Standard Forms for Hard Money Lenders

[James McGovern]

How come no one has created a standard form for hard money lending where the terms are easily comparable across them? Something similar to the HUD forms we are familair with? Everyone seems to use email and will describe things in their own terms. Others may leave off various fees that aren't discovered until closing. Why is that?

[Erik Estrada]

Quote from @James McGovern:

How come no one has created a standard form for hard money lending where the terms are easily comparable across them? Something similar to the HUD forms we are familair with? Everyone seems to use email and will describe things in their own terms. Others may leave off various fees that aren't discovered until closing. Why is that?

 Because it is not regulated industry like other loan types. It is really up to the lender how they communicate loan terms to you. Most borrower's fall prey to bait and switch or scams because of this. That's why it is important to work with a reputable broker or lender. It's not just about the fees and the terms, but who can ACTUALLY get it done. A lot of borrowers shop blindly.