How Do I Find an Honest Commercial Hard Money Lender?

Hard money lenders have become popular as an alternative means of funding a loan when the bank turns you down. Hard money loans have their upside in that they provide you with a ready means of money. On the other hand, lenders can be notorious for hiking their rates as high as New York skyscrapers and beyond. Unscrupulous lenders can send you into a dive of unending debt and grab your property after you fall. So, one of the popular Google search terms on hard money lending is: “How can I find an honest commercial hard money lender?”Here’s how.What is hard money lending?The concept is simple and, actually, quite useful once you get the hang of it. Hard money lenders loan money to people who otherwise would not be able to these funds. Examples include if you’re deeply in debt and need to rent or buy a home but can’t get the money to move because your credit report is low. Or you want to start a business but can’t land a loan because of your credit report or other reasons. This is where the Good Samaritans appears in the form of these lenders and they may fork you the required money.Hard money lenders deal with different kinds of loans ranging from residential to commercial and almost anything in between. Their approval depends on the value of your collateral. Each money lender sets his own fees, drives his own schedule, and has his own requirements for determining your credibility. Each, too, carries certain loans that others won’t. Banks refrain from offering hard money loans; they’re too risky. Hard money lenders will give you them. They’re willing and mostly able to take the risk.Other advantages of getting a hard money loanYou’ll also find hard money loans wonderful in that the process is so much simpler than the traditional mortgage system. All you’ll need to do is make an appointment; answer some questions; provide some credit to lenders who ask for it; and demonstrate the value of your property as collateral. The lender assesses the value of your property. If it looks sufficiently valuable, he or she may advance you the loan. Loans usually take less than ten days to come through. Typically, you’ll receive the money in three or fewer days. If you know the money lender, he may give it to you that same day. This sounds wonderful if you need that money now!The process is also far simpler than the complicated underwriting process that is done under normal conditions. When applying for the hard money loan, you have to sign and complete far fewer forms and some money lenders will overlook your FICO score.Thirdly, banks cap your loans minimizing your money and limiting you on your property requests. Some hard lenders may cap your loans too, but you’ll find many who will consider complex-collateral requirements and properties that involves tens of millions of dollars. The bottom line for the hard lender is the borrower’s profile and the value of the property.So what’s the problem?The interest is almost double that of the conventional loans. That’s where the bad reputation comes from. And there are some bad apples. But actually hard lenders are forced to do this because that’s the way we make our profit. We take risks in relying on the property as collateral and we spend our own money in advancing these loans.Another disadvantage is the low value-to-property ratio where the loan will typically only be made at 70 to 80 percent of the property value so if the lender assesses your priority at $100,000, you will receive $70,000 – $80,000.Hard money commercial loans are far riskier than hard money residential loans. If you default, you do not get to keep the 30 to 40 percent down you placed on the property. Instead, the lender will seize the entire asset and liquidate the asset to cover the remaining loan sum. Any additional amount goes into the lender’s pocket and not back into yours. The commercial mortgage market has a much slower turnover than the residential market as a whole. It could be years before a commercial property sells, and lenders cover their losses with this protection.Who should use commercial hard money lenders?That said, some people would profit more than others from applying for a hard money loan. These include people who find themselves in one of the following situations:

Expedited Financing for the Real Estate Investor – You want to quickly close and sell a property. Unlike traditional avenues, the closing is far quicker and approval is granted within the week. This because the hard money lender funds from her own pocket, so you don’t need to submit all the documentation or wait the month or more until your application is approved.

Small Business Owner – Banks and traditional lending institutions are more reluctant to take risks, therefore these institutions yank struggling startups through a gruelling processes to determine whether they are applicable. Most appealing startups are turned down. If you are a small business owner who finds himself in that situation, you may want to consider applying for a commercial hard money loan. Hopefully, your business succeeds because if it doesn’t the investor will use your business property as means of repayment.

Low credit score investor – If you are trying to invest or purchase a property but are turned down by traditional lending institutions because of a low credit score or history, you may want to consider a commercial hard money lender. The requirements to qualify for a hard money loan are less stringent than qualifying for a traditional loan, but the repayment is going to be far higher. The risk is going to balloon, too.
And coming full circle: How do I know who I can trust?That’s a good question. I usually advise people to do the following:

Google and research lenders. Check their profiles and see if they are certified by the National Mortgage Licensing System (NMLS). They should also carry licensing from their state regulatory agencies.

Speak to them. See if they and you match.

Hire an attorney to review any and all forms before you sign

Thoroughly review the lender’s processes, terms, and schedule. Know that you can also negotiate the fees.
In short…Some hard money lenders are unscrupulous. Some states and the Consumer Bureau have implemented some laws to protect you. Look into them, shop around, pitch your proposition, and negotiate your terms. The process can be risky but if you’re able to repay the loan, you may find yourself with the property or item that you want.

Payday Loans For Bad Credit

If you have bad credit and you need a loan, all is not lost. There is a way that you can get the money that you need and you don’t have to wait for a long time to get it.Whats more, payday loans for bad credit don’t require a credit check and you can usually get your money within 48 hours, usually within 24 hours or even within the hour. Then you can have the money you need for whatever you need (put it to good use so it was a worthwhile exercise).Payday loans are great for little emergencies such as an unexpected car repair, a prescription for medication or a special school event for your child. These types of loans are ideal for when you need a small loan quickly. They are not intended to be long term loans. The fees that are associated with a payday loan can be rather steep.This isn’t bad when you are doing a one time loan short term, but if you try to go long term with the loan, you could wind up paying a considerable amount of money. Getting a payday loan is a fairly simple process. All you have to do is complete a brief application that asks for your name, address, birth date, employment information, bank information and a few other things. You can complete and submit the application directly online.At that point, your information is sent to a variety of lenders in an effort to make a match. This can take a few minutes, a few hours of even a day.Once a lender has approved your loan application, you will need to go to that lender’s website and complete any requirements that they may have. You may have to submit your bank information or your employment information. You may have to give them proof of your address.This is usually done via fax, or you can often scan the documents and submit the electronically. Once the lender has approved your payday loan and you have fulfilled all of their requirements, you will be ready to have your funds disbursed to you.The funds from your payday loan will be directly deposited into your bank account. This can occur just a few hours after your approval or within a day or two. The fees, or interest, on the loan generally vary by the amount of the loan and the repayment terms.Repayment on your payday loan is typically done by automatic debit. The lender sets up your account so that it is debited the amount of the loan, plus the fees. If you need to reloan, you can usually do so after the debit payment has cleared your account. When you accept the loan, read over the paperwork. It will describe how the money is to be repaid, give the loan amount and outline the fees. Getting a payday loan for bad credit couldn’t be easier!So before you do without the medication you need or the car repairs that will get you to and from work, look into getting a payday loan. Bad credit or not, it can be a good short term solution to a small financial problem. The best way to find out is to get a free online guaranteed loan quotation so you can see what you will be paying before you take out the loan, that way you can decide if it is for you or not.Payday Loans for Bad Credit can be affordable and a breath of fresh air you just need to navigate to the reliable loan companies so that you pay a fair amount of interest.

Employment Law – Constructive Unfair Dismissal – Specific Complaint – Grievance

The case of Lambrou v Cyprus Airways Ltd [2007], concerned an employee who alleged that he was constructively unfairly dismissed. The employee was employed by Cypriar Tours Ltd (“Cypriar”), which was a subsidiary of the employer. The employee was employed as a computer operator from the 23rd of January 1989. However, from the 1st of May 2003, he also worked for the employer.In June 2004, all employees were given notice that within the next three to four months Cypriar would cease trading. The employee, who had not received his written terms of employment from the employer, requested a written contract.The employer’s financial controller informed the accounts manager that the employee would be transferred to its payroll from the 1st of October. On the 27th of September, the employee sent an email to the general manager, seeking official clarification of his transfer. Subsequent to learning that his P45 had been issued for inter-company purposes, the employee requested a copy. His request was initially refused, however, it was supplied to him on the 24th of September.On the 30th of September, he sent an email to the general manager and financial controller stating that he would be seeking legal advice on account of the failure to clarify his terms of employment. After he sent the e-mail, he did not return to work. He brought proceedings in the employment tribunal claiming constructive unfair dismissal. He alleged that four matters had caused him to leave.The tribunal held that it had jurisdiction to determine only the claim which had formed in the employee’s mind when he had decided to leave on the 30th of September. This was the only claim in respect of which a grievance had been presented in the form of the emails, namely those based on his terms and conditions of employment.The employer appealed.An issue arose as to whether the employee had failed to present a grievance in respect of the constructive unfair dismissal as required by the Employment Act 2002 (Dispute Resolution) Regulations 2004.The appeal would be allowed.It was held that dismissal claims were not subject to the requirement that they went through a grievance unless they were for constructive dismissal. What was required to be presented as a grievance was the same complaint as the employee sought to have determined before the tribunal.In this case, the very limited basis upon which the claim had been allowed to go forward by the tribunal had been incorrect. The only basis on which the claimant had got through the gateway to a hearing of his constructive unfair dismissal claim was reliance upon the emails. The complaint sought to be determined before the tribunal was that the employer had deemed the employee’s contract not to be binding. In the earlier emails there had been mention of the dispute about the precise terms and conditions of employment. However, in those earlier emails there had been no indication that the employee regarded his contract as void or that he would take steps to leave. It followed therefore that that was not the same complaint as was presented to the tribunal and thus it had been wrong to allow that part of the case to go forward.If you require further information please contact us at [email protected] or Visit http://www.rtcoopers.com/practice_employment.php¬© RT COOPERS, 2007. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances.

From Food Slicers To Deep Fryers – Kitchen Gadget Nightmare or Hardworking Helpers?

We all use gadgets in a variety of different ways, to accomplish a range of tasks and nowhere more so than in the kitchen. The reality is there are some gadgets that you simply cannot manage without when cooking, like potato peelers and knives.Technology and developments in materials like plastic and silicone have pushed the limits blissfully further and given us silicone pastry mats that are a joy to use and non-stick cake pans in a wonderful array of characters, shapes and colors. These are the tools we need daily and frankly they do a lot more than just save you some time.However, there are a few larger appliances out there like deli style food slicers, rotisserie ovens and deep fryers which have made the transition from large commercial to smaller domestic, very successfully. So what do they offer the average family cook?Well, if you are one or two persons, you might think less than they offer a big family, and to some extent that may be true. But modern rotisserie ovens are now extremely compact, with the Baby George Foreman bordering on too small for many with the limit of a 4lb chicken – it says a 5lb bird on the advertising, but boy is that optimistic.It doesn’t take a genius to work out the cost of getting rotisserie chicken from a deli or eating out, is a lot more than cooking it yourself and eating in – nicer too! Yep, this is one kitchen gadget that definitely qualifies as a hardworking helper and is every bit as useful for those cooking just for themselves.Small home food slicers are so inexpensive and easy to clean, even people living alone will save money slicing their own cooked ham or cheese slices over buying pre-sliced and packed food, it makes a great job of bread, raw meat, roasted meat joints and veggies, though to be honest slicing veggies is quicker if not safer, with a kitchen mandoline.To make a meat and food slicer worth having, you’ll need to use it, and to do that good advice is to leave it set up on the counter permanently or you won’t bother at all – but if you get one and use it, your knives will likely stay in the block forever.In fact most of the kitchen gadgets that clutter up cupboards and draws don’t get used for a reason, either they don’t work properly, maybe they do work but not very well, or worst of all, they work brilliantly and save acres of time, but are totally impossible to clean! If anything takes longer to clean than set up and use, you may as well put it in the trash now – you might use it once, but not twice.One other cooking gadget worth its weight in gold especially for seasonal celebrations is a deep fat fryer big enough to fry a whole turkey or at least a large chicken. There is nothing like deep fried turkey for taste or speed of cooking, especially when you’ve got guests to entertain as well as feed. With deep fryers it pays to know the basic safety rules and to buy bigger than you need – if you never try to overfill a fryer, it will never catch fire!The majority of gadgets aimed at helping you in the kitchen will save you time and effort, though you do need to exercise some quality control when choosing your tools. Sticking to brands you trust and reading plenty of reviews is always a good place to start, keep in mind that kitchen gadgets are no different to most things in life, you generally get what you pay for making it smart to buy the best you can afford.