Property Geographic Area Details

Colorado only - non-rural areas

Loan Amounts

$50,000 to $5,000,000

Interest Rates

10% to 10%

Max Loan-To-Value

70%

Max Loan-To-Cost

80%

Origination Fees

2% to 2%

Loan Terms

0 months to 12 months

Lien Position

  • 1st
  • 2nd

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Value Add Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • 2-4 Units Residential
  • Residential Land
  • Single Family Residence

Loan Types

  • Private Money
  • Hard Money
  • Residential Fix and Flip
  • Residential Rehab and Rent

Specialty Loan Types

  • 2nd Mortgage Equity Cash Out
  • Note Purchase
  • Reverse 1031 Exchange
  • Discounted Note Payoff
  • Foreclosure Bailout
  • Primary Residence Business Purpose Cash Out
  • Transactional Funding

Junior Liens

Junior Lien Loan Amounts

$50,000 to $500,000

Junior Lien Interest Rates

10% to 10%

Junior Lien Loan-to-Value

65%

Junior Lien Loan-to-Cost

70%

Junior Lien Origination Fees

3% to 3%

We Fund Junior Position Loans

Rarely

Junior Lien Types

  • Purchase
  • Refinance
  • Equity Cash Out
Loans must be for business purpose.

Details and Requirements

Typical Closing Time (Days)

10

Fastest Closing Time (Days)

2

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only

Payment Structure Details

Interest only monthly payments are required.

Pre Payment Penalty

no

Will lend to a foreign national

yes

Permanent resident aliens must provide a 1-551 Permanent Resident Card (Green Card) issued by the Department of Homeland Security U.S. Citizenship & Immigration Services. Permanent resident aliens must have either a social security number or an ITIN.

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • Individual(s)
  • LLC
  • Limited Partnership
  • Trust
  • Corporation
  • Self-Directed IRA

Documentation Required

  • Credit Report
  • Loan Application

Personal Guaranty (Recourse) Required

Always

Credit Check Required

yes

Minimum Credit Score Required

600

Credit Check Description

Borrowers with a less than 600 credit score encouraged to bring in a partner to guarantee the loan. Loan-to-value may be decreased with lower credit scores, particularly where borrower does not have a demonstrable track record of purchased, rehabbed, and sold properties.

Appraisal Required for Residential Property

Sometimes

Appraisal Required for Commercial Property

Always

Broker Price Opinion (BPO) Accepted for Residential Property

Sometimes

Broker Price Opinion (BPO) Accepted for Commercial Property

Never

Fees

Funding Fee

2 point origination fee for senior position loans. 3 point origination fee for junior position loans.

Extension Fee

Typical loan extension is .0033 of principal balance per month payable at end of loan term.

Appraisal Fee

BPO fees will be refunded to borrower upon successful closing. Single family residential appraisal costs (typically only needed with a construction loan) will be refunded to borrower upon successful closing provided the total loan amount is $300,000 or more. For loans less than $300,000, $150.00 of appraisal costs will be refunded to borrower upon successful closing.

Renovation Construction Draw Fee

$125/site visit for construction draw

Minimum Origination Fee Amount

$1,000

Fees which are mandatory for all new borrower clients

  • Funding Fee

Fees which are charged upfront prior to loan closing

  • Funding Fee

Fees which are paid to a third party company

  • Appraisal Fee
  • Renovation or Construction Funds Draw Fee

Legal Disclaimer

Salt Funding, LLC will make every effort to update any changes to lending criteria represented herein.

Company Size (Number of Employees)

2

Year Established

2017

Associations

  • American Association of Private Lenders

Office Locations

Denver, Colorado

Primary Capital Source

  • Own Funds

Alternative Capital Sources

  • Individual Investors
  • Private Equity Funds

Loan Structure for Majority of Loans

  • Own Balance Sheet

Alternative Loan Structures

  • Table Funding with Capital Partner

Percentage of company’s lending business focused on private mortgage

100%

Percentage of Loans Secured by Residential Property

100%

Percentage of Residential Property Loans Which are Fix and Flip

90%

Percentage of Residential Property Loans Which are Buy and Hold

10%

Total Number of Loans Funded to Date

46

Total Loan Volume Funded to Date

$10,700,000

2018 Number of Loans Funded

10

2018 Loan Volume Funded

$2,000,000

Tina Dorn

Owner

AAPL Certified Private Lender Associate

Tina enjoys spending time with her husband and two young boys traveling and adventuring in the Colorado outdoors. Tina has been investing in and lending in the Colorado market for since 2007. She has been originating business purpose loans full time since 2018 and is well known in the Colorado investment community.

Herb Dorn

Owner

Herb has been investing and lending in the Colorado real estate market since 2007. He is a retired firefighter after 20 years of service and is currently active on the local mountain rescue team where he works as a paramedic and a technical specialist. Herb enjoys spending time with his wife and two young boys traveling and exploring the Colorado outdoors.