Do you know your loan broker?
There was an interesting article in the Wall Street Journal (www.wsj.com ) regarding mortgage brokers / Loan arrangers. In this article the author discussed a drastic rise in the fees that borrowers were being taken for without actually getting a loan. Within the lending industry this is a huge problem where a handful or lenders, brokers, loan arrangers, etc… promise the moon to folks and take their money without producing results.
Fortunately Fairview is different. Fairview is a direct hard money lender that funds its own loans, underwrites its own loans, and services the closed loan. There are no upfront fees for Fairview to evaluate a loan and let the borrower/broker know whether the transaction will fit into our hard money lending guidelines.
As a borrower, how do you protect yourself? First Google the broker/loan arranger/lender to see what comes up (i.e. lawsuits, negative postings, etc…). Second, call the lender directly to ask about their programs. Finally, if a transaction smells to good (borrower has a 500 credit and is promised a 3% interest rate) then it likely is too good to be true.
Fairview Commercial Lending is a direct hard money / private money lender. We have offices in Georgia (www.georgiahardmoney.com) as well as in Colorado (www.cohardmoney.com). We never charge any upfront fees and guarantee an honest answer quickly. Fairview also services loans for both our own portfolio and others (www.fairviewservicing.com) and can be reached at 404.634.1270 or https://www.fairviewlending.com/contact.htm