Residential Properties Process (Single Family Detached and 1-4 Unit)
Single Family Detached and 1-4 Unit Residential
-Repeat GFL Borrowers 4-6 business days
-New to GFL Borrowers 7-11 business days
-Add 4-9 business days for loan amounts over $700,000
All times above start after submission of accurate loan application.
Delays may occur if required documentation is not completed quickly by the borrowers or their agents or there are unusual property conditions or circumstances.
Process Steps
The loan process may be halted and no loan provided if the loan is not approved or Good Funds Lending, LLC believes any of the following: (1) the likelihood of exit strategy issues are too great; (2) there is a misrepresentation; (3) Loan To Value ratios are insufficient; (4) the property or the borrowers are not qualified; or (5) other conditions and requirements are not met.
-Repeat GFL Borrowers 4-6 business days
-New to GFL Borrowers 7-11 business days
-Add 4-9 business days for loan amounts over $700,000
All times above start after submission of accurate loan application.
Delays may occur if required documentation is not completed quickly by the borrowers or their agents or there are unusual property conditions or circumstances.
Process Steps
1. Loan Inquiry (Borrowers)
- Provide basic information about the property and loan preferences. Can be done by phone or a Online Loan Inquiry Form (click to start).
- (Optional) Borrowers asks questions.
2. Submit Complete Application Package (Borrowers)
- Borrowers supply additional information regarding the project and the borrowers.
3. Due Diligence and Doc Prep (Borrowers and Lender)
- Lender meets with Borrower(s) at the property (or properties).
- Borrower supply any additional information if needed (e.g. Potential structural issue – borrowers obtain structural engineer reports and contractor quotes).
- Lender reviews the information and makes a loan commitment decision.
- Lender sends draft loan documents.
- Lender contacts settlement/title agent and hazard insurance agent regarded requirements and needed documentation.
4. Prepare for Closing (Borrowers & Lender)
- Borrowers review the draft loan documents and provide feedback for any typos or inaccuracies.
- Borrowers assist Lender in getting required items from settlement/title agent and hazard insurance agent.
5. Closing/Loan Origination
- Loan is originated through the cooperative efforts of the Lender, Borrowers, and the settlement/title agent.
Commercial Properties Process
Commercial Properties Including Multifamily Of 5 Or More Units
Typically loan can be originated in as little 10-20 business days (after submission of accurate loan application).
Delays may occur if required documentation is not completed quickly by the borrowers or their agents or there are unusual property conditions or circumstances.
Process Steps
The loan process may be halted and no loan provided if the loan is not approved or Good Funds Lending, LLC believes any of the following: (1) the likelihood of exit strategy issues are too great; (2) there is a misrepresentation; (3) Loan To Value ratios are insufficient; (4) the property or the borrowers are not qualified; or (5) other conditions and requirements are not met.
Typically loan can be originated in as little 10-20 business days (after submission of accurate loan application).
Delays may occur if required documentation is not completed quickly by the borrowers or their agents or there are unusual property conditions or circumstances.
Process Steps
1. Loan Inquiry (Borrowers)
- Provide basic information about the property and loan preferences. Can be done by phone or a Online Loan Inquiry Form (click to start).
- (Optional) Borrowers asks questions.
2. Submit Complete Application Package (Borrowers)
- Borrowers supply additional information regarding the project and the borrowers. Commercial buildings and multifamily with 5 or more units may require some combination of specific inspection reports, qualified quotes for repair, or an appraisal.
3. Due Diligence and Doc Prep (Borrowers and Lender)
- Lender meets with Borrower(s) at the property (or properties).
- Borrower supply any additional information if needed (e.g. Potential structural issue – borrowers obtain structural engineer reports and contractor quotes).
- Lender reviews the information and makes a loan commitment decision.
- Lender sends draft loan documents.
- Lender contacts settlement/title agent and hazard insurance agent regarded requirements and needed documentation.
4. Prepare for Closing (Borrowers & Lender)
- Borrowers review the draft loan documents and provide feedback for any typos or inaccuracies.
- Borrowers assist Lender in getting required items from settlement/title agent and hazard insurance agent.
5. Closing/Loan Origination
- Loan is originated through the cooperative efforts of the Lender, Borrowers, and the settlement/title agent.
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).