Commercial hard cash banks, seem to be content with their outstanding loan portfolios as many are slow to respond to new loan requests and are, as expected cherry picking the absolute best of hard money requests. Of the reputable lenders we work with, many have confirmed this and appear to be concentrated on their existing portfolio and are attempting to avoid foreclosures/losses.
Borrowers should be warned as this segment of the industry is stuffed with shyster, as many lenders just take the good faith deposits from borrowers and then pretend to go through an underwriting process. It's just a sting.
Commercial Hard Cash
Additionally, many brokers portray themselves as lenders, when in truth they are just brokers. They "tie up" their borrowers with pricey good faith deposits, which are never repaid when they don't perform and don't get the loan closed. Borrowers than have to consider going after them with whatever bits of money they have left.
Borrowers should do an intensive amount of research on the lender before anything is signed or money is wired. Check their BBB ratings, go to their states licensing division (this can be done on line) and see whether they're registered as a lender. You may likely find other names that they do business under while you do this research. Additionally , how long have they been in business? Many of those banks change names like the rest of us get our suits dry cleaned. Keep in mind though, that some of the shadiest lenders have been around for years, so simply because they have been around for some time doesn't suggest that they're legitimate. There are also web sites where borrowers or other brokers report their experience with lenders. By typing in their name in Google can offer some telling info also.
Above everything else , commercial hard money should be steered clear of if feasible. This is an obvious statement, but borrowers should do everything they can to find other solutions, or be in depth with their research in finding a hard funds provider that's in the business of funding loans.
Borrowers should be warned as this segment of the industry is stuffed with shyster, as many lenders just take the good faith deposits from borrowers and then pretend to go through an underwriting process. It's just a sting.
Commercial Hard Cash
Additionally, many brokers portray themselves as lenders, when in truth they are just brokers. They "tie up" their borrowers with pricey good faith deposits, which are never repaid when they don't perform and don't get the loan closed. Borrowers than have to consider going after them with whatever bits of money they have left.
Borrowers should do an intensive amount of research on the lender before anything is signed or money is wired. Check their BBB ratings, go to their states licensing division (this can be done on line) and see whether they're registered as a lender. You may likely find other names that they do business under while you do this research. Additionally , how long have they been in business? Many of those banks change names like the rest of us get our suits dry cleaned. Keep in mind though, that some of the shadiest lenders have been around for years, so simply because they have been around for some time doesn't suggest that they're legitimate. There are also web sites where borrowers or other brokers report their experience with lenders. By typing in their name in Google can offer some telling info also.
Above everything else , commercial hard money should be steered clear of if feasible. This is an obvious statement, but borrowers should do everything they can to find other solutions, or be in depth with their research in finding a hard funds provider that's in the business of funding loans.
About the Author:
Mary Sensible is a personal loan expert who has been connected with payday loan in singapore and has more than 30 years of experience in finances. She has helped a lot of people to get Fast Unsecured Money Advances, and lots of other products regardless of their credit situation.
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