Does anyone know this lender? 1stcenturyfnsllc

Question

I wanted to ask if anyone knows this lender

1stcenturyfnsllc

Does anyone have any positive reviews over the years?

For a loan of 100k he asks me for 7% in a year and after a year the total repayment of the loan.

Jeff S. · Answer

For 99.9% of the “Is this lender legit?” questions here, it’s clear that they are not, @Omar Ciam. You did not provide enough info to make that determination, however.

DSCR loans are currently in the 7%+ ballpark lately. Are you borrowing against a performing income-producing property? A rental, for example? If so, DSCR could make sense. A 7% DSCR loan sounds low, but not enough to jump to a claim of fraud.

On the other hand, if you are borrowing short-term for a flip, you will need a bridge (i.e., fix and flip) loan. These are currently in the range of 11% plus 2 points, so an offer to lend at 7% is a clear red flag. “Fraud full stop,” as @Jay Hinrichs wrote.

What kind of loan are you asking about?

To clarify, assuming this lender only makes business-purpose loans, they will not need to register on the NMLS (which is a portal, not a license). For example, we only make fix and flip loans in CA and are not registered on the NMLS. This is not a good way to judge the legitimacy of a lender, unless you find they also make consumer-purpose loans and are not registered.

The good news is that this lender has an LLC. The bad news is that, assuming you’ve even checked that the LLC actually exists and is in good standing, this means nothing. Anyone can open an LLC.

More bad news is that their website is down. Honestly, our website goes down on occasion too, so that’s irrelevant as well. I like that on Facebook, they show real faces and not stock photos of models. Assuming it’s really them, this is good.

Last, you didn’t indicate the location of the property. If it’s located in Ohio, as you are, why in the world would you borrow from strangers in Georgia? The safest private loans will be local loans from lenders you can meet face-to-face and from whom you can obtain references.

Chris Seveney · Answer

how many other lenders are offering 7%. What are others offering for this type of loan? Does this seem to good to be true?

Did you look them up on NMLS Consumer access to make sure they are licensed?

Omar Ciam · Answer

Unfortunately I am in Italy and I found this credit institution on facebook

Omar Ciam · Answer

Hello thank you to how much are not appear on nmlsThey sent me documents About their LLC registration since 2017

Does anyone know this lender? 1stcenturyfnsllc

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