Frequently Asked Questions

Want a term sheet or to start the application process? Submit a Loan Inquiry (free)
This website contains general loan guidelines. This website does not provide loan offers. Loan documents contain a complete set of terms and conditions for a loan. Terms may vary by properties and borrowers. See the Terms of Use and F.A.Q. for important information. Good Funds Lending, LLC provide hard money loans for investment properties in the Denver, Boulder and Colorado Springs areas.
Process (7)

A “hard money loan” is a loan in which the loan decision is primarily based on the value of the property (the “hard asset”). This is in contrast to criteria such as income history, and credit history.  Hard money rates often are higher than long-term rates. However often banks are not fast enough or have reasons preventing a loan. Banks may require high credit scores, high taxable income, and lots of verification, etc. Alternatively, hard money lenders often have very few criteria.  Hard money lenders often can underwrite and fund a loan in a matter of days rather than weeks or months. The term “hard money loan” may mean different things to others. Property value is the primary concern for Good Funds Lending, LLC. Good Funds Lending, LLC is not concerned about credit scores or income but considers other aspects of borrowers.

There are several reasons why a business might want a bridge loan while waiting for a bank loan. Sometimes a transaction needs to happen quickly or the business owner needs liquidity quickly, but the bank needs more time to process the loan. Sometimes a bank can’t provide the loan until more time has passed after a credit or income hiccup.

In a full loan application for one of our Colorado hard money loans we require:

Materials required depend somewhat on the type of loan and type of property.
For a rehab loan on a single family, the following items would likely be required:

  • Completed loan application form
  • Rehab items/budget (Schedule of Work – we can provide a template, other formats may also be acceptable)
  • The real estate purchase agreement contract (and all disclosures, addenda and amendments)
  • Acceptable proof of past rehab experience (items may vary).
  • Copies of recent tax returns & IRS form 4506T which allows us to obtain an official copy form the IRS for verification [income amounts are not important, primarily verifying identity]
  • Under certain circumstances, we may require special inspections or reports (e.g. suspected structural or mold issues, well or septic system etc.) prior to a loan commitment decision. Sewer scope reports are often required for homes built prior to 1982 or built in certain areas. Asbestos tests and report are commonly required, but depend on the scope and type of repairs/renovations. Additional documents are likely to be required if the property will be occupied at the time of purchase or there is a non arms length transaction.

At some point prior to a loan commitment we need to meet all signers on the loan and take a picture of each driver license (or State ID) and do a property walk through.

For a pre-approval application (for a pre-approval letter), we simply require a pre-approval application and id verification through an person meeting.

(Question and answer applies only to Fix & Flip and Fix & Hold Loans)
Typically 3 to 5 business days provided we have all required information from you (photos of the work completed, lien waivers from your contractors, finalled permits where required, and receipts if required) as well as an opportunity to inspect. We will disburse funds to you either by Electronic/ACH transfer (but typically not Wire) or business check.

Category: Process

After you have completed and paid off one hard money loan with us, typically repeat borrowers are permitted to have up to four concurrent loans with us, but a sum total maximum principal of $650,000, but this determination will be made in our sole discretion and will involve a more in-depth understanding of the availability of your work crew(s).

As a Colorado hard money lender, we require that we hold the first and only lien on properties.

We can work with borrowers to utilize a “soft pull” credit history service such as CreditKarma.com.
We may as it is important to us to know if borrowers are in trouble. We may not look at credit history for every loan with repeat borrowers (We do not pull credit reports for pre-approval applications). We are a hard money lender, so our loan decisions are primarily based on the underlying value of the property (“hard asset”); However, even as hard money lenders, we do consider recent credit related behavior among other factors.

Our typical hard money loan process follows the the process linked here. Start the process by submitting a Loan Inquiry.

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Hard Money is not always the correct solution. Before using hard money, you should explore other financing options available. We are building a Colorado hard money business focused repeat business where our borrowers use our hard money lending services only when appropriate and as one part of their financing strategy.

We are a private lender seeking:
  • To provide loan beneficial to the community, the borrowers, and Good Funds Lending, LLC
  • Long-term relationships with ethical people
  • Borrowers strategically using hard money, often because banks and credit unions are too slow or unreasonalbe to capitalize on an opportunity.
We are a hard money lender that that is easy to work with and talk to. Please contact us about your Colorado hard money questions.

Hard money is not always the best solution. You should consider other options before using hard money.

Our Colorado hard money business is aimed at helping smart and ethical borrowers, where our borrowers use our hard money loans only when appropriate and as a part of their financing strategy.

Answers to frequently asked questions regarding Good Funds Lending, LLC and Colorado hard money loans are available on our Frequently Asked Questions Page.

Colorado hard money loans for single family, multi-unit residential (2-40 units), operating/occupied commercial , and operating/occupied industrial properties in the Denver Metro Area (residential properties must be non-owner occupied).

Colorado is a wonderful place to live and do business. We are happy to be a part of the Denver business community.