American Nationwide Capital

[Justin Smith]

It's my first time working with a private lender.  Want to be cautious on legitimacy. Has anyone worked with Thomas Ungrady and/or American Nationwide Capital? 

[Jeff S.]

WOW!!! 3% Seriously??? The prime rate now is at 8 ½%. Anyone can get 5% in a money market treasury fund now. You’d think most scammers would take the hint and raise their rates to not be so obvious.

Insurance -- No. There is no such thing as private lender insurance. The unfortunately named Private Mortgage Insurance (PMI) is only available for conventional loans (Fannie, Freddie, etc.).

Underwriting -- Private lending has gotten incredibly competitive. Unless this is a large commercial loan, underwriting fees for smaller private loans have gone the way of the Dodo. Good try. He gets an A for effort.

Third-Party Fees – Maybe legal or broker fees. If legit, these should only be paid out of escrow at closing. Never send a dime of upfront fees to anyone. Legitimate lenders are ok with this.

This is a clear scam @Justin Smith. @Thomas Ungrady is a member here (though I can’t tag him because we are not colleagues). Perhaps he could explain himself.