Choosing the right leader for businesses or projects is important. One name that usually appears in real estate is Kennedy Funding. This company specializes in money loans specifically for development and land purchases. 

Recent reports showed major concerns about this company, such as the borrowers’ bad experiences with them. Keep following this guide to understand the Kennedy funding ripoff report and how to protect yourself when dealing with any leader. 

Who is Kennedy Funding?

Kennedy Funding is a direct private lender offering short-term bridge loans for commercial and industrial uses, usually connected with real estate investments and developmental projects. Its primary focus is on onROID, which is defined as rapid loaning for acquiring, developing, and constructing commercial real estate. They are usually referred to as ‘hard money loans’ and are provided exclusively by the property, not the credit profile, with no credit check needed.

Kennedy Funding originated in the 1980s & till now, it has earned the reputation of a company that provides credit as quickly as it can be given and is essential, particularly for developers who, for one reason or another, have to make do with funding rapidly. The company boasts of being an alternative source of financing for people who have been rejected by mainstream institutions for credit or need funds when credit may be less than perfect or when the venture may be high risk to the financier.

What is a Kennedy Funding Ripoff Report?

Here is some general information about a “Ripoff Report” before going any deeper into the content of such allegations against Kennedy Funding. The Ripoff Report website is the Internet resource through which you can express an objectionable business, a service, or a person. It allows the consumer to vent on companies they feel have wronged them in the hope of informing others. However, as with any user-submitted content, not all these reports are verified for facts with appropriate levels of rigor. Some Ripoff Reports may have basis in truth, while others may be overstatements or plain misinterpretations.

With that in mind, let us analyze the allegations against Kennedy Funding.

The Allegations Against Kennedy Funding

Some reports against Kennedy Funding illustrate the many apprehensions held by the borrower. These reports provide a concerning image of the corporation, with the claims primarily falling into 3 groups.

1. Misleading Promises

The most common complaint regarding Kennedy Funding that Ripoff Reports receives is the false promises that the company gives its clients. A number of borrowers have complained of being informed outright that their loans would be approved, only to discover that the conditions had changed or that the loan application had been rejected after they had gone through the motions of applying for the loan, including putting down some money for the application.

2. High Fees

Scamadviser will let any consumer know how Kennedy Funding complains about the high rates they offer to their customers or how they pledge to give them one fee only, but after accepting to do business with them, they offer them high fees through the Ripoff Reports. To be more precise, hard money loans are more expensive than regular ones because of the numerous dangers of this kind of transaction.

3. Lack of Transparency

All financial transactions require total disclosure, and some of those who borrowed got the impression that Kennedy Funding did not fully disclose certain aspects of the loans. Factors such as interest rate change, increased collateralization, or extra charges were unknown earlier.

How to Protect Yourself When Working with Hard Money Lenders

No matter if there’s  Kennedy funding ripoff report or dealing with other leading, make sure to be aware of major things. Below are some essential things that everyone should keep in mind!

1. Research the Lender

Always do your due diligence on the lender before engaging in a deal with him or her. Request their records, search the internet, and talk to those who have previously worked with that firm. People should not just depend on word of mouth from the lender but also search the internet for other sources that would provide a better opinion.

2. Understand the Terms

It is vital to remain informed when the loan terms are not signed on the dotted line. Include questions on issues the respondent may not understand well by asking questions such as: What is your interest rate? Are there any hidden fees? When are you required to repay the loan? And what security do you accept for the loan? In specific circumstances, it must be recommended that a legal practitioner or a financial expert scrutinize the document to check whether the contract terms are balanced.

3. Get Everything in Writing

We can reach an agreement verbally as far as credit is concerned. All or most of the terms and agreements should be put in writing. If a lender assures you about the application approval time, the cost, or any other conditions under which you will be offered the loan, request the lender to put that in writing in the loan offer.

4. Beware of High Upfront Fees

It is also important not to deal with lenders who request too many fees before they approve the loan. Some fees are understandable in the lending industry, but high charges should be a sign of caution. Two red flags are when a lender has demanded that you pay large amounts of money upfront for the promise of a loan without any assurance.

The Blog’s Conclusion

 Kennedy funding ripoff report shows that it is a hard money lending firm focusing on real estate financing. However, the company has received some bad rap, and the outlet proved with the complaints listed on the Ripoff Report. Any borrower should also consider claims of lying, huge charges, and denial of critical information before contracting with any lender.

The most important lesson for borrowers is to be more attentive, always pay attention to the details of the contracts, and be aware of any possible signs of scams in the borrowing process. To make a long story short, regardless of your choice between Kennedy Funding and some other lender, using these tips will certainly guarantee a better result for the borrowing process.