportunity to purchase the neighboring property.