Hard Equity Financing - David Errante Sent loan approval and send back $2100 for LOI and underwriting cost, would not comply with terms Miami, Florida

As HR manager. I am notified of all of these complaints & it would be nice if they told the whole story.


In defense of HEF, these claims that came in were disputes between customers & HEF. Some even false statements which are outright untrue, as we have been in hard money finance for quite some time now, I feel Hard Money Lenders have been given a bad rap. Most over asking high risk borrower to pay for their own research.


All conventional lender do as well, just it may be a pay at the door appraisal, inspection, credit report fee, ect.


Our borrowers are no A paper loans, these are borrowers with bad credit, high debt, high LTV, foreclosures, Bankruptcy, ect.


I do not think there is a lender out their that would even touch any of these cases and all the risk a hard lender goes out on.


It is only common sense to ask customers to cover their exspenses.



All loan requests that come in are subject to conditions of verifying the value. All of which have a professional analysis on the value completed.




During our process of review, it is common to request additional or
supporting information on the file. Usually we are in contact with
customers on a weekly basis, brokers, even more so.




Yes we will order an appraisal or a BPO & if the value is overpriced, we will correct it.




What lender would give a loan based on inflated values.




The above mention customer, had 5 SFR's & at the time of the value review, they came in substantially lower. Altogether $80,000 lost in value.




We were unable to continue to complete her loan based on these losses of value & a refund was issued promptly.




In fact, we issued twice a refund since the customer lost the first one issued.




I
regret she had a problem with HEF, but
it would also have been nice if she told the complete story.