Hard Money Lenders Colorado Springs, CO

How are hard money loans in Colorado Springs structured?

Colorado Springs hard money loans differ from conventional loans in several ways. At Source Capital, our hard money lenders are committed to offering competitive interest rates and flexible loan terms. As a result, you can get the money you need even if you don’t meet the strict requirements of conventional lenders.

The exact terms of your Colorado Springs hard money loan will vary, but here are some terms you can expect:

• Financing for amounts between $100,000 and $5 million
• Loans up to 65% LTV in first position, 50% CLTV in second position
• Origination fees as low as 2%
• Fixed interest rates starting at 8.99%
• No minimum credit score or income requirements
• No junk fees
• No prepayment penalties
• Short-term agreements ranging from 1 to 2 years

We know how difficult it can be to get approved for a loan, so we offer simple hard money loans with favorable terms. Keep in mind that your interest rate and origination fee may vary depending on your application.

How can I get approved for a hard money loan in Colorado Springs?

If you’re ready to start investing in real estate, the first step is getting approved for a hard money loan in Colorado Springs. Lucky for you, Source Capital makes it easy to apply for a loan and get approved within 24 hours. Here’s what you’ll need to get started:

• Your first and last name
• A valid phone number and email address
• The amount you’re requesting to borrow
• Details about the property

Once you submit your application, you’ll get a response from one of our Colorado Springs hard money lenders within 24 hours. This response will include a written offer with your origination fee and interest rate. If you choose to accept this offer, we can fund your loan in as little as 7 to 10 days.

We don’t care about your credit score or financial history, which means it’s easier to get approved for a hard money loan with Source Capital.

What kind of properties can I get a loan for in Colorado Springs?

At Source Capital, our hard money lenders work with a wide range of real estate investors to finance different types of investments. We’re proud to offer both commercial and residential hard money loans, giving you the power to invest your money in almost any way you choose.

Residential properties:

• Fix and flip properties, remodels, and buy and holds
• Single-family homes, duplexes, triplexes, and quadruplexes
• Apartments and condos

Commercial properties:

• Multi-family units, including complexes and planned communities
• Office spaces
• Industrial spaces
• Retail storefronts

Types of Loan Programs

When you apply for a hard money loan with Source Capital, you can choose between several types of loan programs. Our Colorado Springs hard money lenders can work with you to make sure you’ve got the best loan based on your needs.

Refinance

Refinancing may be a wise choice if you already have equity in a home. You can use that equity to take out a second loan, then you can use that loan to pay off your existing loan and invest in real estate. Our hard money lenders offer competitive refinancing interest rates.

Investment purchase

Nothing beats putting your money to work, and investing in rental property is one of the best ways to do that. If you’re looking to purchase a single-family home or duplex to rent out, we can finance your investment with a hard money loan.

Commercial property

Whether you’re interested in office buildings, retail storefronts, or industrial zones, Source Capital has the knowledge and experience to fund your commercial investment. Our lenders will take the time to make sure your loan is tailored to your property.

Probate and estate

You don’t have to wait for the probate process to play out before you can start investing. With a probate and estate loan from Source Capital, you get access to your money earlier so you can start your search in weeks.

How Our Loans Work

Most lenders look at your credit score and income to determine whether you qualify for a loan, but that’s not always the case. At Source Capital, we focus on the value of your assets and the property you’re purchasing.

We can finance loans up to 65% LTV, so the loan you’re taking out can’t be more than 65% of the value of the property. As long as you meet that requirement, you don’t typically have to worry about past debts or a low credit score barring you from getting approved for a loan.

Our interest rates and lender fees may vary, so take some time to review your loan offer before you agree to anything.

How much does a hard money loan cost in Colorado Springs?

You might be wondering how much you can expect your Colorado Springs hard money loan to cost when it’s all said and done. The truth is, the cost of your hard money loan will vary depending on several factors, including your interest rate, how much you borrow, and the length of your loan.

While you can lock in a fixed interest rate with Source Capital, not every borrower gets access to our lowest 8.99% rate. If your interest rate is on the higher side, you can expect to pay more over the life of your loan.

Longer loans also result in borrowers paying more interest. If you’re paying interest over a 12-month period, you can expect to pay less than you’d pay over a 24-month period.

Making on-time monthly payments is a key part of minimizing the cost of your Colorado Springs hard money loan. Late payment penalties and additional interest can add up quickly, so make sure you’re staying on top of your monthly payments.

Can I get a hard money loan in Colorado Springs with low credit?

Getting approved for a loan with low credit or insufficient income can be difficult, but Source Capital makes it possible. Our hard money loans are designed to account for the value of your assets and the property you’re purchasing rather than your income and credit score. Even if you have a less-than-ideal financial history, you can get approved for a loan.

The loan to value (LTV) ratio is one of the biggest things we look at when we review your loan application. As long as you meet our LTV requirements, there’s a decent chance we can approve your application. We also offer second position loans with a CLTV of up to 50%.

Whether you’ve recently been denied a conventional loan or you haven’t applied because of your credit score, we can help. Our Colorado Springs hard money lenders offer flexible loans to help you start your investing journey—even if your financial history isn’t the best.

Why choose Source Capital?

Getting approved for a hard money loan in Colorado Springs is the first step to investing. With Source Capital, you can get your loan approved within 24 hours and funded in as little as 7 to 10 days. Our fast funding times allow you to make timely offers on the properties that catch your eye, so you don’t have to worry about missing out on your dream property.

With numerous loan programs to choose from, Source Capital makes real estate investing simple. Our hard money lenders can help you choose the right loan program based on the property you’re purchasing, plus we offer competitive rates so you don’t have to shop around.

If you’re ready to start investing in real estate, Source Capital is here to help. Get in touch with a Colorado Springs hard money lender or apply online today.