Is anyone familiar with private investor John Nistler Loans? I am having difficulty finding any information on this company/private investor.
He is requiring a loan insurance fee to be paid prior to funding.
Any advice would be greatly appreciated.
I don't have any experience with this lender you mentioned, but lots of experience lending. Exactly what type of insurance is he requiring? What is loan insurance? How much is the fee? Send some details back and I'd be happy to tell you if the cost is fishy or not. BTW: most lenders do NOT have upfront fees other than for valuation on the property (typically)
Thank you for your response.
The lender is requesting insurance to secure his loan investment.
If something happens to borrower, where they are unable to repay the loan, the insurance will make the payments directly to the investor.
Does this sound right?
I have another investor requesting the surety bond insurance for a $3.7M loan for a hotel/resort acquisition. That must be paid, prior to allowing the funding to go through.
Your wisdom and expertise is greatly appreciated.
This post has been removed.
Doesn't sound right to me.
I think it might be a good idea to ask him for some references of satisfied loan clients located in the USA. If you are having problems finding anything about him or his company then you know the answer. How did you find him?
Why do you need to pay upfront?????????
Good Luck let us know what you find out.
Thank you for your input.
I will be sure to follow up with the results...
Funding Scam Alert!
Those seeking Funding please beware!
John Nistler private lending company is a leading non-bank financial services
company offering conventional business real estate loans; short and
long term investment real estate financing; factoring and SBA 504
We provide capital up to $500 million to serve our customers' specific
requirements, which range from commercial real estate and fixed asset
acquisition, investment property finance, refinance, partner buyout
and working capital.
please contact Dr.John Nistler, via our
[email protected] ph# 213-373-1368
Others involved in scam are:
Steve Hasson email: [email protected]
Mark Paul Miller, whose Comerica Bank account you will be asked to make a deposit.
"Private Investor" who insists on unethical additional $5K fees before funding is one Liza Jane Parker.
Charges an upfront insurance fee and does not manage to actually fund anyone.
If you have encountered this scam artist/team please email me at [email protected]
He makes contacts through reputable sites...so there must be others out there.
I learned yet another lesson the hard way:) Posting this alert in the hopes of sparing another soul.
I was contacted by John Nistler as well, supposedly from Roy Hill Lending, so I sent an email requesting more information about the loan funding offer. Received this return email from a Roy Hill: "We are Roy Hill lending company and we can help fund your loan deal our interest rate is 4% with no prepayment penalties and our minimal lending amount is $4000 and our maximum lending amount is $8 million dollars, our loan maximum lending duration is 19 years below is our application form and terms and conditions form of our loan lending regards Roy."
The loan application form wanted nationality and passport information as well as other personal information. Not one question on the form about real estate, has to be a scam!
Anyone asking for upfront fees like that should be viewed with a high degree of skepticism. Reputable lenders may ask for a small deposit toward third party costs (appraisal, environmental, etc.) after delivering a term sheet and/or commitment but not generally something so amorphous as an "insurance fee" - those kind of costs, if necessary to close the deal, can typically handled at closing. You were smart to check here - be careful out there.
I just recvd. reponse from private investor, Mike Miller @ [email protected], (cell phone number 817-952-9039), and now concerned about the information sent in response to his email requests for information.
It should have been a red flag when I saw his typed list of questions regarding property location, loan amount and private information like sex, race and marital status.
Obviously this is a major scam. I'm going to play unaware of his scam and hopefully track and report him to federal agencies. Wish me luck.
@Carolyn Dailey let me guess the surety bond is from a company in Thailand.
@Michael Jerrold good for you to understand and take action to stop people like this
these people pray on those that want to get loans that in the real world they could never get.. they make a living out of bilking people out of small dollars IE 2 to 5k.. seems people are willing to risk this on some dream that some company is going to fund your deal even though your not truly bankable.
there are NO lenders that make large or even medium size loans to folks that don't have three to four things.
1. CASH equity
3. tax returns showing success in the field.
4. Credit that is good to great.
Even Hard money lenders require these things.
So to think your somehow going to get a 4% loan when many would have a hard time qualify for a 15% HML is just a sucker play.. and these guys prey on those who think there is some lending fairy god mother out there.
Be careful.. deal with those you can eye ball and size up.
Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222
@Carolyn Dailey PS do you have any clue as to how strong financially you would have to be to get a REAL security bond for 3.7 million
you would need to be a very well financed builder developer who has substantial assets and income I am talking in the millions... Not possible for most.
you can get little surety bonds for 10 to 20k.. from your insurance company but they still run your credit and want your financials and experience.
We have to get them for NMLS licenses and for our developers licenses. Along with Bonding for utl work.. so I get them.. I doubt I could get a 3.7 million dollar one though as stated that is real big boy stuff.
Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222
Thank you for your rather abrasive comment(s).
Bob B, Darren Eady and Geoff Anderman, kindly, shared the information I was seeking.
Education is never free...
I am committed to being really Good. So I will take my lumps along the way...
This thread is from May. Understanding that folk will name call and talk down when mistakes are shared- I did it anyways hoping to spare another soul. As I indicated.
Thanks again for doing your level best to be helpful.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!