Episode 47: How to Protect Yourself From Lender Mistakes (or Manipulation)

What if I told you that some lenders are quietly stacking hidden costs into your loan payoff, and it’s happening more than you think?In this episode, Rich Lennon uncovers what most borrowers miss when signing loan agreements. He shares real stories, clear explanations, and practical ways to protect yourself from shady (or just sloppy) lending practices. Rich also breaks down how cash flows during a deal, why some lenders send you less money than promised, and how a simple misunderstanding could cost you thousands. If you’ve ever borrowed money, are in the middle of a loan, or plan to do it in the future, this is one episode you’ll want to save and share.You’ll Learn How To:Understand why charging interest on penalties is illegal in most statesSpot red flags in loan documents before they cost youHandle payoff statements with clarity and confidenceAsk the right questions when your funding amount looks shortTrack cash flow cleanly during closings and renovationsWho This Episode Is For:Borrowers dealing with confusing loan termsReal estate investors using private or hard moneyAnyone who wants to avoid costly lending mistakesWhy You Should Listen:There are smart, ethical lenders out there, but not everyone plays by the rules. This episode gives you the tools to protect yourself from common (and costly) mistakes borrowers make simply because they didn’t know better. After listening, you’ll feel more in control, better informed, and less likely to be blindsided when it’s time to pay off a loan. What You’ll Learn in This Episode:[00:00] The mistake lenders make that could double your payoff amount[01:00] How penalties and interest should really work (and what’s illegal)[04:00] What to do if you see inflated charges in your payoff[05:00] Why do some lenders reduce the loan amount they give you upfront[06:00] How to manage the money flow in a renovation or fractional note[08:00] Rich’s exact process for handling loans from start to finishFollow Rich Lennon here:Website: https://richlennon.com/Facebook: https://www.facebook.com/rich.lennon.121Instagram: https://www.instagram.com/richlennon92/