I have been searching for private lenders for a couple of weeks now and have been emailing "private lenders" for funding. I have applied to multiple because I know not all will say yes. However two lenders in particular have emailed me back with $50,000 loan 4% interest 12 months at $90 a month then balloon at $50k. Sounds great but I wondered why no one asked about specific deal criteria. First time ever in my life trying to get a loan to purchase real estate so I thought maybe some lenders just want interest back on their money so take the money and buy and flip. So all the while I ask if there are any upfront fees and I don't get a response to that question but he answered all the other questions. So finally he emailed me with a loan approval letter with a confirmation code and everything. Then he proceeded to ask me to wire 1200 plus dollars to some lady in Staten Island...Nevertheless I didnt do it explaining I thought the fees would be put on the back end, I dont have that kind of money and how can we make this deal work. No reply as of yet so... same with the other private lender-money upfront...
Are there real legitimate private lenders out there that I can apply to that won't ask for upfront fees that I don't have? I keep coming across these terrific deals but I don't have access to funding. Can someone please offer this newbie some advice. This is what I want to do with my life and for me failure is not an option. I just need a chance. Please help! Thank you
Private lenders are people you personally know and who are willing to lend to you. So talk to everyone you know and everyone you meet about what you're doing.
What you may be looking for are hard money lenders. They're going to be a lot more expensive than 4%, though.
If you're actually looking for a lender, you will need to post in the Marketplace.
Jon Holdman, Flying Phoenix LLC
Oh thank you so much. I'll go there now!
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