Tri-State Mortgage

About Tri-State Mortgage

Tri-State Mortgage is hard money lender headquartered in Centennial, CO. They offer funding in Denver. They offer loans for many different situations, including ground-up construction loans, fix and flip loans, and commercial hard money loans. Their lending guidelines are flexible, including loan amounts ranging from $150,000 to $700,000 with a maximum LTV of 90%, terms between 4 months and 6 months, and rates ranging between 9.75% and 12.5%. They make loans on many types of properties, including single family homes, multi family residences, apartments, offices, retail spaces, storage facilities, mixed use, industrial buildings, and medical buildings.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Storage, Mixed Use, Industrial, Medical

Areas Served: Denver

Licenses: Colorado MBL #10001139, NMLS #381499

Lending Guidelines for Tri-State Mortgage

Below are the general loan guidelines published on the Tri-State Mortgage website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Tri-State Mortgage.

Loan Example 1

Tri-State Mortgage makes a fix-and-flip loan to Leslie for a remodeling project in Denver, CO, on a house that costs $340,000. The borrower will be required to contribute 45% of the sales price in cash to the closing based on a 55% loan-to-value set by the lender. This makes the principle amount from Tri-State Mortgage $187,000. The loan is interest only, with monthly payments, and is for 18 months at 9% interest with 5 points paid at closing.

On top of the $9,350 origination fee, Leslie will also fund $153,000 of the purchase with his own cash, or 45% of the sales price. he must then pay $1,403 monthly to Tri-State Mortgage. If Leslie sells the project for $476,000 after 18 months, he would earn a total profit of $101,405 after subtracting the original principle of $187,000, the funds contributed at closing of $153,000, the origination points of $9,350, and the aggregate interest payments of $25,245. This amount doesn't account for renovation costs.

Loan Example 2

Tri-State Mortgage issues a hard money loan to Byron for a rehab project in Denver, CO. The loan includes the following:

$180,000 purchase price
50% loan to value (LTV)
6 month term
14% interest rate
3% origination fee

If Byron succeeds in his goal of a $234,000 sales price, the numbers of the deal will be as follows:

$234,000 sales price
- $90,000 loan principle (50% LTV)
- $90,000 down payment (50% on 50% LTV)
- $2,700 origination points (3% of the $90,000 principle amount)
- $6,300 interest payments (6 months x 14% interest)
-----------------------
= $45,000 gross profit (does not include taxes or renovation costs)