User Diane WIndsor claims to be a hard money lender

[Account Closed]

ALERT - To all Bigger Pockets users

I was contacted by user with screen name "Diane Windsor" who offered a too good to be true hard money loan, that requires no credit check and is based on property value only. He or she suggested to close within 72 hours, with 5% interest rate , with interest only payment for 12 months and no points charged. She insisted on one thing: my email address.

I asked her or him that I wouldn't be able to share any private information necessary for loan application processing if he or she didn't tell what company he or she worked for. Needless to say, I haven't heard from "Diane Windsor" since.

Please beware and do NOT share any personal/private information with anyone who claims to be a lender, but does not share their broker id or provide any lender information. 

Best regards,

Eric 

[Jay Hinrichs]

Originally posted by @Account Closed:

Gather around -- About six months ago I did a search for private money for Nevada I cam across a website that advertised 8% like 2 points. I was contacted by a Arthur B from Fallon NV .He confirmed the terms of the loan. I did a search and did indeed find a Arthur B from Fallon and a state registered LLC. There was an actual address and I even googled the building on a map

i started the paperwork, BPO, application, copy of LLC stuff etc. I talked to him on the phone a bunch of times . I was skeptical and was waiting for the hook the upfront fees. I opened escrow he sent emails to the escrow company approved the loan and then it came ----

A request for just half of the point money to a third party  .. (about $2000)  I knew right then it was a scam and seized contact.   

I contacted the Nevada lending division   About 2 weeks later I received a call from the state investigator..  

There was in fact a Arthur B from Fallon and a state registered LLC. The only catch it was not Arthur B calling. He explained that he did take over a legitimate persons identity and LLC He suspected the calls originated from overseas but were made to look like a Nevada phone number

This game happens all over .  The website is long gone,the number is disconnected etc, you get the picture 

There are plenty of legitimate lenders out there state licensed etc.   Trying to save a few bucks can cost you big time   ---  I  did close on the deal and it worked out despite the big hiccup 

@Account Closed @Jay Hinrichs @Jason D.

steve I think we were having coffee a few years back when we were talking about some local guys doing loans here in Vegas and I mentioned they needed to be licensed in the state.. if you have a NV lender the first step is the lending regulators.. LLC anyone can do.

I also made one comment on BP about needing a RMLO to do some loans for me.. I promptly got a Nasty gram from the state of Nevada lending regulators telling me that even though I am NMLS licensed and state licensed in Oregon I do not have a NV license and I cannot do any business in NV and I had to sign a sworn affidavit that I had never done a loan in NV  which I had not..  I see all sorts of non licensed folks saying they can loan in NV when I know its not legal.. Same with Oregon and CA.. WA. you can do commercial purpose loans without a license but not NV CA and OR>