Concerned of being scammed by loan company (BeneFund)

5 Replies

Has anyone ever heard of or used this company, BeneFund Private Lending, they were recommend to me by someone on this website and at first they seemed legitimate but now I'm having concerns.  They want me to pay a $1,250 appraisal fee directly to them which seems concerning considering it is way too expensive and i think i should be paying the appraisal company. Anyone that has heard of them or worked with them would be very helpful, Thank you. 

Well what are they appraising? If it’s residential that seems way to high. If it’s commercial it could be justified

appraisals have gone up the last year.. however you should probably pay the appraiser directly.

talk to them and get their bill.. if the lender tried to mark it up.. then you know your dealing with someone that is not operating in an honest manner.

They are marking it way up.  I would ask why the appraisal fee is so high and possibly look into another lender.  I've never paid half of that for an appraisal, but I am in MN. 

Definitely dialog with them and ask them to explain their cost and practices. You'll either like what you hear or you'll get more experience sniffing out scammers. Don't just walk away. Interrogate them and learn!