Posted by Ed Garcia on February 12, 2001 at 10:26:09:
“Hard Money”, is a term coined by lenders who make loans based on the equity of the property. For him to ask you about your credit is not really a problem because he might want to see the extent of your financial condition. I’ve had borrowers tell me that they’ve had a credit problem, and found out it wasn’t as sever as they had indicated. But for him to make the statement that he did is another thing.
If he had said to me what he said to you. I would have told him that, if I had good credit, I wouldn’t be here; I could go to the bank. It’s obvious to me that this is a broker or lender, that is just trying to see if they can qualify you for a loan that fits their lending criteria.
Jeff, you’re doing the right thing by disclosing your credit condition up front so that there isn’t any misunderstanding.