Private Lenders/Hard Money Lenders

Buying & Selling Real Estate
5yFollow

Private Lenders/Hard Money Lenders

Orie Brown
Real Estate Broker · Chicago, IL · Member since 2020 · 13 posts · 3 votes

Hey Everybody, 

Wanted to reach out and see if anybody has ever done lending with or heard of this company. They reached out to me about financing for some of my deals. The name of the company is Standford Loan Service LLC, they are based out of Phoenix, Arizona. 

0Reply
14 views

Most Popular Reply

Kyle J.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
5y

@Orie Brown  Never heard of them, but I found their website and took a look at it.  If the person/company that contact you is associated with this website, then it's pretty clear they're not a real lender. 

I go into detail about how to spot these fake lenders in other posts I've written, like in my response under this thread here: How do I spot scam lenders?

I won't repeat it all here, but you can see some of the same signs here. For example:

- Bad English/grammar throughout their website ("Real Estate Loan Programme"):

- Unrealistic terms (no legit private/hard money lender would offer these terms):

- "Standard Terms & Conditions" document provided on their website that sounds just good enough to perhaps convince the unknowing that maybe they're legit, but for someone that knows better this document is easily recognized as a complete joke. 

I could go on, but I covered a lot of this in that previous post I linked to, plus I'm sure you get the point. 

I will tell you that they are at least nice enough to tell you up front what the scam is.  They're going to charge you these fees up front:

And then you'll likely never hear from them again.  So, just save your hard-earned money and avoid doing business with them (or anyone else that initiates contact with you on the internet to be safe).

All the best.

1Reply
See this reply in the discussion

3 Replies

Jump to latestLatest
  • Kyle J.
    Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
    5y

    @Orie Brown  Never heard of them, but I found their website and took a look at it.  If the person/company that contact you is associated with this website, then it's pretty clear they're not a real lender. 

    I go into detail about how to spot these fake lenders in other posts I've written, like in my response under this thread here: How do I spot scam lenders?

    I won't repeat it all here, but you can see some of the same signs here. For example:

    - Bad English/grammar throughout their website ("Real Estate Loan Programme"):

    - Unrealistic terms (no legit private/hard money lender would offer these terms):

    - "Standard Terms & Conditions" document provided on their website that sounds just good enough to perhaps convince the unknowing that maybe they're legit, but for someone that knows better this document is easily recognized as a complete joke. 

    I could go on, but I covered a lot of this in that previous post I linked to, plus I'm sure you get the point. 

    I will tell you that they are at least nice enough to tell you up front what the scam is.  They're going to charge you these fees up front:

    And then you'll likely never hear from them again.  So, just save your hard-earned money and avoid doing business with them (or anyone else that initiates contact with you on the internet to be safe).

    All the best.

    1Reply
  • Tim Fazio
    Lender · Tucson, AZ · Member since 2020 · 20 posts · 5 votes
    5y

    @Orie Brown I have never heard of them either.  @Kyle J. said it perfectly.  There are a ton of scammers and fake lenders out there that have terms that you have never heard of from any reputable lender.  Most likely if they are too good to be true, it is because they are.  Also, never pay for upfront fees.  There are very few occasions when an appraisal can be paid for upfront but is very rare.  Only for occurances where the deal is likely to not close.  I can not see that they have closed any deals in AZ but could be lending under a different entity or a broker if they are a real lender.  Kyle's information is perfect and well said.  Feel free to reach out anytime and best of luck with your projects.

    0Reply
  • Blake A. Rivers
    Lender · Member since 2020 · 34 posts · 13 votes
    5y

    @Kyle J. I work for a national private money lender who does have 30 year terms on rental loans and interest rates between 4.5%-5.5%,Also we have closed fix/flip loans in as quick as 7 days. Everything else @Kyle J. has said is accurate. We do charge for the appraisal upfront but that is the only cost prior to the closing table on all of our loans. If anyone is offering you 100% financing, no credit check or no experience they are most likely not a real private/hard money lender. Sad that lenders who imitate real private money lenders are creating such a sense of distrust with the investment community. Always check the website and dig a little deeper into the companies you choose to get your private funding from.

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free