Who are the Best Hard Money Lenders in Colorado Springs 2023?
Finding the best hard money lenders Colorado Springs CO is critical to your investing success. Whether you’re new to real estate or seasoned investor, your hard money loan can eat up a ton of profit margin. Whether you’re looking for a fix and flip loan or a BRRRR strategy, a bad hard money loan can set you back thousands of dollars. On the other hand, a good hard money loan can provide the financing you need in less time than any other source of financing. Colorado Springs hard money lenders can give you the buying power required to scale your business and profit.
Colorado Springs has a limited selection of local private money lenders. With that said, there are several national lenders who are available to loan throughout Colorado Springs. Rates on hard money loans issued to Colorado Springs investors average a standard 11-12% with an average loan amount around $254k. The median loan term is around 6-12 months. The mean hard money loan includes origination fees in the 3-4% range with standard LTV averages around 70-80%.
Here’s our short list of the top 6 Best Hard Money Lenders in Colorado Springs:
- Freedom Private Money
- Access Financial Group
- Indicate Capital
- Salt Funding
- Cost Fund
- Good Funds Lending LLC
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Top 6 Best Hard Money Lenders Colorado Springs
1. Freedom Private Money
Freedom Private Money is a Colorado Springs hard money lender. They are highly rated on Google and are also veteran owned. They’ve loaned over $125m in value since inception, and they offer very competitive terms.
Here is more info about their hard money program:
- Min Loan Amount $75,000
- Interest Rate 10-12%
- Origination Fees 2-3%
- Processing Fees $1,250
- First-Time LLC Fee $250
- Loan Term 6-12 Months
- Max LTARV up to 75%
- Max LTC 100%
- Min Credit Score 600
- Draw Request Fee $200
- Extension Fees 1% for 3 Months
- Reserves Required 12 Months
2. Access Financial Group
Our next Colordao Springs hard money lender is Access Financial Group. They are a full service real estate company in Colorado. They are a portfolio lender that offers hard money loans and alternative financing options. Additionally, they offer For Sale By Owner homes with competitive seller financing or lease option purchase programs for buyers.
Here’s some more info about their fix and flip program:
- Rate: 11.25%
- Origination Charge: 3 Points (3 % of loan amount)
- Term: 6 month balloon
- Payment: $9.71 per $1,000.00 borrowed (Ex. $971.26 for $100,000 loan)
3. Indicate Capital
Indicate Capital is our next hard money lender in Colorado Springs. They don’t have a ton of reviews, but the ones they do have are excellent. They have a quality site and a full spectrum of loan programs. They care about the tangible value of your assets, not your credit, we empower our customers with the hard money they need to flip a property, bridge investments, acquire new property, or buy public trustee sales.
Here are some of their typical terms:
- 1-3-year notes
- Up to 85% Loan To Cost ratio (LTC)
- Interest-only (monthly) payments
- 1-3% Commercial Fees
- 0% Residential Fees
4. Salt Funding
Our next hard money lender in Colorado Springs is Salt Funding. They’re unique in that they are a family owned hard money loan provider. They serve the Colorado Springs area and have a solid reputation.
Here is more info about their loan program:
- Average loan 10%, 2 points.
- 70-80% LTV.
- Typical loan size $50K-$500K, up to $5MM (fees may differ over 500K)
- Up to 90% purchase price (currently up to 85% PP) + 100% rehab.
5. Cost Fund
At COST Fund, they specialize in offering short term loans to their Colorado Springs clients. Because the work they do is intended to be used to acquire real estate properties within the Colorado Springs area, their loans typically don’t need to go any longer than a few months. They offer acquisition loans and cash out refi loans.
Here are some terms of their hard money loans:
Loan to Cost: Up to 85%
Loan to Value: Up to 75%
Doc Prep. Fee: $1,000-$1,400
6. Good Funds Lending LLC
Our final Colorado Springs private money lender is Good Funds Lending LLC. They have a solid Google profile and offer a good selection of loan programs. They are based in Denver, so if you’re looking for a local lender, this is another good option.
Here are some terms of their hard money loans:
Loan to Cost: Up to 85%
Loan to Value: Up to 75%
Doc Prep. Fee: $1,000-$1,400
Best Hard Money Loans Colorado Springs FAQ
Who is the best hard money lender in Colorado Springs?
Here’s our short list of the top 6 Best Hard Money Lenders in Colorado Springs:
- Freedom Private Money
- Access Financial Group
- Indicate Capital
- Salt Funding
- Cost Fund
- Good Funds Lending LLC
What do Colorado Springs hard money lenders charge?
Hard money loan rates in Colorado Springs range from 11 percent to 12 percent for shorter and mid range terms. Most hard money lenders also charge points or origination fees on a loan ranging from 3-4%.
Do Hard Money Lenders in Colorado Springs require appraisals?
Many hard money lenders in Colorado Springs will require an appraisal.
What is hard money in Colorado Springs?
Hard money loans in Colorado Springs are short term loans secured by real estate. These loans are used to purchase and/or rehab residential or commercial properties. They’re more expensive than traditional bank loans but can be closed faster and with less credit requirements.
