Montegra’s 41 years of experience as a Colorado Private Capital Lender allows us to offer flexible loan structures combined with highly competitive rates and the ability to close quickly to assist borrowers to obtain a loan tailored to their requirements. Here are a few examples of how some of our recent closings have worked to benefit our borrowers.
How to Make Money With No Risk: Montegra Helps Developer Pay Off $4,700,000 in Bank Loans at a Substantial Discount!
A well-known Denver development company received an offer to get a substantial discount from its bank on two existing bank held loans. The bank, under pressure from the federal regulatory agencies, offered to take a discounted pay off if their loans could be paid off by the end of the upcoming fiscal quarter (30 days out). With a tight time frame and complex underwriting issues the developer turned to Montegra for their timely and user friendly private capital loan underwriting. Montegra funded a 65% LTV $2,600,000 first mortgage on a downtown Denver office building and a 52% LTV $2,100,000 first mortgage loan on a retail center near Cherry Creek North within the required time frame. Bank kept FDIC happy – and developer made money without doing anything but wisely choosing to work with Montegra.
50% Vacant Apartment Refinance Loan Allows Owner To Obtain a $350,000 Discounted Loan Pay Off From Its Bank
Montegra recently closed a $550,000 asset based hard money loan on a 59 unit apartment house in Aurora with a 52% vacancy rate. This property needed significant repair and remodeling. The bank holding the 1st mortgage offered the owner a $350,000 discounted payoff if their loan could be paid off before the end of the quarter. Montegra underwrote and closed this loan in 3 weeks. The owner got his discount and recently placed the property under contract for more than the original balance of the bank loan.
Startup Receives $750,000 in Less than 30 Days for Historic Mansion
A company wanted to purchase a historic Denver office mansion to open an urban vacation retreat center. Because this was a startup business, banks were not willing to make the borrower a loan. Montegra realized the borrower was purchasing the property at below market value and the loan qualified for our creative Smart Buyer Loan Program allowing us to fund a loan at 70% of purchase price. Montegra funded a two year $750,000 interest only loan and was able to close in less than 30 days. The borrower was able to purchase the property and open the center.
100% Vacant Retail Property Purchase Loan Creates Opportunity For New Owner
An experienced Denver retail developer was turned down for a purchase money loan on a 19,300 square foot property in Denver that was vacated by the owner who had operated their retail store on the site. The developer contacted Montegra and we were able to fund a $900,000 asset based loan for him by using cross collateralization with another property he already owned. The developer subdivided the property into three sections and it is now 100% leased with positive cash flow.
Owner Occupied Industrial Building Owner Receives Cash Out Loan
The owner of a high quality owner occupied industrial building in Denver wanted to pull cash out of his free and clear building to recapitalize his business. Because the business had experienced a decline in its revenues, banks were unwilling to consider a loan for him. Montegra funded a $435,000 loan for this owner with minimum red tape which allowed him to put the needed funds into his business.
Resort Area Rental Property Financed Below Market Value in Time for Winter Season
A Denver investor found a great buy on a new construction investment residential property located in a new development in Fraser. Because one of the guarantors had past credit problems, banks were not willing to fund a loan on the property. Montegra realized the borrower was purchasing the property at under fair market value and gave them credit for this by funding a $417,000 loan at 75% loan to purchase price. This gave the borrower the extra funds to establish a 1 year payment reserve on the loan and gave them time to get the property furnished and in the rental pool in time for the winter season.
A Foreign National Obtained A Purchase Money Loan On A Mixed Use Building Near Larimer Square
An investment group owned by a foreign national wanted to buy a mixed use property in a great location near Larimer Square to open a restaurant. Because the foreign national group could not provide the type of credit and financial information required by banks, they were unable to find a traditional purchase money loan. By underwriting the property and not the borrower, Montegra funded a $942,500 purchase loan on the building in less than 30 days from signing of the Commitment Letter. The property is now fully occupied.
A Resort Area Investor Secures Bridge Loan From Montegra To Pay Off Maturing Bank Debt
A Telluride investor was under pressure to pay off her bank debt on a commercial building on Telluride’s main street. Although the building was partially leased to a restaurant, the cash flow was not sufficient to create the required debt service coverage required by their bank for renewal. Montegra, using its asset based underwriting approach, funded an $875,000 loan for her to enable her to pay the bank on time. The property is now fully occupied.
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 in order to open a bar and grill to complement his existing business. Because recent financials of the business didn’t meet bank standards, they would not consider a loan. Montegra was able to fund a $140,000 loan at 58% of appraised value to the borrower allowing him the opportunity to purchase the property.
