Good morning, does anyone have an idea how find if private money lenders are legit?
I am talking to one right now, but my stomach is saying something is up. As well as they are asking for an upfront fee. Any feedback is appreciated.
@Zach Thomas Before I do business with anyone in real estate, and before I add anyone to my team (agents, lenders, contractors, etc) I get references and I contact the references to get an idea of what its like to work with them. The two big things I'm looking for are integrity and communication. Best of luck!
Originally posted by @Derek Dombeck :
Ask that lender for some contact info for their other borrowers. Call them up and ask about their experience. If the lender won't supply these contacts, walk away.
Thank you Derek! Just did as you recommended.
Up front fee is a sign of disaster. They can ask you to pay for an appraisal, that would be normal.