Not all brokers are qualified to secure hard money mortgages. Most states do not include hard money mortgage information in their broker training courses and these specialized loans require extensive knowledge and relationships with lenders / investors.

If you choose a broker that does not know how to handle hard money mortgages, you may not have a successful experience. Many honest brokers will let you know about their lack of knowledge upfront. But, some may try to handle a hard money mortgage without knowing what to do.

When choosing a hard money mortgage broker, look for the following qualities:

State License – In order to practice business, every mortgage broker must have a state license. This doesn’t prove ability to handle hard money mortgages. But, it does give you greater protection from scams and unethical lending practices.

Hard Money Experience – Ask each broker about his experience with hard money mortgages. How many has he successfully secured? How long has he been helping borrowers with hard money? Choosing a broker that specifically advertises hard money mortgages can be a wise way to start.

Industry Connections – Unlike traditional loans, hard money mortgages have no guaranteed market. A good mortgage broker will have strong connections with many hard money lenders and investors. Choose a broker that can identify several funding sources for your hard money loan. He’ll know who to call to get the job done.

No Upfront Fees – If a mortgage broker wants you to write a check during your first meeting, look elsewhere. You should not have to pay your mortgage broker until the hard money loan closes.

Choosing a hard money mortgage broker can be difficult. But, finding someone who meets these qualifications will help you get the best professional help available.