Private loan: how can you tell if they are honest?

12 Replies

Hello! I had posted my post last Fall about Financial advise.  I got a colleague request from Sandra Warren. I accepted  and she does loans referrals.  She referred me to a Michael Adamez (loan office).  At first I ignored his application until a few months later when I saved enough.

I applied last December but the email was returned. I emailed Sandra to see what was up? and she said Michael's email was hacked so he has to changed to a different account. 

I submitted my application with my ssn and asked me for documents. 

I am concern about the 20% down payment , I know that hard money lenders are faster than traditional mortgage lenders but what concerns is being persistent with having to sign the letter and align with my down payment.

I got an approval letter with 220K  at 3 % interest with 6 months of $330.79  (during construction) and $971.39 for 360 months with 15 % down payment. 

Hello Gerard, I just got back from the bank, I had to setup an account using your details, once the agreement is signed and sent back, both the loan and down payment will be deposited into the account, below is the bank login information, you can signing to see for yourself, all i need at this point is the signed copy of the loan agreement.

Bank Details

That is the bank details, i hope we can still do this deal?

Thanks and Regards.


I emailed Sandra Warren and she said that he isn't a scam to give him a chance. 


I am comfortable with federal but private loans???? asking for down payment???

@Gerard Charles
SCAM
Why would someone lend money at 3%?????

If our willing to give Someone more than $5k down then buy them a plane ticket to come to you and see if they show up.

Thank you! I was excited for nothing. Why is her name in the BiggerPockets and trying to exploit people .

There are dishonest people everywhere looking to take advantage. Always be skeptical. As another poster stated nobody loans Money at 3% or even 4% or even 5% in most instances  unless they are friends or family.

Total one hundred % scam    BP parabas is a French bank.. your money goes off shore and say good by

deal with someone local that you can verify through title company as a known lender.

Originally posted by @Gerard Charles :

Thank you! I was excited for nothing. Why is her name in the BiggerPockets and trying to exploit people .

Bigger Pockets discourages members from responding to such referrals for this very reason.  If someone says they'll lend you money after you put a deposit into their account - it's a scam!

In 2018, why are so many still so trusting of profile pictures, or too-good-to-be-true promises?

30 year private construction to perm loan originated on a forum.

Think about that.

This post has been removed.

This post has been removed.

Originally posted by @Gerard Charles :

Hello! I had posted my post last Fall about Financial advise.  I got a colleague request from Sandra Warren. I accepted  and she does loans referrals.  She referred me to a Michael Adamez (loan office).  At first I ignored his application until a few months later when I saved enough.

I applied last December but the email was returned. I emailed Sandra to see what was up? and she said Michael's email was hacked so he has to changed to a different account. 

I submitted my application with my ssn and asked me for documents. 

I am concern about the 20% down payment , I know that hard money lenders are faster than traditional mortgage lenders but what concerns is being persistent with having to sign the letter and align with my down payment.

I got an approval letter with 220K  at 3 % interest with 6 months of $330.79  (during construction) and $971.39 for 360 months with 15 % down payment. 

Hello Gerard, I just got back from the bank, I had to setup an account using your details, once the agreement is signed and sent back, both the loan and down payment will be deposited into the account, below is the bank login information, you can signing to see for yourself, all i need at this point is the signed copy of the loan agreement.

Bank Details

That is the bank details, i hope we can still do this deal?

Thanks and Regards.


I emailed Sandra Warren and she said that he isn't a scam to give him a chance. 


I am comfortable with federal but private loans???? asking for down payment???

 I found something at RipOffReport.com I don't speak for anyone but it is what it is.  

@Account Closed

Thanks for chiming in on this thread !

A few questions as I think scores of people at BP would be interested in 3% investor financing

Are you licensed ?

Again 3% Construction to permanent financing seems like an unbelievably great rate ! Can you give us the parameters of the program ?

How can Mr Adamez open an account in the borrowers name ?  i have been in real estate a long time and have never heard of a loan product executed in this manner 

Lastly,  the lender holds the buyers down payment in an account ?  This differs from the industry norm as usually the funds are verified and the buyer delivers to title company/closing attorney at closing

A new BP member with 0 posts and $30k+ in his/her sights rights the ship.

Sorry, I've run out of red flags on this one ... and I didn't even get to the part about US law.

Originally posted by @Tom Gimer :

A new BP member with 0 posts and $30k+ in his/her sights rights the ship.

Sorry, I've run out of red flags on this one ... and I didn't even get to the part about US law.

Yeah, it's time to stock up again. We thought a dozen red flags per Loan scam was sufficient!... 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here