What is Hard Money Miami?

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.

If you’re not in the know, hard money is a loan from an individual compared to a bank.  With the economy in shambles and banks not lending money, people are moving towards hard Money lenders to get the cash they need.  To help keep building on the rise, higher populated cities are turning towards hard money and private lenders with increasing numbers.

Private Money is not regulated the same way as bank loans, which is a blessing and a curse.  With some private mortgage brokers you can get a loan without a credit or employment check, which is great if you are self employed or have poor credit.  On the other hand you must be sure you’re working with a reputable broker.

For the following example I’ll use a Hard Money Mortgage Company I’ve worked with called Franklin Karr Mortgage Company.  This is the same process I used when deciding on a Hard Money loan to purchase an investment property in Miami, FL.  After viewing Franklin Karr’s website, I went to the BBB and researched the company.  I saw that he has the highest rating available (A+), no complaints, and also had a good review.  I knew that an A+ rating was a very good sign and urged my to take the next step to contact him.

There is no better way to check your hard money broker’s record then with the Better Business Bureau (BBB).  The first step is to open the Better Business Bureau’s national database at http://www.BBB.org/us .  On this page, towards the center, you’ll see an orange button that says “Check out a Business or Charity”.  Click this button, type in the name of your mortgage broker’s company and click enter.

Below you’ll see a list appear of possible matches.  Click the one that matches the company and a new window will open.  In the center of the page is a clear letter rating, just like your favorite math teacher would give you.  These grades are based on a number of factors, the most important of which is customer satisfaction.  To the right of the letter grade is an explanation of the grade and below that more information on the company.

When choosing a hard money lender always keep the BBB in mind.  A good rating equals out to many factors including proper licensing and government compliance.  If a company doesn’t have a good rating or isn’t listed, they could be a scammer or worse.  Finding a business with an A+ rating, such as Franklin Karr, is a true treat and should be preserved like a golden ring.

Hard Money Miami is a great sourse to find information on Hard Money Lending.  You can find resourses and information to help you get a loan today.