Updated over 5 years ago on . Most recent reply
5% IR and 100% LTV, no credit check needed private loan?
www.springfieldloanfinance.com
Unprofessional website, domain registered in April 2020, logo says "since 2001", reached out to me on Linkedin advertising 5% IR, up to 100% LTV, no credit check, secured. The CEO was a fixture\furniture salesman before he became "CEO".
Many red flags, but maybe this is just a wealthy individual with terrible marketing skills wanting a hobby and I could actually secure a 100% LTV loan at 5% for 25 years interest only? Maybe he has a couple million in cash laying around and doesn't trust the stock market and with 0% interest rates, he is doing this to get some income?
Most Popular Reply
Hi @Matthew Terry. Sounds a bit sketchy, but fortunately you don't have to wonder or guess!
Ask for the names and phone numbers of 3-5 previous clients and then interview the heck out of these folks.
If he can't deliver this info quickly, then you have your answer: RUN AWAY!