Stone Creek Mortgage – Denver Hard Money Loans
If you have heard that you need a hard money loan, you probably know the basics of how these loans work. However, a quick refresher might be helpful, especially if you aren’t familiar with these loans specifically in Colorado. First off, you can refer to this wikipedia about hard money lending to learn more about it.
Hard money loans are made on property, based on the value of the property in a quick sale. Hard money loans are useful to property owners with distressed financial situations, and to commercial borrowers, but they require equity, usually at least 25% of the value of the property. Second, they are only made on business or commercial property due to the law and protections for lending on the home you occupy. The rates to borrow are much higher than standard loans, often more than 10%. While the rates are high, it is often much cheaper than an equity partner.
Every Loan is Unique
When you’re seeking a Denver hard money loan, one of your most important steps is finding a mortgage lender who understands the hard money loan market, understands Denver real estate, knows the lenders who offer hard money loans in Denver, and works with customers to find exactly the right lender and the right loan.
I know most of the hard money lenders in Colorado. Call me and if I cannot help you, I’ll point you in the right direction to the lender who is the best fit for your situation. I’ll do everything I can to make sure the process is a positive one.