When applying for a hard money loan??

Question

Pouyan Broukhim · Answer

you should look them up on yelp, BBB, with the local department of real estate or nmls and see if they have any violations against them or if they have negative reviews.  If they don't have anything negative associated with them and they have been in the business for a very long time then you shouldn't have any concerns but if they have negative reviews or comments I would rethink about giving anyone upfront money.

Good luck

Jonathan J. Miller · Answer

It's common in the industry. As a Brokerage we have a small fee to do the shopping for our clients to find the best deal out there for their specific scenario. Brokerages and individuals that do business with the lenders often always get the better terms. Rate, fees, points are all negotiable as Douglas Skipworth noted in the string above.

I have seen a deposit asked for and then it is refunded over the course of a few deals as well.

I hope this was helpful

~Jonathan

I have seen a deposit asked for and then it is refunded over the course of a few deals as well.

I hope this was helpful

~Jonathan

Andy Webb · Answer

It seems to me that if you are "funded", then you have effectively  already closed the deal and bought the property.  Maybe I am missing  something?  In my case I have never heard of a Good Faith fee.

Douglas Skipworth · Answer

@Jimmy Warr,

When borrowing money, I always operate under the following two assumptions.

1. The Golden Rule - He who has the gold makes the rules.

2. Everything is negotiable.

Best of luck to you!

Mike Goodrich · Answer

sounds like they are a hml broker. You're better off going to a hml that has the money in house avoiding having to go through multiple loops for funding.

When applying for a hard money loan??

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