#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
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Code of ethics for hard money and private lenders
#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
Here are a few list of ethics a good Hardmoney lender will follow and borrower to be cognizant about.
1. Do not Bait and Switch IE you see the 100% LTV 5% rates which we know don't exist. Don't advertise what you are not going to deliver.
2. Don't advertise that you lend in all 50 states VERY VERY few are licensed in all 50 states.. Only work in the states its permissible to lend for commercial purpose without licensure. If Licensure is required in your state get licensed.. Adhere to Usary laws IE Tennessee for example.
3. Do not up charge 3 rd party fee.s
4. Do not charge up front fee's for vanilla fix and flip your either in the bizz or your not..
5. Honor close dates like your life depends on it... Your borrowers deals depend on it.
6. Treat your established buyers like the valued customers they are..
7. Same day communication
