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.
Lender 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, Turbo Tenant 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)
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
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.
Lender 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, Turbo Tenant 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.
New Client
If you're a new client, wanting to get approved by Cove Lending, fill out a loan application to begin the process.
