BEWARE! Check your Private Lender with the BBB before doing business

With added folks turning towards hard money lending in Florida, it's sensible to check with the Better Business Bureau (BBB) before doing business. The BBB keeps track of all sorts of businesses, like a roman guard of compliance. Before getting a private mortgage loan always check with the BBB to make sure you're working with a quality private money lender.

If you're not familiar, private money is a loan from an individual compared to a bank. With the financial system in a mess and banks not loaning money, people are turning towards private Money lenders to get the money they need. Higher populated areas like Miami, Dade, and The Palm Beaches are using hard money in greater amounts to keep construction momentum on the rise.

Bank loans are regulated differently then private loans, which is a blessing and a curse. Some advantages to working with a hard money broker are loans without credit or employment check. On the other hand you must be sure you're dealing with a responsible broker.

For the following example I'll use a Hard Money Mortgage Company I've worked with called Franklin Karr Mortgage Company. This is the same process I used when deciding on a Hard Money loan to purchase an investment property in Miami, FL. After viewing Franklin Karr's website, I went to the BBB and researched the company. I saw that he has the highest rating available (A+), no complaints, and also had a good review. I knew that an A+ rating was a very good sign and urged my to take the next step to contact him.

There is no better way to check your hard money broker's record then with the Better Business Bureau (BBB). The first step is to open the Better Business Bureau's national database at http://www.BBB.org/us . On this page, towards the center, you'll see an orange button that says "Check out a Business or Charity". Click this button, type in the name of your mortgage broker's company and click enter.

Below you'll see a list appear of possible matches. A new window will open after you click the name of your mortgage company. In the middle of the page is a clear letter rating, just like your favorite english teacher would give you. These grades are based on a number of factors, the most important of which is client satisfaction. To the right of the letter grade is an explanation of the grade and below that more information on the business.

Always keep the BBB in mind before making a decision to work with a private money lender in Miami. A good rating equals out to many factors including proper licensing and government compliance. Keep in mind that any business with a bad rating or not listed could potentially cause you problems. Finding a business with an A+ rating, such as Franklin Karr, is a true treat and should be preserved like a golden ring.

Miami Private Lender is a great sourse to find information on Hard Money Lending. You can find resourses and information to help you get a loan today.