Title & Settlement Requirements:
- Use of a settlement agent and title insurer that is good standing and licensed in Colorado
- ALTA Loan Policy 06-17-06
- Loan title policy typically must include expanded coverage including the following form endorsements: Colorado 100, ALTA 8.1, Colorado 116/ALTA 22, Colorado 115.2/ALTA 5.1, and Colorado 100.29 (or corresponding equivalents for property type; endorsements and requirements may vary by property type and other specifics), and also sometimes one or both of: Colorado 110.8/ALTA 6.2 and Colorado 103.1 (Endorsements required for loans secured by properties that are not single family detached may vary)
- The title commitment is acceptable to us and the title insurance underwriter provides a verified closing protection letter prior to the closing
- The title commitment for the title loan policy must remove Standard Printed Exceptions (typically 1-4) and the Gap Exception. If there are rehab funds in the loan, then Standard Printed Exception (4) may be modified to state any lien or right to a lien, for services, labor or material furnished, incurred and imposed after the date of closing.
- Good Funds Lending, LLC loan must be a first lien on the property (except for property taxes not yet due and payable)
- The title commitment for the title loan policy must remove any exceptions not acceptable to Good Funds Lending, LLC.
- Settlement agent must execute and return Good Funds Lending, LLC closing instructions at least 1 full business days prior to closing.
- Title Insurer must provide and verify an acceptable closing protection letter to Good Funds Lending, LLC at least 1 full business days prior to closing.
- Settlement Agent must supply acceptable settlement statements to Good Funds Lending, LLC at least 1 full business days prior to closing.
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.