Hard Money Lending is an essential service; therefore, it is run by trusted organizations. However, some fraudulent organizations have tainted the image of the industry by swindling vulnerable customers.
Every day, people in Washington D.C are in the quest of looking for hard money lenders they can trust. It is with this backdrop that we carried out research and found Hard Money Bankers to be the best around.
Here, we’re sharing the things we observed, and you can note them as things to look out for before you trust a hard money lender.
Transparency
An honest hard money lender is transparent. Therefore, if a hard money lender keeps bringing up unannounced fees or can’t answer your questions affirmatively, then, it is likely you’re dealing with a fraudster and not a legitimate lender.
A legitimate lending corporation is transparent to customers, you can see all their moves. They also do not keep bringing up irrational fees or anything of that sort.
Upfront Fee
Where a hard money lender asks a large upfront fee before the process is completed, it is most likely only interested in scamming you of your money. Requesting for some payment before the contract is executed is not the issue.
In some instances, legitimate traders could ask for a fee to protect themselves from any loss before the contract is executed. However, the fee legitimate traders request is usually small, and where an upfront fee is large, it hints at an intention to defraud you.
Online Reviews
A basic online search can tell you so much about a business. Search online for reviews and comments about the hard money lender and filter through the results for relevant reviews. The best place to get honest feedback about the lender’s services is from people who have patronized them before.
Even though you might not know anyone who has done business with the organization personally, the internet has provided online reviews for everyone to meet and share experiences. Before you do business with any hard money lending firm, make sure you do your research, so you don’t end up with regret.
Ridiculously Low Rates
A characteristic of Hard Money Loans is that they are high-interest loans. This characteristic is well known and has been justified because the loans are short-term loans and they can be processed very fast, unlike a loan from a bank.
For that reason, a hard money lender that has ridiculously low rates is most likely a fraudster because high rates are an integral part of the trade. It is reasonable to assume that a lender with low rates is only using them to attract vulnerable customers that would eventually be scammed.
Interestingly, Hard Money Bankers checked these boxes and other criteria we used to examine money lenders in Washington, D.C. This financial institution is a hard money lending organization based in the US and provides hard money loans to Americans through a smooth, fast, flexible and transparent process.
If you’re interested in getting a hard money loan in Washington DC, we highly recommend that you contact Hard Money Bankers to obtain the loan.
You Might Also Like: People Are Taking Out Loans Against Their NFTs—And Defaulting
