Hard Money Lenders - Dohardmoney

[Carlos Diaz]

I was sold a Hard Money Lending package a little over a year ago. There initial contact with me explained how the company makes loan to real estate investors. I explained to the sales agent that I was new to this business. He made it all sound do easy. My job was to find a property that needed rehab, put it under contract, they would lend up to 100% financing and sell the property afterwards. At the time they implied that they had hundreds of other clients that they lend on each day. And that there was an abundance of properties available. But what they failed to mention is that they have a strict criteria for lending and most properties will not qualify for lending, and that their lending fees (which were not disclosed before the purchase of the program) are among the highest in the industry. This prevents almost all properties from qualifying from there programs. You would have to pretty much get a property for free in order to qualify.

I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.

I paid $2,000 (one year's worth) in order to be able to receive funding. This included my first appraisal fee of $650 (also highest in the industry). My first submission I used up this appraisal credit only to be shot down. After I complained, they offered me a redo to use on another property. The next property I used the credit on was also shut down because of other requirements that "pop up" unexpectedly in order for them not to lend.

I have asked several times for a refund of my money and all they have offered was an additional year's subscription. This has not helped out in the least because of the hundred or so properties I have analyzed, none would ever qualify for their lending.

In essence, they have absconded with my money, and do not intend to ever fund a project, because of their high fees, and the unavailability of rehab properties in the market they have rigged the game against me.

I hope someday I will be able to get my refund of the money I lost to these people.