Posted by Darin In CA. on January 31, 2001 at 17:08:24:
Yes, it does. Some hard money lenders the first time you use them will run a credit report. If you don’t feel comfortable with it, then don’t use their company. I personally don’t think hard money lenders should run a credit report. Most of them must answer to their investors.
Does this sound ‘normal’ ? - Posted by IB (NJ)
Posted by IB (NJ) on January 31, 2001 at 12:55:31:
Trying to find a hard money lender for my 3rd deal. Called some lenders advertised in the RE section of my local paper. Now this one guy who claims that all they do is hard money lend, says that although they loan money is based solely on the equity of the home, I have to fill out a form 1031 so that he can run my credit. According to him, they want to make sure they loan to people who have a reliable record of paying their bills on time. Does this sound right?
Also, does anyone know any National hard money lenders or those who lend in NJ? Thanks in advance.