The stringent mortgage lending rules is making it difficult to put deals together.
The A lenders, the Banks are almost impossible to get money from.
The B lenders, the Trust Companies are very difficult and almost as bad as the A lenders.
There is a third option or a C lender. This is a private individual with money willing to lend to you. Problem solved right? Wrong!!! These folks are TYRANTS!!! They make MOBSTERS look like choir boys! They are as heartless as an EXECUTIONER!!!
Who are these people anyway?
They could be your retired mom and pop business owner who now just lend out money.
Your buddy who is always at the golf club whom you may play a round with from time to time.
Or even one of your neighbors who never seems to go to work but does not appear to be hurting for money.
Many are simple church going people right? WRONG!!! These people are MONSTERS!!!
They look at you like a pride of LIONS look at a wounded BUFFALO!!!
First of all they want from double to triple the going rate. They want you to cover all the legal costs, all appraisal fees and on and on. They want to give you a financial check up far more thorough than any Doctor's Physical. They want you to pay them for their time on the deal. They want a cash incentive from you on closing. The fee structure that they dream up of for you to pay throughout the term is out of this world. Basically they want you to take out a mortgage and agree to make payments but they do not want to give you any of the money!
If you let them sleep on it before you commit, they will have even more outrageous demands in the morning!!!
These STRINGENT rules are preventing HONEST PEOPLE from doing business and the above mentioned people FILTHY RICH!!!