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Updated over 8 years ago on . Most recent reply

Account Closed
  • Evergreen, CO
22
Votes |
91
Posts

Colorado portfolio lenders

Account Closed
  • Evergreen, CO
Posted

I've made about a dozen calls to community banks and credit unions, but haven't found one yet. Can you recommend or at least point me to some on the front range?

Most Popular Reply

Account Closed
  • Investor
  • Denver, CO
582
Votes |
736
Posts
Account Closed
  • Investor
  • Denver, CO
Replied

I've not borrowed from First Bank but I have met and talked with a banker at their Greenwood Village Branch. They will lend to a single member LLC with a personal guarantee. They do require a "banking relationship" - with my single member LLC, they wanted to see personal bank accounts as well as business accounts set up with them. They also have very specific lending areas (areas of Southern California, areas of Arizona, and areas within Colorado). They will do 75% loan to purchase price/cost basis on a property owned less than one year and they will do 75% loan to value on a property you've held one year or more. Essentially, they are looking to be sure you can cover the loan as their biggest lending criteria - both reserves and income (business and personal if applicable). In my case, I approached them about a specific property and I am waiting for the seasoning period to complete before we move forward. I'm also working on establishing that banking relationship. As a bonus, they have free donuts at their branches on Saturdays.

I was referred to them by a friend who is a mortgage broker (he's done three loans for me and I used to work with the guy about 20 years ago) that can't lend to LLC's.

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