Today’s financial area is doubting and in such circumstances it is more important to establish the credibility of the lenders. Kennedy Funding the commercial real estate financing firm has emerged in the eye of borrowers and investors. But some have come across some reports deeming the company as a ripoff. This guide will offer you an epitome that will help you understand what you need to know right now.
Understanding Kennedy Funding
Kennedy Funding as a direct emerging source of funding provides working capital commercial real estate loans. Originally founded as an organisation that would be able to specialise in fast and flexible funding it has successfully positioned itself between the traditional and non-traditional lenders that offer loans that the credit banks turn down. They provide commercially produced financials such as bridge loans, construction financing and land loans all of which address the demands of clients who might not readily qualify for conventional credit facilities.
Despite the success rate that Kennedy Funding has recorded in an ability to close many deals the company has not been free from controversy. There are complaints from some of the borrowers hence developing ripoff reports concerning the information they share. But what are these reports and should they actually play a part in deciding something?
What the Ripoff Reports Say
Client complaints alleging they have been mistreated or deceived by a business are usually the subject of ripoff reports which in the instance of Kennedy Funding tend to focus on several major issues:
- High Fees and Interest Rates: A few customers have expressed their displeasure with the costs and interest rates connected to their loans. They contend that there was financial hardship as a result of these expenses being greater than anticipated.
- Delayed Closings: Borrowers have occasionally complained about delays in the loan closing procedure. Delays like this can cause issues, particularly when negotiations that are time-sensitive are at stake.
- Unclear Terms and Conditions: A number of consumers have reported that unclear communication regarding the terms and conditions of their loans resulted in future misunderstandings and disagreements.
- Non-Refundable Deposits: Some borrowers have expressed frustration over non-refundable deposits, which they claim were forfeited when their loans did not close as expected.
Analyzing the Claims
One must be careful with ripoff reports since not all of them are true. However, these and similar reports can turn the spotlight at genuine problems without pointing out the whole picture. In the case of Kennedy Funding, several of these problems pointed by these reports are simply resultant of a high-risk funding environment.
High fees and interest rates for example are noticed at points that the lender is exposed to risk. Those submitting for less-than-stellar credit or for irregular investments or projects will be charged more because there is more risk involved on the part of the lender. Likewise the delays in closing can happen in any form of financial transaction it is not limited to real estate alone nonetheless these scenarios are likely to happen in an advanced and sophisticated form of business transaction.
Protecting Yourself as a Borrower
There are precautions you can take to safeguard yourself and make sure you’re making an educated choice if you’re thinking about taking out a loan from Kennedy Funding or another lender of a similar nature:
- Read the Fine Print: It is always advisable to read any agreement small and large carefully, before agreeing to it. In the event of any ambiguity, do not hesitate to question.
- Compare Offers: It is unwise to accept the first loan offer that is offered to you. Take the time to compare what different lenders offer and make sure you are being offered the best possible rate.
- Negotiate Fees: Remember you don’t have to accept the fees and interest rates without talking it over with the lender. Banks and other lenders do not always insist on fixed terms as they seek to complete the transaction.
- Consult a Professional: If there is any uncertainty regarding any of the aspects of the loan it is advisable to consult with a financial planner or lawyer. They can be very useful both as reference and as a means to avoid mistakes.I
Conclusion
Frequently ripoff reports may cause concern; however, they do not indicate that the company is fake or not worthy of credit. That is why, reading the reports that complained on Kennedy Funding one can find more the reflection of high risk of lending business rather than actual signs of unethical business practices. If you are careful while seeking a loan you will not regret the decision you make in future as long as you price it right.
Just always bear in mind that in order to minimize the risk of being on the receiving end of some of these unhappy experiences the best approach is to get informed, seek as much information as possible, be sure of what you sign and discuss everything with your lender. That said there are ways to go about obtaining funding for your small business while avoiding the aforementioned pitfalls.