Commercial hard money lenders, seem to be content with their existing loan portfolios as many are slow to react to new loan requests and are, as expected cherry picking the very best of hard money requests. Of the reputable banks we're employed with, many have confirmed this and seem to be targeted on their existing portfolio and are attempting to avoid repossessions/losses.
Borrowers should be warned as this wedge of the industry is filled with con artist, as many banks just take the good faith deposits from borrowers and then pretend to go through an underwriting process. It's just a swindle.
Commercial Hard Cash
Additionally, many brokers portray themselves as lenders, when actually they are just brokers. They "tie up" their borrowers with dear good faith deposits, which are never repaid when they do not perform and do not get the loan closed. Borrowers than have to consider going after them with whatever bits of cash they have left.
Borrowers should do an extensive amount of research on the lender before anything is signed or money is wired. Check their BBB ratings, go to their states licensing division (this can be done on line) and see whether they're registered as a lender. You will doubtless find other names that they do business under while you are doing this research. Also , how long have they been in business? Many of those lenders change names like the rest of us get our suits dry cleaned. Keep under consideration though, that some of the shadiest banks have been around for years, so just because they have been around for some time does not imply that they're legitimate. There are online sites where borrowers or other brokers report their experience with banks. Simply by typing in their name in Google can offer some telling info also.
Above everything else , moneylender singapore must always be avoided if feasible. This is a conspicuous statement, but borrowers should do everything they can to find other solutions, or be in depth with their research in finding a tough bank that is in the business of funding loans.
Borrowers should be warned as this wedge of the industry is filled with con artist, as many banks just take the good faith deposits from borrowers and then pretend to go through an underwriting process. It's just a swindle.
Commercial Hard Cash
Additionally, many brokers portray themselves as lenders, when actually they are just brokers. They "tie up" their borrowers with dear good faith deposits, which are never repaid when they do not perform and do not get the loan closed. Borrowers than have to consider going after them with whatever bits of cash they have left.
Borrowers should do an extensive amount of research on the lender before anything is signed or money is wired. Check their BBB ratings, go to their states licensing division (this can be done on line) and see whether they're registered as a lender. You will doubtless find other names that they do business under while you are doing this research. Also , how long have they been in business? Many of those lenders change names like the rest of us get our suits dry cleaned. Keep under consideration though, that some of the shadiest banks have been around for years, so just because they have been around for some time does not imply that they're legitimate. There are online sites where borrowers or other brokers report their experience with banks. Simply by typing in their name in Google can offer some telling info also.
Above everything else , moneylender singapore must always be avoided if feasible. This is a conspicuous statement, but borrowers should do everything they can to find other solutions, or be in depth with their research in finding a tough bank that is in the business of funding loans.
About the Author:
Mary Sensible is a fast loan expert who has been connected with pay day loan in singapore and has more than 30 years of experience in finances. She has helped a lot of people to get Fast Unsecured Money Advances, and lots of other products regardless of their credit situation.
0 comments
Post a Comment