Colorado Springs Hard Money
Colorado Springs is a great town located just south of Denver and is most well-known for the Air Force Academy/ military bases, Garden of the Gods, and US Olympic training facility. Colorado Springs is a hub for the various surrounding areas (Woodland Park, Fountain, Manitou Springs, Fort Carson, etc…) and is the second largest city in Colorado outside of Denver. I took the above picture from the Eastern side of town looking over the city facing the mountains with the first snow of the season on them. Fairview is the leader in Colorado Springs Hard Money Lending; below is a recently closed private money transaction on a light industrial/showroom building
Scenario: Borrower needed 175,000 in a week for business working capital (build out of light industrial building / showroom). He owned a light industrial building with ample equity that he owner occupied for his business. Borrower had spoken with other lenders that put various requirements on the use of funds, disbursements, etc.. and they were unable to close quickly
- Borrower needed flexibility to use the cash as he needed for his business
- Borrowers had 7 days to have 175,000 in good funds for working capital (purchase equipment, pay contractors, etc..)
- Borrowers credit excellent but unable to show income
- Borrowers business not showing great cash flow as he builds out his space for future expansion
- Borrower didn’t have time to wait for extensive appraisals, environmental, etc…
- Fairview does not dictate the use of funds from closing proceeds
- Stated Income okay, Fairview holds and services all of its own loans and therefore we are not bound by the same bank regulations
- Current financials not required. Fairview is a true asset based lender that looks at the collateral to secure the loan.
- A Seven day closing was challenging. Most other lenders would need to wait for the appraisal, environmental, etc… Fairview was able to pull out all the stops and not only close, but fund in under 7 day enabling the borrower to meet their obligations and complete their buildout.
- Fairview structured the loan as a 5 year loan with a 30 year amortization with no prepayment penalty to give the borrowers plenty of flexibility
What the Borrowers had to say:
- “Fairview did a great job closing my loan. The process was simple and went just as we had discussed. Thanks again for your honest answers and quick response ”
Learn more about Hard Money Lending in Colorado Springs and throughout Colorado: www.coloradohardmoney.com