How to Vet a private/hard money lender

[Henry Offiah]

Hi BP,

I'm looking to buy a deal and its a bit bigger than what I have in reserves to buy it cash and refi out later.

i have just recently bought my first deal cash and will BRRRR it. though its a light BRRRR because there's a tenant in it now but i can still add value with them there.

The deal im looking at is $105K for a duplex in indy. its sec 8 and the combined rents are $1747/mon. i would love to buy this cash and refi later.

i found someone on the BP facebook group who consideres himself a private lender.

hes offering btw 20k to 2m at 5% between 6 months to 10 years no prepayment penalty and 2% originator fees.

im trying to figure out if hes a good lender and not sure how to vet him out.

would love any advice or recommendations of lenders you have used previously.

thanks in advance.

[Jay Hinrichs]

Originally posted by @Henry Offiah:

Hi BP,

I'm looking to buy a deal and its a bit bigger than what I have in reserves to buy it cash and refi out later.

i have just recently bought my first deal cash and will BRRRR it. though its a light BRRRR because there's a tenant in it now but i can still add value with them there.

The deal im looking at is $105K for a duplex in indy. its sec 8 and the combined rents are $1747/mon. i would love to buy this cash and refi later.

i found someone on the BP facebook group who consideres himself a private lender.

hes offering btw 20k to 2m at 5% between 6 months to 10 years no prepayment penalty and 2% originator fees.

im trying to figure out if hes a good lender and not sure how to vet him out.

would love any advice or recommendations of lenders you have used previously.

thanks in advance.

this lender is a fake lender and a fraud.. you will just give them some money up front and never see it again and never get a loan

internet BP  facebook linkden is infested with these fake lenders..  no ONE offers terms like those.. no ONE AND I MEAN no ONE LENDS 20K AND UP TO 2MIL  TOTAL FRAUD AND FAKE..