Updated almost 4 years ago on . Most recent reply
Too good to be true financing option ???
I have the opportunity to buy three properties to close but I can't put 20% down. I posted in a Facebook forum inquiring about other funding options. Then out of state lender contacted me and offered the following terms. 30-year amortization loan, 5.25% interest rate, 10% down payment, 4.5% total closing cost, close within 12 days and he is allowing me to close on my LLC without a personal guarantee (needs the PnL and tax statement for LLC). This is not a bank and it is private funding. Is this is a normal offer or is it a "too good to be true" offer?
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Have they asked for any upfront money? That will be the dead giveaway. Ask them what loans they have closed lately and get the property addresses and check public records to see if they were the lender.