I have a borrower who has changed the deal 4 times in 3 weeks. First it was a fix and flip, then they wanted to hold it as a rental, then they wanted to add a second property, now they're asking about a cash-out refi on a property they already own. I've submitted to 2 lenders already and had to pull both submissions. How do you handle borrowers like this?
ok so i'm in a situation. borrower told me the property was "move in ready" and needed only cosmetic work. lender sent their inspector and apparently there's foundation issues, roof needs full replacement, and there's mold in the basement. borrower knew. they straight up lied on the intake form. lender is pulling out. borrower is blaming ME. what do i do??
Found out a borrower I introduced to a lender went back to them directly 6 months later for a new deal, cutting me out. The lender accepted the direct deal. I feel betrayed by both parties. What's the standard in this industry and what can I do?
I'm finding that borrowers consistently come in expecting rates that are 1-2% below what's actually available. They've been reading about rates online or heard from a friend who got a deal 2 years ago. How do you set realistic rate expectations from the first conversation?
This happened to me last month and I'm still frustrated by it. Spent 2 weeks working a deal, got a great term sheet from my lender, shared it with the borrower, and then found out they took the term sheet to another broker who submitted it directly to the same lender (cutting me out). The lender honored the second submission because they had no exclusivity agreement with me. How do you protect yourself from this? Do you use broker agreements? Do you redact lender information on term sheets?