I have been contacted by several individuals that have access to hard money lenders. Is this the normal process? Do I give all my info to someone who is not the lender? It’s not that I don’t trust people, I just want to be smart about this. Thanks!
are they mortgage brokers? if so giving your information to them is a normal thing,if they aren’t mortgage lenders, how did they find you?
I would not give your SS# to all of them. You do not need a bunch of people pulling your credit as it will actually pull your score down. Give the info to the one that you feel most comfortable with and ask them for the details (credit scores, etc.) Then you can comfortably provide credit “details” to the others.
I found them thru ads. Not sure how to verify they are legit. Any advice on where to find a hard money lender. I am in Florida, I contacted one of the Lenders to the left that offers hard money in Fl. They emailed info. They require 20% upfront to them (not title co.). Really not comfortable with that. I would be comfortable with it at closing thru a title company escrow acct.
It seems to me that, even in Florida, unless this amount is some sort of “fee” and I’m not sure that is even legal in Fl, a HML who requires 20% upfront and wont escrow those funds is not someone I want to do business with. I don’t know how such a policy could be defended. I may have missed something. Best of luck, hope it all works out for you.
They are just brokers who are shopping your loan. You need to speak with people who have the money directly. Direct private lenders. I can point you in the right direction.
I would caution against working with anyone who is trying to shop you as a third party. You can access hard money lenders in Florida through your department of financial regulations. They should all be listed there.
Thanks for the great tip! I love this site. So much knowledge and people are generous with the info.