How do i know if a lender is legit ?

Question

Hi,

First post ever so apologizing up front if this question is not according to forum rules.

So, we started a process to finance one of our properties, as we are out of state investors and as this is the first time we are taking a load, i have few question.
1. how do i know if the lender is legit ? i mean how can i check that this is not a scam or something similar ? e.g 1210 Capital, they have linkedin page, facebook etc' but how can i be sure they are legit ?
https://www.linkedin.com/company/1210-capital/

2. In continuation to my first question, one of the lenders which we liked his terms, asked for our bank statements, is it safe to share it ? i have my bank account number there

Thanks and have a great day!

Edi Mari · Answer

thank you all for your reply! very helpful.

David M. · Answer

@Edi Mari

Cutout or blank out your account numbers.

Ask for their license number, the NMLS number.  You should be able to look them up online.  That will tell you if they are legitimately licensed, but who knows without a referral if they are any good or allegedly defrauding you..

Coral Hernandez · Answer

@Edi Mari

Always do your research and ask for referrals. Google is your friend, so is bigger pockets.

Let’s connect to discuss further

Steve Morris · Answer

I guess my first screen would be to ask for a GFE on as many terms as you can get.  They won't give you a binding quote with a lock, but grifters don't like leaving a paper trail.

Charles Carillo · Answer

@Edi Mari

Usually the red flags with lenders are when they ask for funds upfront (some HML will ask for ~$250 AT THE TIME of a  site inspection which is normal). A great way of finding lenders is by referral. I would contact local investors in that market and see who they use.