You might be surprised about what the BBB has to say about your Mortgage Lender

With more Floridians 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 companies, like a guard for quality compliance. Before getting a private mortgage loan always check with the BBB to make sure you're doing business with an excellent mortgage broker.

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

Hard Money is not regulated the same way as bank 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 reputable 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 their 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 middle, 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. Click the one that matches the company and a new window will open. In the center of the page is a clear letter rating, just like your favorite science teacher would give you. These grades are based on a number of factors, the most important of all is customer satisfaction. To the right of the letter grade is an explanation of the grade and below that more information on the business.

When choosing a hard money lender always keep the BBB in mind. 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.

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