Investors, Know Your Hard Money Lender Before the Deal

This is a story of tragedy and eventual triumph, but sheesh getting there sucked.

The sellers were young parents who had been dramatically affected by last year’s hurricanes. With their back against the wall they tried working with a couple different investors who royally screwed them over.

My buyer and her partner are neighborhood restoration experts. They find a home AND seller who needs help. They deal fairly with the seller, offering them relief and then restores the home, uplifting the neighborhood. Creating positive situations for all.

Now we get to the sordid details.  
1. She was working with a broker that she’s worked with a few times, but the actual LENDER doing the loan was completely foreign to her.

2. As we neared closing, finishing up all the details, it came to light that the Lender didn’t bother to read the contract! He then flat out lied to my face and tried to gaslight me instead of taking responsibility for his mess up.

3. This was not a short loan. This was a full 30 day loan which turned into a 45 day loan because the Lender didn’t bother to read the contract

👉 The things that made me the angriest during this transaction was how the lender AND underwriter just kept nonchalantly pushing numbers around with a COMPLETE lack of care or empathy that there are real people with real lives being affected by their lack of professionalism.

The lender also kept changing the terms on the buyer right up to closing day, which caused her to have to bring an additional $20k to closing….soooooo not cool...

At the end of the day, if you are an investor, you have to make sure the numbers make sense, but a real deal is always about the people. Are you helping or part of the problem!

Text or email me if you would like a list of lenders to AVOID.

🔸Laura Marie, REALTOR®
Helping you strategically Buy, Sell & Invest
Laura Marie Group @ eXp Realty
YourHomeSoldFL.com
(727) 350-7003