I have seen and received several calls from borrowers on this site telling me how they've been scammed form brokers claiming to be lenders and asking for upfront fees to secure financing - so there are a few things i want to point out, 

1) if your " lender " (and i say that loosely),  doesn't have a corporate email address and is using ( Yahoo, Gmail, Aol Etc. ) and advertising that they can fund deals up to 2 Million dollars that should be the first red flag. 

(they are offering Financing up to 2M and have an email that says jimjonesfinancing@gmail, Is laughable - no credibility there.)

2) if someone asks you for an application fee or any up front fees for that matter, chances are again that they are not a lender - lenders and iI include myself, dont charge "up front " fees - our fees are made in the points and interest charged.

3) And this one takes the cake - there are several people on this forum offering loans at 3% !!!!!!! - so basically they are " beating Bank Rates ", impossible - first off, investors want a higher rate of return and that's why they invest it with lenders like myself to obtain that goal -  (unless it's an insurance fund in which they should list the companies information in the post ), that being said this is red flag #2.

please do your research before engaging a lender, the legitimate ones will offer clear and concise terms and not charge ANY fees up front, if you have any questions you can call us any time 800-805-3391 -  all of my information is in the signature below.

Views: 85

Comment

You need to be a member of Real Estate Finance to add comments!

Join Real Estate Finance

© 2020   Created by Admin.   Powered by

Badges  |  Report an Issue  |  Terms of Service