Montegra will consider loans secured by various types of hospitality properties at a loan to appraised value of not to exceed 60%.  Our loan term can be anywhere from 6 months to 2 years with an option built into the loan documents giving the the borrower, at their option, the right to extend their loan for an additional 6 month to 1 year period.  Montegra only funds loans secured by first deed of trust on properties in Colorado.  We can not lend out of state.  Our maximum loan amount on any one property is $7,000,000.  On loans over $1,000,000 we require an appraisal.  Montegra must select the appraisal firm and order the appraisal.  On loans under $1,000,000 we can use a Broker Opinion of Value (BOV) to obtain the property value.  In the event the borrower wishes to use some of the loan proceeds to upgrade the property we will work with them to outline a procedure for the upgrading.