The primary considerations in extending a loan commitment are the property value, the perspective borrowers’ relevant experience, and the perceived risk by Good Funds Lending, LLC. The following represent a subset of qualifications and requirements for loan consideration. The qualifications are considered collectively and loan commitments are not guaranteed even if all the qualifications and requirements listed here are met.
Borrower Qualifications and Requirements:Most loans provided (including the loan programs listed on this website) require that in addition to the entity (and all members/shareholders/owners of the entity) that holds title to the property, that there are 2 qualified human borrowers. Good Funds Lending, LLC may offer loans with a single human borrower, but the terms of the loan typically vary from the loan programs listed on the website; typically the Loan To Value ratio is 5% lower with a single human borrower, but other terms may also change.
- The borrower on title must be a corporation, LLC or partnership, registered with the Colorado Secretary of State.
- If the property will undergo rehab, at least one cosigner on the loan must have completed at least 2 rehab projects of similar scale or large in the last 3 years (or have other qualifications which the Lender believes sufficient).
- No minimum income required; however, the borrowers should have sufficient funds (savings and/or income) to pay for closing expenses, hazard insurance, utilities, and property taxes and rehab expenses prior to draw disbursements as well as sufficient funds to pay for unexpected expenses and cost overruns.
- There is no minimum credit score, but credit histories are reviewed primarily focusing on the following: Debts that are currently past due, outstanding judgments, a bankruptcy that has not been discharged, chronic late payments (a few late payments typically do not disqualify borrowers).
- Criminal conviction since the age of 18 years old (except some traffic violations and some misdemeanors) disqualify a borrower.
- Current, past or potential involvement with lawsuits, bankruptcies or foreclosures may also disqualify a borrower depending on circumstances.
- Income tax believed to be past due by the corresponding government may also disqualify a borrowers.
Additional Requirements & TermsThe qualifications and requirements listed on this page are not comprehensive. Additional requirements, terms and conditions are provided in the loan documents. In the event that loan documents are inconsistent with the information on this site the loan documents shall govern as neither this site nor the information contained within represent an offer.
Good Funds Lending, LLC provides short term hard money loans secured by investment properties only (not properties intended for personal, family or household use). Borrowers may not reside in the property.