Here is a PRIME example of those trolling internet and BP

[Jay Hinrichs]

For the education of the BP audience I responded to one of these two good to be true lenders that is trolling BP  Facebook and many other sites.  here is the reponse I got.

"

Thank you for your interest. I assist real estate investors, Loans for commercial use, Bridge loans, Individual, co-operate bodies, Business Startup etc. I equally give out loans both within and outside the country more so the summery attach has been viewed.

Below are the few conditions I'm going to work with if I want to do business. If you agree to proceed, the terms & policies will be documented and signed.

1. That you must be above 18 years of age.

2. You must be willing to pay back the loan funds within the due date

3. Repayment is made Monthly or Yearly depending on the choice of the borrower and the repayment schedule for a loan is calculated and sent to the borrower.

4. The Interest rate applicable to all Loans Is 4%

5. The Minimum amount of loan funds I give out is $5000.00 and the Maximum amount is $40,000,000.00

6. There is usually a one time fee which would cover the processing of the loan documents and transfer of funds to your account and this usually depends on the amount you are looking for.

7. The loan amount is going to be base and approved on the 100% LTV

8. No loan can be approved for a borrower with credit scores below 400.

9. You will have to send me a scan copy of any of your ID CARD for proof OF Identity.

If you are in terms with me then we can start with the processing of the loan funds...

___________

For all you starting out in the industry.. and your not sure how this all works... These loan terms are not real... you could get your identity stolen... and you will lose any money you send someone like this.. This I can all but guarantee will happen... there is NO 4% money There is no 4% money at 100% LTV.. further there is no 4% money at 100% LTV for those with 420 ficos...

exercise caution here when you see these... If you need private or HML

look local when able.. know that going rate varys by location in the country.. but gernerally 1 ro 4 points 8 to 14% interest.. 70 to 75% LTV.. and most HML will want a decent fico in the 600's plus.

now this is not in stone and CASH equity can mitigate your credit... but I think this is a fair representation of the current HML rates and terms. the above is not..

[Joel Owens]

Commercial isn't regulated as much as residential. So the scammers when things were tightening around them in SFR they moved to another industry or went to commercial.

Being real if people believe these rates and terms exist they are not very educated.

Some scams people run is asking for a processing fee, deposit fee, etc.

The more complicated it is the more BS.

A lender will ask for a lender deposit direct to them sometimes for about 10,000 to cover appraisal, phase one, survey, lender legal, etc.

You have to be very careful and know who the money is being sent to ahead of time. Some will take this fee in the guise of something legitimate and run with the money. Pay mortgage brokers fees AT CLOSING and after FUNDING is verified. Some will make the fee small like 1,000 or 2,000 so people pay it. Then legally they do not want to spend the money chasing them as it will be a wash or put them into the negative for return ( spend 3,000 in legal to recover 1,000 of the 2,000 you are owed).