Hard Money Loans
What is a Hard Money Loan?
We view our Colorado Hard money loans as loans to borrowers who need the money for their Colorado project, as opposed to loans often made to those who don’t really need the money. A Hard Money loan is a loan secured by hard assets, or collateral, with secondary consideration given to lending other 3 “C’s” – Character, Capacity, and Cash Flow. Collateral for Hard Money Loans in Colorado may run the spectrum from raw land on the Eastern Plains to Resort Property at tree line in our beautiful Colorado high country. Other Collateral will also be a factor some of the time, depending on the circumstances.
Hard Money loans are often the quickest, surest way to have the funds to acquire property when traditional underwriting will take too long. Unusual, hard to finance properties, will often require a Hard Money loan. Once the property is improved or rehabilitated, a more traditional loan can replace the hard money loan.
What are the Benefits of a Hard Money Loan?
Consider some of the benefits of a hard money loan: Hard Money loan amounts are generally a function of the property’s value, not the acquisition cost; Hard Money loans can be obtained quickly; Hard Money loan terms can be quite flexible based on maintaining the collateral coverage on your Colorado property; when you need breathing room on a project or investment, a hard money loan can fill the need, even though, the Colorado banker may have said, “no”; Some lenders do not want short-term loans on their books, but a hard money loan on your property will typically allow an early prepayment, especially, if you ask for this consideration up front; when the opportunity is as large as a Colorado fourteener, a hard money loan may cost more than a bank loan, but you can get right on with the development, turnaround, or construction work, without risking the deal, by risking the financing with a traditional lending source; Hard money loans are a great source of bridge financing, turnarounds, construction, rehabilitations or “fix and flips”.
In short, a hard money loan can make your deal happen, when you really need to make that Colorado investment work out for the better; sophisticated investors will often use hard money financing on their Colorado projects because they know that opportunity knocks, but will often not linger…relative to the profits of getting the right deal, right now, a hard money loan is dirt cheap!
Why choose Robert Kearney for your Hard Money Loan needs?
Robert Kearney has a wide range of experience in the real estate world. This real life knowledge makes him a valuable member of your hard money financing team. With experience in Construction Management, Development, property zoning and rezoning, lending, workouts, property investment, workouts, property management and more, this hard money lender has seen complex financings from every angle.
This enormously insightful and creative perspective can make the difference for your investment. These insights and expertise mean that for your hard money loan in Colorado, you need his insights to help your project succeed.
Call Abbey Mortgage & Investments, Inc. at 970-532-4243 now or fill out this form for a FREE Hard Money Loan evaluation.