Cove Lending only lends to LLC's or Corporations. If you are an individual borrower, you need to set up an LLC or Corporation to be able to borrow from Cove Lending.

New Client with Property

If you’re a new client wanting to get approved by Cove Lending and have a property that needs funding, fill out a loan application to begin the process.

  • Fill out loan application (this will create your account in our portal).

  • Cove Lending will review and send Terms Sheet, if proceeding.

  • Borrower Documents will be sent for signature.

  • Certification & Authorization

  • Pre-Closing Acknowledgement

  • Experience Form

  • Personal Financial Statement

  • A credit and background check will be requested via TurboTenant.

  • We use TurboTenant because, to our knowledge, TurboTenant doesn’t sell your data, and we don’t want our borrowers getting solicited based on another company selling your data.

  • If credit and background look good, business and personal documents will be requested.

  • Articles of Organization

  • Operating Agreement

  • EIN

  • Two Years Tax Returns (Business & Personal)

  • Two Months Bank statements (Business)

  • Company Profit and Loss Statement (Past 12 Months)

  • Photo of Driver’s License

  • Once all documentation is reviewed, property specific documents will be sent for signature.

  • Terms Sheet

  • Proof of Insurance Acknowledgement (listing Cove Lending, LLC as loss payee)

  • ACH Authorization (for payments)

  • Draw Process Disclosure (if we are funding rehab)

  • Sworn Construction Statement (if we are funding the rehab)

  • From there, we can move to closing! WOO WHOO!

New Client without a Property

If you are a new client wanting to get approved by Cove Lending but do not have a specific property yet, please create an account in our lending portal to begin the process

  • Create your account in our portal.

  • Once email is verified, log in and update your profile/account settings (circle with initials in upper right corner).

  • Add personal account (guarantor) in the dropdown menu and update profile/account settings.

  • Borrower Documents will be sent for signature.

  • Certification & Authorization

  • Pre-Closing Acknowledgement

  • Experience Form

  • Personal Financial Statement

  • A credit and background check will be requested via TurboTenant.

  • We use TurboTenant because, to our knowledge, TurboTenant doesn’t sell your data, and we don’t want our borrowers getting solicited based on another company selling your data.

  • If credit and background look good, business and personal documents will be requested.

  • Articles of Organization

  • Operating Agreement

  • EIN

  • Two Years Tax Returns (Business & Personal)

  • Two Months Bank statements (Business)

  • Company Profit and Loss Statement (Past 12 Months)

  • Photo of Driver’s License

  • If that all looks good, you ready to go in our system. Once you have a property, fill out a loan application in the portal.

TERMS

  • Loan Sizes: Up to $500,000

  • Loan Term: Up to 8 Months

  • Interest Rate: 12%

  • Origination Fee: 3%

  • Legal Doc Fee: $795

  • Funding & Draw Fee: $595

  • Loan Value: Up to 75% ARV

  • Closing Time: As Fast as 5 Days

Get A Quote

NMLS ID: 2632998

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