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Lenders & Borrowers Must Act Legally to Avoid Lawsuits
When entering into a relationship with a direct private lender such as Kennedy Funding, both borrower and lender have responsibilities which need to be met prior to the start of negotiations in order to forestall lawsuits. The borrower expects the lender to do several things: close the loan in a reasonable amount of time: offer a percentage rate that is amenable to both parties: be reasonably attentive throughout the proceedings: and deal ethically and above-board at all times.
Borrowers, too, must also begin lending proceedings with certain items taken care of in an ethical manner. Chief among the borrower’s responsibilities is having an up-to-date, realistic appraisal of the collateral in question. This is crucial, because if the borrower misrepresents the value of said property, then the lender cannot be expected to proceed with a closing. Furthermore, such an act can and often does precipitate complaints, lawsuits, and allegations of fraud.
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