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.
Details and Requirements
Property Geographic Area Details
Colorado only - non-rural areas
Loan Amounts
$50,000 to $5,000,000
Interest Rates
10% to 10%
Origination Fees
2% to 2%
Loan Terms
0 to 12 months
Credit Check Required
yes
Credit Check Details
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.
Minimum Credit Score Required
600
Typical Closing Time (Days)
10
Fastest Closing Time (Days)
2
Payment Structure Details
Interest only monthly payments are required.
Personal Guaranty (Recourse) Required
Always
Borrower Entity Types Considered
- Individual(s)
- LLC
- Limited Partnership
- Trust
- Corporation
- Self-Directed IRA
Documentation Required
- Credit Report
- Loan Application
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
Will Consider Collateralizing Multiple Properties in One Loan
yes
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 Equity Joint Venture
no
Collateral Types
- Residential Property
- Commercial Property
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%
Additional Details
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.
Legal Disclaimer
Salt Funding, LLC will make every effort to update any changes to lending criteria represented herein.
Our minimum loan amount is $50,000