Real Estate Investor · Orlando, FL · Member since 2016 · 185 posts · 53 votes
Hi there,
I've been looking for gap financing for a multifamily property for the past few weeks. Through the process I met a man named Bryan Chambers. He claims he has plenty of money to lend, but wants an origination fee. Sensing this was a scam I suggested I put the $450 origination fee in escrow and when I get the loan I will release the origination fee. He refused. I then asked for references, which he also refused.
He finally sent me a proof of funds letter from HSBC (attached). I called HSBC and they told me they couldn't verify the funds without Bryan on the phone. When I asked Bryan if he would be willing to get on the phone he said the proof of funds letter should be enough and he wouldn't get on the phone with the bank.
Now he's pinging me 2-3 times a day wanting to complete the transaction. I can't help but thinking I'm getting scammed here. What are your thoughts?
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
9y
@Robert Lindsley, I suspect you will not like this response. I hope it will be instructive. I suspect that the lender is not legitimate, but you also suspected as much or you wouldn't have made your post. (If you do not trust a potential partner, any potential partner, you are well advised to move on.) I would terminate all communications with the lender and would not consider doing business with them.
I would also not consider doing business with you. You posted a letter, that if it came from a lender, was intended to be confidential. You made no effort to cover any account information. You posted it in a form that could be easily copied by borrower scammers, or wholesaler scammers, etc. to use as they wish. If this were a legitimate lender you may have caused them considerable grief which, at the minimum, might force them to change their account numbers or move their funds to another bank. You could have received the confirmation of your suspicions that you desired and been more thoughtful about your effect on what might just have been an inexperienced private lender.
Although the original post it's over a year old I thought it would be helpful to update. Bryan Chambers also reached out to me via Facebook stating that he's a private lender. Since I was looking for a consolidation loan. Well let me see what he has to offer. He offered 5% rate amortized over X number of time Etc sent an application. The application ask for full name address social security number place of origin nationality information which is quite peculiar for a little nap period furthermore it didn't even look like it standard loan application.
He will never get on the phone or reply. I don't know if this is his scammer or not yet I definitely would not fill out that application. Ice others had stated if in your intrrnal.radar goes off heed your internal warning good luck everyone