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You might be surprised about what the BBB has to say about your Private Mortgage Lender in Miami and Palm Beach
You can save yourself headaches by first checking the with BBB before getting a new loan.
With more individuals turning towards private money lending in Florida, it’s smart to check with the Better Business Bureau (BBB) before doing business. The BBB keeps track of all sorts of businesses, like a guard for quality compliance. Before getting a hard money loan always check with the BBB to make sure you’re working with a quality mortgage broker.
Hard Money Vs. Bank Money
Hard Money Vs. Bank Money
By Justin Kunst
Even though the economy is down money doesn’t just disappear. It gets funneled to businesses that prosper under certain conditions. Banks… are not necessarily one of these. No wonder they are trying to hold onto their money like a fat kid’s last candy bar.
Do not fear, hard money is here. Hard money, or private money, is money loaned by an individual instead of an institution. Many loan takers don’t even realize there may be a private lender living in their own neighborhood. Private lenders are like you and me, the only difference is they know how to make their money work for them.
Hard Money – Wiki
Adapted from Wikipedia – Hard Money
A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued at higher interest rates than conventional commercial or residential property loans and are almost never issued by a commercial bank or other deposit institution. Hard money is similar to a bridge loan, which usually has similar criteria for lending as well as cost to the borrowers. The primary difference is that a bridge loan often refers to a commercial property or investment property that may be in transition and does not yet qualify for traditional financing, whereas hard money often refers to not only an asset-based loan with a high interest rate, but possibly a distressed financial situation, such as arrears on the existing mortgage, or where bankruptcy and foreclosure proceedings are occurring.