Transparency and reliability are quite necessary when a company provides financial services. Kennedy Funding is a popular private lending Company that provides loans on real estate projects. However, many people have filed complaints against the Kennedy Funding Company on the Ripoff Report website. Common complaints regarding the Company include hidden fees, loan processing delays and unethical lending practices. However, the complaints are not verified.
Here you can read What is Kennedy Funding Ripoff Report? Analysis And Legal Processes and result, and Unveiling the Kennedy Funding Ripoff Report: Myths & Facts
What is a Ripoff Report?
Ripoff Report is an online platform where individuals can complain about any business they believe is engaged in fraudulent activities. The online platform was founded in 1998 and covers different industries like finance, retail and real estate. The individual needs to submit grievances, which include proofs like contracts, financial documents, or communications. The public forum allows others to read the complaints and make informed decisions while getting financial help from a company.
What is Kennedy Funding Ripoff Report?
The Kennedy Funding Ripoff report refers to the complaints posted by individuals on the Ripoff Website about the Kennedy Funding Company, a popular company that provides commercial real estate loans.
The Allegations Against Kennedy Funding
Below, we list some common problems posted by most of the users on the Ripoff Report website.
Loan Processing Delays
Some individuals have posted that the Kennedy funding website delays processing the loan. This becomes a major problem for individuals who need funding on time for the project. A 2019 report says that Kennedy Funding closed $500 million in total loans. Simultaneously, a 2020 report says that the Company closed $600 in total loans. A 2021 report says that it closed $650 total loans.
High Upfront Fees
Borrowers complain that Kennedy Funding charges high upfront fees before sanctioning a loan. Some have even claimed that after paying these fees, they have not received the finance they anticipated.
Poor Customer Service
The staff providing customer service is unresponsive or is not helpful.
Misleading Information
Some people complained that the information provided by the Company was incomplete, which led to misunderstandings of the loan terms.
These allegations have initiated a controversy and raised a question about the reputation of Kennedy of Funding.
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Facts Of Report
- The allegations about the Kennedy Funding Company are posted on the Ripoff Website, but they have not been verified.
- Most individuals claim that Kennedy Funding charges high fees before processing loans. However, people have reported that even after paying the high fees, Kennedy Funding either delays the loans or never disburses them.
- People complain that the Company delays the loan approval process, which creates a problem for individuals who require timely funding.
The Official Response Of Kennedy Funding
Denies Allegations
Kennedy funding forbids allegations of misconduct. It says that it works under legal guidelines and is transparent in its loan terms.
Upfront Fees Are Common
It says that upfront fees are common in real estate lending. The fees cover the costs of appraisal and legal work, which are highly required while providing a loan to any individual.
Have Specialization In High-Risk Lending
Kennedy funding says that they specialize in high-risk lending, which traditional lenders don’t provide. Hence, high interest rates are involved here.
Agreements Transparency
Kennedy Funding Company says that the loan terms and conditions are clearly outlined. The borrower needs to review it and then sign it. The Company recommends consulting any legal authority for a full understanding of loan terms and conditions.
Investigating The Truth Behind Allegations
The accusations behind Kennedy’s Funding have raised a controversy. The main complaint about the company on the Ripoff Report website is that they charge high upfront fees. If most people are posting the same complaints that the Company is taking high fees and not providing loans, then it is a major problem that needs to be investigated. But if only a few people are talking about it, then it can be personal dissatisfaction.
The Ripoff Report Website never verifies the complaints. Hence, the verification can be due to some misunderstandings, people’s anticipations or real problems. So, the complaints that are posted on the Ripoff Report Website do not necessarily reflect its operations.
Individuals who want to take a loan from Kennedy Funding should check reviews on other websites and see whether there are any complaints about the Company.
Another key step in investigating the trust is checking the loan agreements that the borrower has signed. If the Kennedy funding clearly mentions all the loan terms and upfront fees and the borrower has signed it, then issues are caused by misunderstanding.
The Impact Of Ripoff Reports On Kennedy Funding
Negative Complaints about Kennedy Funding on the Ripoff Report Website can badly affect the company’s reputation. Ripoff Report is a high-traffic website. When individuals read about the negative complaints, most hesitate to become lenders of the Company. This will eventually lead to the company’s loss.
Kennedy Funding Legal Response To Ripoff Report
Kennedy funding denies the allegations made about it on the Ripoff Report Website. The Company says that upfront fees are common in the commercial real estate loan industry. It even says that all the loan terms are clearly mentioned. The borrower must read it thoroughly and then sign it. If any individual makes any false statements, then the company files a defamation lawsuit. It even requires the help of a court order to remove false statements from the website.
Unfortunately, the Ripoff Report website does not remove posts even after the issue is resolved.
In 2018, investors made a fraud allegation against the Kennedy Funding Company. It was settled out of court.
In 2019, the Kennedy Funding Company faced a breach of contract, but it was dismissed. In 2020, people filed a complaint against the Company for unfair lending practices. The matter is still going on in court.
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How To Protect Yourself From Finacial Ripoffs?
- Conduct A Through Research
You need to do thorough research before engaging with any financial institution, including the Kennedy Funding Company. Verify the Company’s credentials to ensure that it holds licenses for running the Company. You have to verify whether the Company is regulated by financial authorities. The Company needs to operate under legal guidelines.
Review the feedback from various sources to know about the Company’s performance.
- Identify Red flags
If the Company asks for high fees before processing loans, it can be a red flag. Additionally, if the Company does not outline its rules and various other things in the contract, it can be a warning sign.
Conclusion
The Kennedy Funding Ripoff report highlights consumer complaints regarding Kennedy Funding Company. The complaints include misleading terms, excess fees and failed funding promises. However, the allegations have not been thoroughly verified. So, check other sites about Kennedy Funding and then become its lender.
Frequently Asked Questions
Q.1 What type of loans does Kennedy funding offer?
Ans. Kennedy Funding Company offers various loans, such as development loans for construction and bridge loans for instant capital needs.
Q.2 What steps should I take to protect from financial scams?
Ans. Always conduct a thorough investigation of the Company. Try to consult with financial advisors. If you notice any red flags, do not ask for financial help from that company.
Q.3 What should I do if I suspect fraud in any financial Company?
Ans. Immediately complain to consumer protection agencies. You may even take legal advice and provide all the documents that prove it.
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