Multi-Family Property: Montegra offers first-position mortgage loans for acquisition or cash-out refinancing on multi-family properties. Montegra’s cash out program funds loans up to 65% LTV ratio (based on the property’s appraised value). In addition, if a buyer has a contract to purchase a property at below-market value, Montegra’s Smart Buyer Loan Program will increase hte LTV to fund up to 85% of the purchase price.
If a multi-family property has high vacancy rates or needs rehabilitation, Montegra is fully equipped to work with the borrower to create an interest reserve and provide funds to cover renovation costs and loan payments until the property is stabilized and producing a steady-stream of income.
Warehouse and Industrial Properties: Loans on warehouse and industrial properties—including multi-tenant warehouse properties and non-owner-occupied industrial properties—are a valued part of Montegra’s flexible lending program. Properties with high vacancy rates may qualify for an interest reserve as part of the overall loan to cover debt service until the property is leased up.
Retail Properties: Montegra will consider to underwrite loans on retail properties if they are secured by non-anchored retail shopping plazas. Retail properties with above-average vacancy rates will be considered if the borrower has a plan to lease up the vacant space. Additional funds for interest reserves or to cover debt service during the lease-up phase may be available on a case-by-case basis. These loans have up to 65% LTV ratios (based on the appraised value).
Office Properties: Loans are available for both office buildings and office condos. The terms for this loan type stipulate a maximum of $4,000,000 in size and up to 65% LTV (based on the appraised value). Additionally, the borrower must have experience in managing office properties and be able to demonstrate the ability to cover any costs to finish the property for tenants as well as real estate brokerage commissions while stabilizing the property.
Resort Properties: Montegra has a long history of funding resort property loans in premier Colorado resorts such as Aspen, Vail and Telluride. Loans are available to acquire or cash-out refinance condos, houses, and buildable lots. Condos and houses must be investment properties in order to qualify; they cannot be used as the owner’s primary residence. Montegra will offer up to 65% LTV ratios based on the fair market value of resort properties. Foreign national buyers are also eligible for Montegra’s resort property loans as Montegra does not require that buyers or existing owners have a green card to qualify for a loan.