Thank you for your quick response. I know, I am going through the same thing. I feel like I am an FBI agent trying to find out if these people are legit or not. I appreciate the response
Dr Daniel Zeukeng............... I know you from lendpost and you are an African if I am not mistaken............ Lets me real and you guys need someone to let you know some facts.....
1. Fees are real to the lender but to the borrower it's wrong because of scam artist.... As a lender we do want to lend out cash that is if the lender is real, when it comes to the path of fees there are some little fees which are legal such as processing fee, transfer cost, PPI/LPI, loan origination fee etc....
All this fees are ranges from.....
1. transfer cost is $25 international or national transfer....
2. loan originator fee is always calculated as 0.1% of any loan amount and it's a fixed calculation percentage...
3. Processing fee is not more than $500 amount below $100k and $1000 amount above $100k and its negotiable...
4. Insurance or Tax are always not need if the transfer is within the US or if necessary borrower provides insurance certificate which is equal to the sate from where the transfer is to be made...
5. PPI/LPI is always requested by the bank where transfer is made and also negotiable between the lender and the borrower....
If I am to lend out cash for my company I really do explain all this to the borrower and if they are not feeling too secured about the fee and would like the fee to be deducted form the loan amount then where is the seriousness of the borrower????????
Run Carrie (the other way). The fees should be spelled out in the contract, your term sheet, or on the LOI. And yes there are a lot of honest lenders. Unfortunately we have to be on the lookout for the scammers as well.
Carrie Looney's Comments
Comment Wall (4 comments)
You need to be a member of Real Estate Finance to add comments!
Join Real Estate Finance
Carrie,
Thank you for your quick response. I know, I am going through the same thing. I feel like I am an FBI agent trying to find out if these people are legit or not. I appreciate the response
Carrie, Have you found any legit lenders that have lent you money on here in the past?
Dr Daniel Zeukeng............... I know you from lendpost and you are an African if I am not mistaken............ Lets me real and you guys need someone to let you know some facts.....
1. Fees are real to the lender but to the borrower it's wrong because of scam artist.... As a lender we do want to lend out cash that is if the lender is real, when it comes to the path of fees there are some little fees which are legal such as processing fee, transfer cost, PPI/LPI, loan origination fee etc....
All this fees are ranges from.....
1. transfer cost is $25 international or national transfer....
2. loan originator fee is always calculated as 0.1% of any loan amount and it's a fixed calculation percentage...
3. Processing fee is not more than $500 amount below $100k and $1000 amount above $100k and its negotiable...
4. Insurance or Tax are always not need if the transfer is within the US or if necessary borrower provides insurance certificate which is equal to the sate from where the transfer is to be made...
5. PPI/LPI is always requested by the bank where transfer is made and also negotiable between the lender and the borrower....
If I am to lend out cash for my company I really do explain all this to the borrower and if they are not feeling too secured about the fee and would like the fee to be deducted form the loan amount then where is the seriousness of the borrower????????
Advise to borrowers..............
Run Carrie (the other way). The fees should be spelled out in the contract, your term sheet, or on the LOI. And yes there are a lot of honest lenders. Unfortunately we have to be on the lookout for the scammers as well.
Kenneth Brown,
American Capital Funding Group, LLC.
941-518-8124
Welcome to
Real Estate Finance
Sign Up
or Sign In
Or sign in with: