Charlotte, NC · Member since 2015 · 57 posts · 6 votes
I have been racking my brain, and spinning my wheels with this hard money lender. After plopping down a $2K investment, I have submitted various deals to them. None so far have worked. I have been told that if I am able to get one funded that I will receive the majority of that money back. At this point all I want is to be able to do a JV with someone who has done deals with them, who is very familiar with their lending criteria, and who may be working on a transaction that would work. I would be willing to spit the profit (% is negotiable). My main concern is to recoup my money back. Basically, that's all I want. I'm not looking to develop a long term relationship with this hard money lender.
Lender · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
10y
It is never advisable to give ANY lender upfront fees of any kind except for the payment of appraisal work performed by 3rd parties that are required, if any. It is also a violation in the vast majority of states for a broker, and/or lender to require advance fees and not refund them if a borrower withdraws their loan application. You may have some recourse there with this mess. You can check with the State Division of Business and Industry for your State and see if they can assist you in this regard. I'm sorry you are in this position. These are the types of "lenders" that give the rest of us credible lenders a bad image in the industry. Good luck...I hope it works out.