To ensure borrowers privacy is maintained; the addy platform will verify that:
- Red Point Law acted for the Lender and provided the borrowers Lawyer/Notary with instructions.
- Borrower had Independent Legal Advice (ILA) from their Notary/ Lawyer on the loan agreement.
- Red Point Law registered the mortgage on title.
- The property was recently appraised by a licensed appraiser.
- The LTV is verified by the appraisal value and statements of the existing charges on title.
- If there is an existing floating mortgaging (HELOC) our charge takes priority right after the stated balance of first charge on date of registration.
The platform will never disclose:
- Exact address of the property
- The credit score (we use internally only)
- The borrowers name
Why is credit score and income not shared?
A hard money loan is backed by equity in marketable real estate. As lenders you need to know that it has been verified that the equity is there. These loans are not based on credit rating or income - that’s why the borrowers are going for a hard money loan.