On August 29, 2012 I applied for a Hard Money Loan from Dohardmoney.com and based on my application, requested loan amount and Value of Property, was assured that if everything checked out, i would most likely get the loan. Application fees were 4-5 points plus other fees. I was asked to pay $600.00 for "appraisal" fees which I did. I was also told that if I joined and paid for membership to the Diamond Club for $277.00, some of the application fees would be waived. These fees were taken directly from my bank account. I was told to expect a "conference call" within a few days. After not receiving a call at the specified time, I called dohardmoney and was told there was a problem with approving my application although the "appraisal" had come back within an amount qualifying me for the loan. They will loan up to 70% LTV. Appraised at $124000, loan requested $86000 (based on this I should have qualified). I had to make several calls to find out the loan was denied, however, surprisingly, dohardmoney will not furnish me a denial in writing. I also discovered I was double billed for the application fees $600 billed twice and the $277 for the Diamond Membership Fee. Although I have requested a full refund of the Diamond Membership Fees a few days after joining, I have received no response to repeated attempts to contact dohardmoney.
Although I believe I was falsely led to believe I would be approved for a hard money loan, I had only requested a refund of the $277.00 Diamond Membership fees as I have no use for the program and called membership within a few days.
Please beware of this internet company, as they can double bill you, deny you a loan and then refuse to return your calls requesting a refund. It is my belief that I was entitled to a Loan Denial Letter stating the reason why and a full refund of membership fees for a program that I have no use for.