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The Real Cost Of Short Term Money
People say loyalty is only worth 1 point. It is something I hear from time to time in this business. What many people find out after using different hard money lenders is that the service provided from a more expensive lender can actually cost them less than a cheaper up front lender with poor service. If your lender is a stickler for construction draws and takes weeks to get the money for reimbursement, how much is that carry cost and hold time worth? If a good lender is able to provide the draw in your account within a week instead of the other lender that takes 3 weeks you have already saved a point on carrying cost. If that happens several times over the course of the project, the 'cheaper'lender could end up costing you 3 points more than the more pricey lender. It is very much worth spending the time to find out if your lender provides a high level of service that is fast, efficient and conscious of your money. Local lenders are your best bet to start with but ask questions about what the process looks like once the loan has been issued. We receive a lot of calls from people sick of their poor service lenders and find themselves a home (no pun intended) with us. We are fast , efficient and extremely easy to work with. We appreciate our clients and respect their line of work.
Ian Walsh
215.839.3271
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