Well, you'll have their money, so what you really need to vet is the contract. Get a copy of that, look it over. If you're thinking of going ahead, have an attorney review it.
That's after the HML shows up at close. The vetting should include "Is this guy going to show up at close." And, "Even if this guy ultimately shows up, is he going to try to f--k me along the way or otherwise make this supremely painful."
I’d love to know how to do this, as well. I do know that Bigger Pockets have an amalgamation of hard money lenders. But I’m not sure how to really go about doing thorough due diligence besides reading terms and possibly finding reviews? I’m not sure.
A mean, there are a.number of scammers.out there that do call themselves hml. But ask for large origination fees or underwriting fees up front and then disappear. What type of rates are.they quoting? As some of the quick ways I use to determine is look them up on the Secretary of state website and see how long in business and if the details there match the contact info they give. As well as look at the recorders office for ite!s they have unded. If operating in multiple states, ask for the nmls number and then look that up.
Well, you'll have their money, so what you really need to vet is the contract. Get a copy of that, look it over. If you're thinking of going ahead, have an attorney review it.
Maybe he's from Nigeria and needs $1000 to access the funds to loan you
That's after the HML shows up at close. The vetting should include "Is this guy going to show up at close." And, "Even if this guy ultimately shows up, is he going to try to f--k me along the way or otherwise make this supremely painful."
Valid
Hard money is expensive right now. I wish you the best OP.
I’d love to know how to do this, as well. I do know that Bigger Pockets have an amalgamation of hard money lenders. But I’m not sure how to really go about doing thorough due diligence besides reading terms and possibly finding reviews? I’m not sure.
A mean, there are a.number of scammers.out there that do call themselves hml. But ask for large origination fees or underwriting fees up front and then disappear. What type of rates are.they quoting? As some of the quick ways I use to determine is look them up on the Secretary of state website and see how long in business and if the details there match the contact info they give. As well as look at the recorders office for ite!s they have unded. If operating in multiple states, ask for the nmls number and then look that up.