I had an experience with them just yesterday. A borrower bought the privatemoneygoldmine.com list, or paid the fee to join, and sent an email to one of the "private lenders". The lender forwarded the inquiry to me because screening is one of the services we provide for this specific lender.
I spoke to the borrower, and he was annoyed that the rate he saw on the website: namely 6-12% with no points, was not the rate he was quoted by the lender or by me during the screening call. I went back to the lender, and asked why he had registered on a site quoting zero points when that obviously was not the case.
Turned out the lender never registered on privatemoneygoldmine.com and had never heard of it. To be sure, he tried to logon, and the system didn't recognize him. He submitted a password retrieval request, and the system didn't recognize his email address as one that was in their system.
So evidently they had scraped his information from another source, or some website where he did register is using that data with a second website and advertising it as "private money".
Stay away, it's a scam. Sorry it's a long explanation, but I thought some of you might like to know the real deal on this website.
I just got an e-mail from PrivateMoneyGoldmine.com, and commented on another such solicitation here on Bigger Pockets But, instead of the honest answers here, the guy who was doing the advertising and others got really bad about using their name in my forum Post and even mentioning their name in the same sentence with the word "Scam."
David Beard - Right on the button. "Seeing an ad pop up on BP immediately infers a connection if not endorsement, since we tend to think of BP as a community with something of a trust factor, not just a faceless broadcasting network.", explains how the majority of members on BP feel about the community. Giving them the benefit of the doubt by saying: "I agree that it's a strange phenomenon of the new marketing age.", simply gets them off the hook in your mind evidently. I think that if they are willing to take AdWords revenue knowing that some of the advertisers are scammers, they need to start losing paid members in a big way; and the sooner the community starts to collapse and force them to act ethically, the better for all the members who count on them to provide the ethics and honesty we all need to vet various people and organizations in order to weed out the scammers, so honest people can do business together.
Privatemoneygoldmine.com is a front for hard money lenders. The low interest rates on their list are bogus, the lenders will tell you their rates when you contact them. All the lenders I contacted will charge a large down payment with high interest rates and points. I kept getting emails with new lenders added daily and they're the same lender since I bought my membership a few months ago.
I complained to customer service and I was told to send verification the lenders I contacted were hard money lenders. I told the CSR I'm a member not an employee this is your responsibility not mine. I cancelled my membership and got a refund.
Im currently in a legal dispute to get my down payment back from a lender on their list. Save your money, privatemoneygoldmine.com is a waste of time. You can Google hard money lenders, you don't need to pay for a membership.
Thank you all for the great info here on Bigger Pockets. I am glad read this conversation before wasting 97.00 initial fee and 30.00 per month on a bogus list.
@Terry Duff Wonder how many other people got the list? You probably want to make sure those private lenders are still lending out before you spend the money. ;)
Wow, just joined and just got done looking at the site privatemoneygoldmine.com. Was really thinking about it as I have a great deal and no funding for it! Im so glad I researched first saved me a ton of time and hassle, can anyone give good advice how to find private money for fix and flip deals?