Private Loans - Scam?

[Javier De la Rosa]

Hi guys,

I'm new here at BP but have been listening the podcasts on a daily basis for a while. Love the insights and the good vibe!

QUICK INTRO I was born and raised in Barcelona, Spain. After my professional training as an accountant in a Big4, I moved to London, where I had the chance to work as a management consultant all over Europe. I mainly worked in financial restructuring and advising banks and PE firms on teh acquisition/disposal of non-performing loans.

I'm now back in Spain working on the family business my dad founded over 35 years ago: a property management firm in Barcelona.

I love looking for investment opportunities to scale up our family rental portfolio in Barcelona. My goal in real estate is to have a portfolio of properties big enough to allow me to retire at 45 yo.

THE DISCUSSION: I was approached on Linkedin by someone offering private loans through "Jones Private Money Loans". For my own curiosity, I kept the conversation going: I asked for the conditions I could get when asking for a loan. 

Everything seemed normal (if we forget about the direct on-line approach) and the documents I asked for (loan T&Cs prospectus, company presentation, etc) were fairly professionally set. However, they asked for an upfront fee to get my loan insured by a third party. And they never confirmed the exact interest rate for the loan.

It was at this stage where I realised I might have been talking to a scammer.

I just wanted to know if somebody else in the BB community have been approached by Jones Ronald, "Jones Private Money Loans" or if you ever had any experience with him/them (positive or negative). 

I'm not saying it is a scam, but to me it doesn't look crystal clear.

Any inputs would be highly appreciated.

On a separete note, I'm happy to assist anyone interested in the Spanish market.

Cheers

Javier

[Account Closed]

Originally posted by @Javier De la Rosa:

Hi guys,

I'm new here at BP but have been listening the podcasts on a daily basis for a while. Love the insights and the good vibe!

QUICK INTRO I was born and raised in Barcelona, Spain. After my professional training as an accountant in a Big4, I moved to London, where I had the chance to work as a management consultant all over Europe. I mainly worked in financial restructuring and advising banks and PE firms on teh acquisition/disposal of non-performing loans.

I'm now back in Spain working on the family business my dad founded over 35 years ago: a property management firm in Barcelona.

I love looking for investment opportunities to scale up our family rental portfolio in Barcelona. My goal in real estate is to have a portfolio of properties big enough to allow me to retire at 45 yo.

THE DISCUSSION: I was approached on Linkedin by someone offering private loans through "Jones Private Money Loans". For my own curiosity, I kept the conversation going: I asked for the conditions I could get when asking for a loan. 

Everything seemed normal (if we forget about the direct on-line approach) and the documents I asked for (loan T&Cs prospectus, company presentation, etc) were fairly professionally set. However, they asked for an upfront fee to get my loan insured by a third party. And they never confirmed the exact interest rate for the loan.

It was at this stage where I realised I might have been talking to a scammer.

I just wanted to know if somebody else in the BB community have been approached by Jones Ronald, "Jones Private Money Loans" or if you ever had any experience with him/them (positive or negative). 

I'm not saying it is a scam, but to me it doesn't look crystal clear.

Any inputs would be highly appreciated.

On a separete note, I'm happy to assist anyone interested in the Spanish market.

Cheers

Javier

 It's a scam. Anytime someone wants money up front to look for a loan for you or to "get" a loan, walk away.

Some will have you send a check or credit card for a small amount and then hack that account and drain it.

Others will get personal ID from you on an application form and set up a fake account and use Identity theft to steal money in your name.

And still others will take a small fee up front, then say they need more for the next step then they need a large amount to fund and then once you've given them that you can never reach them again.

Plenty has been written on BP by people's bad experiences. Stick to family, friends, and lenders you can meet face to face or that come highly recommended from people you trust. Also, many lenders have to have a license displayed so there is a way to check and see if they are real.