Are lending charges higher for hard money loans?
Private lender money loans are more expensive. Our rates and fees are NOT competitive with banks, government, or other conventional lenders. If your client qualifies for a loan from one of these sources, we recommend staying away from private lenders and hard money loans. The only exception is if your client needs money fast and/or short term for a profitable investment project. What other fees do you charge besides your points? In addition to our loan origination fee quoted to you in the form of points (a percentage of the loan amount), we charge a loan set up fee, disbursement fee, funding fee and an opinion of value fee. These other fees usually add up to $1,175. Do you report to the credit agencies? No. We do not report payment history or any loan information to any credit agency. Credit history can be verified by faxing a Verification of Mortgage form to us with the borrower’s authorization. What happens if my client can’t afford to make their monthly mortgage payments? Mortgage p
