Can someone tell if this is private money is legit or not?
dublin, CA · Member since 2020 · 13 posts · 3 votes
Can someone tell if this is private money is legit or not?
Most Popular Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votesOriginally posted by @Christopher Parsons:
@Himanish Gupta first off, yeah, scam. Second, if you're ever in doubt about a loan like this, look to see if the contract includes "underwriting fees" or anything of that nature. If not, ask them before you sign anything. If they do, which they usually will because loan origination can be on a legit loan, ask them if you can wire that fee to Title to be released to them upon closing on the property.
What I have found is in the case of a scammer, they'll usually tell you they have some in house process, blah blah blah. In that case, run away. If they say that's acceptable, then dig a bit deeper.
Next thing I could see these scammers doing is saying SURE wire it to the title company here is the wire instructions.. they look legit but its not the correct account and the money has been stolen.
also lenders DO NOT contact YOU.. this just is not done.. Lenders will advertise for sure.. but you contact them.. they never e mail your or PM you on BP anything like that..
11 Replies
- Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes5y
I’ve never heard of that company before, but I can tell you after looking at their website that they are not legit.
There are a bunch of red flags. That website, and all the linked documents, are written like so many others whose operators are from outside the US (and have poor English language skills) and typically perpetuate loan scams on unsuspecting borrowers.
Their “Terms & Conditions” document for the loan is a joke.
And I can guarantee you that no real “private lender” is loaning money at what they’re advertising (i.e. $50k up to $800M @ 5% interest for 35 years). Just not going to happen.
There’s other red flags too, but hopefully you get the point. If you read through all their fine print, you can even figure out what their end game is.
After you apply (and provide all your personal info and SSN by the way), they’re going to charge you a 1% fee for “loan processing before the loan can be set aside for disbursement to borrower” (yes I know that’s a little hard to understand but that’s how they typed it).
Bottom line, they’re going to try to get money from you up front, but you’ll never get a loan from them.
- Edmonds, WA · Member since 2019 · 61 posts · 46 votes5y
@Himanish Gupta first off, yeah, scam. Second, if you're ever in doubt about a loan like this, look to see if the contract includes "underwriting fees" or anything of that nature. If not, ask them before you sign anything. If they do, which they usually will because loan origination can be on a legit loan, ask them if you can wire that fee to Title to be released to them upon closing on the property.
What I have found is in the case of a scammer, they'll usually tell you they have some in house process, blah blah blah. In that case, run away. If they say that's acceptable, then dig a bit deeper.
- 5yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Christopher Parsons:
@Himanish Gupta first off, yeah, scam. Second, if you're ever in doubt about a loan like this, look to see if the contract includes "underwriting fees" or anything of that nature. If not, ask them before you sign anything. If they do, which they usually will because loan origination can be on a legit loan, ask them if you can wire that fee to Title to be released to them upon closing on the property.
What I have found is in the case of a scammer, they'll usually tell you they have some in house process, blah blah blah. In that case, run away. If they say that's acceptable, then dig a bit deeper.
Next thing I could see these scammers doing is saying SURE wire it to the title company here is the wire instructions.. they look legit but its not the correct account and the money has been stolen.
also lenders DO NOT contact YOU.. this just is not done.. Lenders will advertise for sure.. but you contact them.. they never e mail your or PM you on BP anything like that..
- 5yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Kyle J.:
I’ve never heard of that company before, but I can tell you after looking at their website that they are not legit.
There are a bunch of red flags. That website, and all the linked documents, are written like so many others whose operators are from outside the US (and have poor English language skills) and typically perpetuate loan scams on unsuspecting borrowers.
Their “Terms & Conditions” document for the loan is a joke.
And I can guarantee you that no real “private lender” is loaning money at what they’re advertising (i.e. $50k up to $800M @ 5% interest for 35 years). Just not going to happen.
There’s other red flags too, but hopefully you get the point. If you read through all their fine print, you can even figure out what their end game is.
After you apply (and provide all your personal info and SSN by the way), they’re going to charge you a 1% fee for “loan processing before the loan can be set aside for disbursement to borrower” (yes I know that’s a little hard to understand but that’s how they typed it).
Bottom line, they’re going to try to get money from you up front, but you’ll never get a loan from them.
Yup a joke is right.. the English is obviously written by someone not from the US and not in the lending business.
Another fact is ANY mortgage company offering loans that is based in Nevada needs to be state and NMLS licensed with their license prominently displayed on their website.
To the OP I high suggest you get on Net flix and watch the American Greed Episode on Remington Financial and or Google Ingrid Robinson Remington financial and read in depth how these pump and dump fake lenders set them selves up to just collect up front fees and never make loans.. You have ran into one and there are probably a thousand of these guys/gals out there doing this.
- Edmonds, WA · Member since 2019 · 61 posts · 46 votes5y
@Jay Hinrichs very true. With the digging deeper part, you would have to verify that the Title company is legit. But yeah, private money is something you look for, it doesn't look for you unless you're a big name.
- 5yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Christopher Parsons:
@Jay Hinrichs very true. With the digging deeper part, you would have to verify that the Title company is legit. But yeah, private money is something you look for, it doesn't look for you unless you're a big name.
See below the latest phishing scams i have been getting .. folks that maybe do a few transactions in a life time get this e mail and open it boom they are hacked.. it purports to be from First American title.. but it talks about Florida the phone number is San Francisco etc etc its just a jumbled mess.. but i suspect folks open these.. we do all our transactions Mail away so we get closing docs like this multiple times a week or sometimes multiples in a day if we are really busy funding or selling.. these started about 6 weeks ago I made a post on BP about it. I suspect they target high volume operators.. But just another bunch of crooks looking to steal from those of us in the industry. I sent this to my FATCO rep here in Oregon and they forwarded it on to their Fraud department she said she had not seen one quite like this yet.
To view the secure message, click Open Message.
The secure message expires on Oct 06, 2020 @ 12:58 PM (GMT).
Do not reply to this notification message; this message was auto-generated by the sender's security system. To reply to the sender, click Open Message.
Want to send and receive your secure messages transparently?
Click here to learn more.Escrow Assistant
T: 415.239.0493 | F: 415.849.9409 | Shoretel: 94095
First American Title | First American Insurance
2566 Ocean Avenue
*This message may contain confidential information. If you are not the addressee or authorized to receive this for the addressee, you must not use, copy, disclose, or take any action based on this message or any information herein. If you have received this message in error, please advise the sender immediately by reply e-mail and delete this message. Thank you for your cooperation.
NOTICE: The information contained in this message is proprietary and/or confidential and may be privileged. If you are not the intended recipient of this communication, you are hereby notified to: (i) delete the message and all copies; (ii) do not disclose, distribute or use the message in any manner; and (iii) notify the sender immediately
The information contained in this message is proprietary and/or confidential. If you are not the intended recipient, please: (i) delete the message and all copies; (ii) do not disclose, distribute or use the message in any manner; and (iii) notify the sender immediately. In addition, please be aware that any message addressed to our domain is subject to archiving and review by persons other than the intended recipient.
“Florida has a very broad Public Records Law. Virtually all written communications to or from School District Personnel are public records available to the public and media upon request. E-mail sent or received on the School District system will be considered public and will only be withheld from disclosure if deemed confidential pursuant to State Law.”
Disclaimer: PLEASE NOTE: This e-mail and any attachments, contains information that is, or may be, covered by electronic communications privacy laws, and is also confidential, private, privileged and proprietary in nature and is solely transmitted for the purposes of the intended recipient(s). If the reader of this message is not an intended recipient, or if this message has been inadvertently directed to your attention, you are hereby notified that you have received this message and any attached document(s) in error and that any review, dissemination, distribution, or copying of this message is strictly prohibited. If you have received this message in error, please notify us immediately by return e-mail and delete and destroy all copies of the original message. You are hereby notified that the Los Angeles County Development Authority (LACDA) does not intend to waive any privilege or privacy rights that might ordinarily attach to this communication.
The electric data transmitted is for your convenience and is the sole property of Thomas-Grace Construction, Inc. By accepting, the recipient agrees to indemnify, hold harmless, and defend Thomas-Grace Construction, Inc., from and against any and all damages, liabilities, claims, losses and expenses (including attorney's fees) arising from the use of this data. This electronic data is subject to change and updates are the responsibility of the recipient. Thomas-Grace Construction, Inc. is not responsible for updating the data or for compatibility with recipient's hardware or software. Please check this file for virus contamination prior to use.
CONFIDENTIALITY NOTICE:
The information contained in this e-mail is strictly confidential and prepared solely for the use of the intended recipient(s). The copyright of this communication belongs to the City of Palm Bay. If you are not the intended recipient, please do not read, use, disseminate, distribute or copy this message or attachments. If you have received this message in error, please notify the sender immediately and delete this message. Views expressed in this message are those of the individual sender, and are not necessarily the views of the City of Palm Bay City Council.
DISCLAIMER:
Before opening any attachments, please check them for viruses and defects. The sender does not accept liability for any viruses, errors or omissions in the contents of this message or attachment, which arise as a result of email transmission.
PUBLIC RECORDS NOTICE:
All e-mail sent to and received from the City of Palm Bay, including e-mail addresses and content, are subject to the provisions of the Florida Public Records Law, Florida Statute Chapter 119, and may be subject to disclosure.
Promoting a Green Palm Bay - Please consider the environment before printing this
See - 5yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Kyle J.:
I’ve never heard of that company before, but I can tell you after looking at their website that they are not legit.
There are a bunch of red flags. That website, and all the linked documents, are written like so many others whose operators are from outside the US (and have poor English language skills) and typically perpetuate loan scams on unsuspecting borrowers.
Their “Terms & Conditions” document for the loan is a joke.
And I can guarantee you that no real “private lender” is loaning money at what they’re advertising (i.e. $50k up to $800M @ 5% interest for 35 years). Just not going to happen.
There’s other red flags too, but hopefully you get the point. If you read through all their fine print, you can even figure out what their end game is.
After you apply (and provide all your personal info and SSN by the way), they’re going to charge you a 1% fee for “loan processing before the loan can be set aside for disbursement to borrower” (yes I know that’s a little hard to understand but that’s how they typed it).
Bottom line, they’re going to try to get money from you up front, but you’ll never get a loan from them.
Kyle, see above in this thread the phishing i am now getting this one from a fake Fatco office.. just an FYI you might find it interesting or amusing.
- Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes5y
@Jay Hinrichs Do you think the crook’s goal with that one was to get you to open the link in the “secure message” (which I would guess would probably install some sort of virus or malware on your computer)?
If so, I haven’t seen that exact one before.
When I email title companies, the emails are generally just regular/unsecured emails. However, if I’m funding a loan in a private lending deal and it comes time to send me wiring instructions, those emails have always come via “secured message” (as I’m sure you know).
Of course, they would never be sent with all that other junk added. But I think some of these scammer just add a bunch of disclaimers and “legal” language to give it the air of authenticity (and probably to confuse people).
- 5yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Kyle J.:
@Jay Hinrichs Do you think the crook’s goal with that one was to get you to open the link in the “secure message” (which I would guess would probably install some sort of virus or malware on your computer)?
If so, I haven’t seen that exact one before.
When I email title companies, the emails are generally just regular/unsecured emails. However, if I’m funding a loan in a private lending deal and it comes time to send me wiring instructions, those emails have always come via “secured message” (as I’m sure you know).
Of course, they would never be sent with all that other junk added. But I think some of these scammer just add a bunch of disclaimers and “legal” language to give it the air of authenticity (and probably to confuse people).
I dont really know but i am sure opening it would subject ones computer to an attack.. and that one when you really read through it was such BS.. talks about the schools district in FLA.. talks about a contractor etc etc..
yes i get encrypted e mails from title companies.. our business 90% of the time is repeat with our title companies that i have personally visited on my trips to the markets.
- Investor · Phoenix, AZ · Member since 2015 · 7 posts · 3 votes5y
It's weird. I am under a contract for a property that I'm selling and just received the same email with escrow instructions. Coincidence? Or the title company/or the realtor I am working with got hacked and these scammers know who to target.
- Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes5y
@Timur Galimzyanov They definitely could have been hacked. Always call your escrow company directly to confirm any kind of money / wire instructions.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.