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Updated over 1 year ago on . Most recent reply

How to evaluate a private lender
Hello BP Community,
I reached out to a private money lender. His company has been active for the past six years. There is no company website or phone number, I looked up the address on google and it matches at six different locations. i found him on Linkedin and I sent him a summary of the deal with cash flow and expenses. He got back to me after 3 business days and asked me to fill out a KYC disclaimer form. "Form AP-30 application disclosure". He sent me the application and asked me to send my bank details, business information, and ID.
What questions should I ask him to verify if he is a legit private lender?. I have had a bad experience in the past, where guys asked me to pay for 5 k insurance cost to be funded.
Most Popular Reply

- Lender
- Lake Oswego OR Summerlin, NV
- 64,024
- Votes |
- 43,354
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no private lender that you personally do not know is going to do a loan like that its too risky for them and to much debt for you.. if you dont have a down payment.. you need to wait until you can get one or get a JV partner from the start who is going to provide capital for the venture.
PS the guy your talking to I would say 99% is a fake lender and will attempt to get upfront money out of you then go dark.
- Jay Hinrichs
- Podcast Guest on Show #222
