Direct Lender for Residential Property Investors in Colorado
Salt Funding’s primary loan program is for the purchase and rehab of single family homes that will be flipped or rented. Loans typically do not exceed 80% of as-is-value or 90% of purchase price. We will also lend up to 100% of construction costs provided the total loan amount does not exceed 70% of the After Repair Value.
We offer cash out refinance loans (1st or 2nd position) on existing real property provided the funds are used for business purpose only.
Please note: we do NOT offer loans for ground-up construction or owner-occupied homes.
Property Geographic Area Details
Loan Amounts
Interest Rates
Loan Terms
Origination Fees
Lien Position
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
- Discounted Note Payoff
- Foreclosure Bailout
- Note Purchase
- Primary Residence Business Purpose Cash Out
- Reverse 1031 Exchange
- Transactional Funding
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
Description
We are conservative in our funding for land deals. Typical land loan will be for borrower who needs to close prior to obtaining a take out loan that will cover purchase price and construction costs.
Land Types Considered
- Residential Land
- Multifamily Land
Will Consider Land That is NOT Entitled
noExisting Land Improvements Required
- Street Access
- Electricity
- Gas
- Water
Max LTV for Land
50%Max LTC for Land Acquisition
60%Junior Lien Types
- Purchase
- Refinance
- Equity Cash Out
Max Loan-to-Purchase Price
90%Borrower Must Have Property Under Contract
noWill Provide Proof of Funds Letter
yesWill Consider Lending on Purchase from Auction
noAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Primary Residence
- Seller Financing
- Gap Lender
- Family
Experience Required
noMinimum Number of Value-Add Projects Completed by Borrower
0Will Provide Funds for Renovation Costs
noMax LTC for Renovation Costs
100%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 paid to a third party company
- Appraisal Fee
- Renovation or Construction Funds Draw Fee
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Salt Funding is a small, nimble, private lender based in Denver, Colorado. The principals have been in the Colorado real estate and lending market for over 10 years. We pride ourselves on relationships, simple/personal application process, and transparent fee structure. Because we have lower overhead than most other lenders we regularly get feedback that we are the most competitive lender in our market.
Associations
- American Association of Private Lenders
Office Locations
3230 W 45th, Denver, Colorado 80211Our Team
Tina Dorn
Owner
Herb Dorn
Owner
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