Investment Residential:
No Upfront Fees; No Appraisal; No application fees; No fees to us, unless we originate the loan
In fact the only 3rd party costs we commonly require the borrowers to incur before we make loan commitment decision are:
– Sewer Scope Report from an qualified and reputable company (Required if the property has a certain profile or is in area with known issues)
– Mitigation or abatement assessments from a qualified and reputable company (Only required if there is a perceived potential complicated issue [e.g. structural issue, asbestos, roof issue etc.])
Commercial and industrial properties may require appraisals and are determined on a case by case basis.
Hard Money Loan Programs Overview
Bridge or Flip 9% |
Fix & Flip 12% |
Short Bridge |
Bridge |
|
|---|---|---|---|---|
| No Rehab Funds | Rehab Funds Option | 30 days +Up to five 30 day extensions |
Custom – Call (303) 500-3288 Up to 3 Years |
|
| Loan Amount | $100,000–$900,000 : Single Family Residential $100,000-$1,500,000 : Multifamily, Commercial, and Industrial Need more? Call to discuss (303) 500-3288 – $650,000 |
$80,000 – $800,000 | $100,000 – $1,500,000 Need more? Call to discuss (303) 500-3288 |
$100,000–$100,000 - $1,000,000 : Single Family $100,000 - $1,500,000 : Multifamily, Commercial, and Industrial Need more? Call to discuss (303) 500-3288 |
| Interest Rate | 9% (360 day basis. Only pay for the days used.) | 12% (360 day basis. Only pay for the days used.) | 1% Per 30 days | 6% - 10% per 360 days (depends on loan-to-value ratio, property, and other factors) |
| Origination Fee | 2.00% for 6-month loans 2.25% for 9-month loans 2.50% for 12-month loans 3.00% for 18-month loans |
2.00% for 6-month loans 2.25% for 9-month loans 2.50% for 12-month loans 3.00% for 18-month loans |
1% | 1% - 4% (depends on loan length and other factors) |
| Documentation Fees (only charged if the loan is originated) | $1,000 | $1,000 | $1,000 | $1,000 |
| Appraisal Required | None, unless industrial or commercial property | None, unless industrial or commercial property | None, unless industrial or commercial property | None, unless industrial or commercial property |
| Maximum Loan Ratios | -Investment residential: up to 70% of est. current market value -Commercial (excluding Office): up to 55% of est. current market value -Industrial: up to 50% of est. current market value -Office: up to 45% of est. current market value |
-Single Family Detached: up to 70% of est. after repair value -Condos & Townhomes: up to 65% of est. after repair value |
Up to 70% of lower of est. current value or purchase price for single family detached or 1-4 unit attached residential (for loan amounts $100,000 - $699,000) Up to 65% of lower of est. current value or purchase price for single family detached or 1-4 unit attached residential (for loan amounts $700,000 - $999,000) Up to 63% of lower of est. current value or purchase price for single family detached or 1-4 unit attached residential (for loan amounts $1,000,000 - $2,000,000) Up to 65% for commercial and industrial (for loan amounts $100,000 – $699,000) Up to 62% for commercial and industrial (for loan amounts $700,000 – $999,000) Up to 60% for commercial and industrial (for loan amounts $1,000,000 – $2,000,000) |
Up To 70% for investment residential and up to 65% for other listed real estate types (depends on property, loan length, and borrowers; and impacts interest rate) |
| Application Fee | $0 | $0 | $0 | $0 |
| Lender Upfront Fees | None | None | None | None |
| Maximum Funds Toward Purchase* | -Investment residential: up to 70% of est. current market value -Commercial (excluding Office): up to 55% of est. current market value -Industrial: up to 50% of est. current market value -Office: up to 45% of est. current market value |
Up to 85% of est. current market value | Up to 70% of lower of est. current value or purchase price for single family detached or 1-4 unit attached residential (for loan amounts $100,000 - $699,000) Up to 65% of lower of est. current value or purchase price for single family detached or 1-4 unit attached residential (for loan amounts $700,000 - $999,000) Up to 63% of lower of est. current value or purchase price for single family detached or 1-4 unit attached residential (for loan amounts $1,000,000 - $2,000,000) Up to 65% for commercial and industrial (for loan amounts $100,000 – $699,000) Up to 62% for commercial and industrial (for loan amounts $700,000 – $999,000) Up to 60% for commercial and industrial (for loan amounts $1,000,000 – $2,000,000) |
Up To 70% for investment residential and up to 65% for other listed real estate types (depends on property, loan length, and borrowers; and impacts interest rate) |
| Term Length Options | 6 months 9 months 12 months 18 months |
6 months 9 months 12 months 18 months |
30 days +Up to five 30 day extensions |
2 days to 3 Years |
| Minimum Interest Period | 1 day | 1 day | 1 day | 1 day |
| Prepayment Penalty | $0 | $0 | $0 | $0 |
| Regular Monthly Payments Due | 31 days of interest on Initial Principal rounded up to the nearest dollar (may result in small pay down of principal; e.g. $100,000 loan has a monthly payment of $775) Due the last day of each calendar month First month's interest is typically prepaid at closing. |
31 days of interest on Initial Principal rounded up to the nearest dollar (may result in small pay down of principal; e.g. $100,000 loan has a monthly payment of $1034) Due the last day of each calendar month First month's interest is typically prepaid at closing. |
$0 | Typically 31 days of interest on the Initial Principal (rounded up to the nearest dollar; may result in small pay down of principal) The first month/partial month is typically prepaid at closing |
| Draw Request Fee (Only for loans with Rehab Draw Accounts) | Not Applicable | $125 | Not Applicable | Not Applicable |
| Default Rates/Fees/Penalties | Described in loan documents | Described in loan documents | Described in loan documents | Described in loan documents |
| Loan Type | Hard Money (Asset Based) | Hard Money (Asset Based) | Hard Money (Asset Based) | Hard Money (Asset Based) |
| More Details… | More Details… | More Details… | More Details… |
*Loan to value ratios may vary by the type of property (e.g. SFR, Townhome, Multifamily, Industrial, Office, Retail), loan type (purchase vs refi), seller relationships, and the size of the loan. Purchase price refers to the net purchase price as determined by the contract price for the property less any concessions, payments or fees paid by the seller.
The borrower will need additional funds during the loan to pay for items including without limitation taxes, utilities, insurance, property maintenance and cleaning expenses, staging expenses, cost overruns, other expected or unexpected expenses, and all repair/rehab costs. In the event of default, there may be additional fees for administrative, collection, legal, insurance, lien payoff, or other expenses. More detail provided in loan documents.
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.
Additional Notes
Estimated values, estimated costs or other judgments related to similarity referred to above are based on our (Lender's) estimates and opinions. We typically estimate market value of properties based on what we believe will be a price likely to produce a sale within 90 days. Good Funds Lending, LLC seeks:- To provide loans 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 are too slow or unreasonable for the opportunity.
Hard money is not always the best solution. You should consider other options before using hard money.
Our Colorado hard money lending is aimed at helping smart and ethical borrowers.
See 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. We offer transparent lower fees and rates. Treating people well is important to us.
Colorado is a wonderful place to live and do business and we are grateful to be a part of the Denver metro business community!
We provide short term hard money loans (aka Colorado bridge loans) secured by investment and commercial properties only. Borrowers nor their family may not reside in the property (or use the property for personal, family, or household use).