kennedy funding ripoff report has been an example of several internet arguments and complaints in the real estate lending industry especially on the kennedy funding ripoff report site. An industry leader in the lending sector, Kennedy Funding lends money for real estate developments that liken alternative lending risks. Nevertheless, as most of the banks, they tend to attract a certain level of correction from customers with some of them making complaints about the company.
To begin with, Kennedy Funding will be examined for its operations, the type of grievances appearing in ripoffreport.com, the possible causes of these complaints and an explanation of such occurrences in a more neutral way.
Who are the kennedy funding ripoff report?
Kennedy Funding is a direct, private lender located in Englewood Cliffs New Jersey. Founded in 1987, it offers commercial real estate bridge financing, frequently to those turning projects that traditional banks will not finance because of bad credit, high-need-time projects, or simply out-of-the-bank-financing projects.
kennedy funding ripoff report offers primarily services where they provide quick and flexible funds for real estate deals that may be deemed high risk by banks. They claim that they can finance deals of up to $3 billion in loans across various sectors including those from retail, residential, industrial, and agricultural buildings.
Their interest in hard-money lending is also beneficial to the borrowers who require quick infusions of cash to either fund a deal or undertake a real estate venture. However, this kind of lending tends to expose both the borrower and lender to a high level of risk, which inevitably results in some degree of discontent, which likely explains why there are reports of such complaints on Ripoff Report and other similar outlets.
Analyzing the Minutes of the kennedy funding ripoff report
Ripoff Report is one of those consumer complaint websites that allow users to write anything about the companies or service providers that have wronged them. This site, however useful for providing criticism based on personal experiences, has a downside, in that these accounts are not endorsements, and therefore represent the opinions of the authors of such opinions.
The kennedy funding ripoff report is a website that has existed since 1998, and it has grown to become one of the most popular sites devoted to consumer protection. The site has been however criticized because these reports tend to appear among the top searches on search engines and this may harm the reputation of a business, regardless of how true the claims are.
Furthermore, a business will find it hard to retract the allegations made against it and Rip Off Report has also been charged with extorting reputation management services from businesses against such complaints.
Therefore, it is vital to take complaints that appear on the kennedy funding ripoff report with a pinch of salt. No one complaint provides the full details and the problem is that it is easy to get the wrong end of the stick where a company is concerned because verification is non-existent.
kennedy funding ripoff report Give Rise to Common Complaints
There have been quite a number of complaints raised on Ripoff Report regarding kennedy funding ripoff report encompassing the company’s lending activities including customer service and business operations. Though these complaints differ in seriousness and particulars, some prevailing issues have been noted:
Loan Approval Process
One of the issues that has been raised by a number of borrowers relates to the loan approval process. Some people claim kennedy funding ripoff report made them an attractive offer at first but changed this offer in the course of the loan, which resulted in resentment. There are complaints in which loan approval has been changed or withdrawn, usually resulting in borrowers chasing other financing sources within narrow time frames or incurring additional expenses.
Exorbitant Interest Rates and Charges
The other complaint and probably the main one is the high interest rates and excessive charges on the loans taken from kennedy funding ripoff report. Most of the borrowers go to Kennedy Funding as a last resort after failing to access funds from conventional banks. This is because, as a hard money lender, Kennedy Funding is bound to offer very high rates because of the risk involved. However, a few borrowers have also complained that they were caught off-guard by these costs, be it by failure to clearly understand or communicate the nature of the deal.
Consultation Difficulties
Several complaints also touch on the issue of lack of communication regarding the processes. Some borrowers expressed that they were not informed of the conditions pertaining to the loans, particularly the charges and rates of interest, from the outset which made it inconvenient when they found out the actual price of the money borrowed.
Financial business practices must be transparent, otherwise those borrowers that do not appreciate the full extent of what they are obliged to do can feel ridiculous, and this feeling of dissatisfaction finds its way onto Ripoff Report.
Slow or Non-Existent Customer Support
Also, customer service has been raised as an issue with some borrowers saying that there were communication problems or that there was no communication at all.
Reasons Behind the Complaints
While the complaints found on sites such as kennedy funding ripoff report shed a lot of negativity on the business, there is need to appreciate the fact that hard-money lending takes a different dimension with regard to the real estate transaction and the associated risks of which most of the operations take place outside the traditional banking set up. These are some of the explanations that might contribute to the problems that borrowers have been experiencing with Kennedy Funding.
Hard-Money Lending Nature
In nature, hard-money lending is quite expensive to the borrower since it takes a lot of risks for the lender. Thus, hard-money loans are usually extended to nervous borrowers who may be on the verge of home foreclosure, in need of quick cash, or have a high-risk credit profile. Consequently, the terms- and even payment options- are usually tighter than normal banks, which may breed conflict. Most of the people do not understand the terms making them to give out complaints.
Real Estate Market Fluctuations
The real estate sector in itself can be very dynamic at times, due to the ever changing market aspects such as the market conditions, property appraisal, and the lending aspects where all these factors may lead to a deal being blown off. Just like any other lender, kennedy funding ripoff report has to ensure that its operations are safeguarded in such an event, which could mean pulling out or adjusting the loan offers. Such scenario may justify the grievances raised regarding loan alterations or even cancellations of previously granted loans.
Borrower Expectations
Part of the complains could also be attributed to the over borrowing expectations of the borrowers. Borrowers considered this way tend to have stricter terms available to them, including higher fees, interest charges, and the like. kennedy funding ripoff report If an individual pursues a transaction with their eyes closed regarding the incurred expenses, for example, frustration will follow as sure as night follows day. If the someone with whom the agreement was made is not able to perform as expected, the tendency is that the borrower will attempt to hold the lender responsible.
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Conclusion:
To conclude, while some complaints about Kennedy Funding can be found on Ripoff Report, one must take into account the length of time the company has been in existence and the nature of hard money lending. Real estate deals, especially within the commercial scope, come with very high-level risks and hard money loans are for people who want quick and easier financing that banks may not.
In case borrowers compliant of kennedy funding ripoff report or any like lenders may want to seek their services, they should take the time to read and comprehend the full content of any loan agreement presented to them and request clarification concerning fees and interest rates and brace themselves to the hurdles that are associated with the commercial real estate transactions.
As a result of approaching the process at hand with proper expectations and knowledge of the limitations, the clients would be able to make reasonable choices and even sidestep the inconveniences that made other clients share their grievances on the web.
