Has anyone experienced fraud from this site?

Question

Hi!

I am looking for private lending options. I ran into a fraudster that has clearly targeted Bigger Pockets so be wary.

Tom S. · Answer

@Bradley Bismark  I can tell you already it's a scam.  $500 in fees up front, then $1250 for insurance, also up front.

Walk away.

Diana Muresan · Answer

@Bradley Bismark that’s not a conventional lender correct? What ins payment? $50k loans are tough, they are so tiny, most of the bankers won’t touch them so that leaves you with few options .... that’s the downside of small loans, no medium-top producers will take them, that leaves you with begginers or opportunists ...

Jason D. · Answer

@Bradley Bismark I would suggest making a profile. People will think you're the fraud, asking for money without taking the time to be serious about your presence here.

Jeff S. · Answer

With AAA bonds currently yielding just below 4% and the prime rate at 5.5% now, do you really think that someone will loan you money at 5% for 10 years?  Doesn’t this sound a bit too good to be true?

I don’t know where you’re looking, @Bradley Bismark, but you ought to stay off the web and not respond to anonymous solicitations from BP or anywhere else.  The only legitimate up-front costs might be for a credit report and possibly an appraisal (which should normally be sent directly to the appraiser).

Unless you’re doing a large commercial project, legitimate private lenders do not charge up-front fees like this.  Further, there is no such thing as any sort of mortgage insurance for a private loan, if that’s what PPI is.  I wish there were.

I’m sorry, but you’ve been scammed.

Like most aspects of real estate, really most business, private money is based on relationships. The safest way to develop these is face-to-face and local real estate clubs are the easiest way to find the greatest concentration of serious lenders.  Go to Meetup.com and you should find many.  Bring a list of questions with you.  If you don’t know what to ask, you can find a list of informed questions in this post: Private Money Lender-How to Qualify the Lender .

Good luck, Bradley.

Bradley Bismark · Answer

@Diana Muresan, they were requesting payment protection insurance. I’d welcome any advice on how to go about securing a loan for an LLC. I was targeting 50k  I thought that would be more acceptable.

Joe Splitrock · Answer

@Bradley Bismark if you or anyone believe someone on BP is acting fraudulent, you should report them to BP and they will be reviewed. I will send you a PM.

Eric Chase · Answer

@Bradley Bismark

I wholeheartedly second @Diana Muresan and @Jason D’s points. Please help us pressure out any folks here on BP with bad intentions or zero integrity.

Cheers!

Eric

Bradley Bismark · Answer

@Jason D. Thanks Jason I’ve created my profile now

Bradley Bismark · Answer

@Jeff S. And @Carma Winston thanks to you both for input and feedback. Carma I hadn’t  put the name out there because I haven’t actually lost money however the sequence of events has been suspect. Given Jeff’s note this confirms it for me. The name of the person was Charles Isaacson.

Thanks again for your help and guidance.

Carma Winston · Answer

I wish you good luck with finding a suitable lender.

Has anyone experienced fraud from this site?

Most Popular Reply