Hard money lender wanting an upfront payment
I was on BiggerPockets FB page and seen a hard money lender posting an offer of loan services. I contacted this person by the email that he provided. He asked for various types of documentation and sent me a loan application. After submitting said various documents and filling out the loan application this person said that they needed 48 hours to review all documents. Within 48 hours he got back with me and said that I was approved for my loan request. Before said loan could be processed he stated there would be a loan origination and processing fee ($1,370.00) which I was required to pay upfront. He then sent a name, routing number, account number and banking institution name. I have never used a hard money lender. Does this sound right? It sounds off to me. Sorry if I seem a little suspicious.
Most Popular Reply
Your instincts are correct. Best case scenario it's a scum bag lender that you don't want to use, but most likely a scam.