We are looking for a legit hard money lender in Florida. Everytime I find one online and do further research, it shows up as a scam. How do I find reputable lenders? Thanks!
Did you look in the left column of this page - 'Hard Money Lenders" under “Investor Resources”?
Keith
yes, I did. I spoke to one who wanted 20% up front sent to his company (not title co.) and I checked BBB, they have a “F” rating. Not sure who to trust now.
:banghead I"ve heard alot of that 50_70% HML participation story from Florida rehabbers. It might appear to some as if the Fl HMLs just have too much business. I know of several FL rehabbers whom have found a way to get funded even in such an environment. :bobble
Florida is ground zero for mortgage fraud…I have been doing background checks on anyone that comes to me for a loan…Fraud is rampant…
Cocoabeach…I sent you an instant message…
The best way to identify a hard money lender in your area is to network with other real estate investors. Most real estate investment clubs have access to capital and will help its members obtain financing. Additionally reach out to local mortgage brokers as they may also have several hard money lender contacts who are able to make loans.
Thank you so much for the information. You are right, I did find a hard money lender thru a network on other investors.
I also believe their is a directory under a site The Directories Company. The guy who owns the site is located in FL. Good luck!
We caution against any lender asking you for cash before the deal is sealed. You can search for lenders on the depart of banking and finance site for your state. The regulate lenders in your area and will have a list.
Yes - do be careful about paying cash before you close the deal. Most lenders do charge an application fee however, to look at the deal and the borrowers financials. Due diligence is always key.
go to a Mortgage Broker, they will usually have a list of people with plenty of money…