kennedy funding ripoff report
Kennedy Funding offers hard money loans, which can be helpful for real estate investors who need financing quickly. However, there have also been complaints against the company. Let’s break down the potential red flags and how to avoid them.
What are Hard Money Loans?
Hard money loans are short-term loans secured by real estate. They typically have higher interest rates and fees compared to traditional bank loans.
Why Consider Kennedy Funding?
Fast Funding: Kennedy Funding is known for getting deals done quickly, which can be crucial in real estate investing.
Flexible Terms: They may be more open to working with borrowers with less-than-perfect credit.
Potential Red Flags
High Costs: Hard money loans already have higher interest rates and fees. Be sure you understand all the charges upfront and factor them into your project.
Legal Issues: There have been lawsuits against Kennedy Funding regarding their lending practices. Research these cases to get a better understanding of the potential risks.
Negative Reviews: Look for reviews from other borrowers. While not every experience will be perfect, a pattern of complaints can be a warning sign.
Alternatives to Kennedy Funding
Shop Around: Get quotes from multiple hard money lenders to compare interest rates, fees, and terms.
Traditional Banks: While slower, they may offer better rates if you qualify.
Private Investors: Look for individuals who invest in real estate projects.
Is Kennedy Funding Right for You?
Kennedy Funding can be a good option for experienced real estate investors who understand the risks and can secure a profitable deal. However, for those new to investing or with marginal credit, there may be better options.
Here are some additional tips:
Don’t rush into anything: Carefully consider the terms of the loan before signing.
Work with a lawyer: An experienced lawyer can review the loan agreement and protect your interests.
Have a solid exit strategy: Make sure you have a plan to repay the loan before it comes due.
By doing your research and understanding the potential risks, you can make an informed decision about whether Kennedy Funding is right for you.
