Should I use another Hard Money Lender

Question

They say doing the same thing over and over expecting a different result is crazy.   I want to know if I'm about to do something Crazy.  I'm paying Can Capital $18 per day for pay back on a $3,600 working capital Loan for our property management company. Was trying to pay off Can Capital  before being out of a Total of $5,000.  Company called Palm National Partners wants $75 to $80 per day for $5000.  Both these so called hard money lenders, claim they help a company Grow, and will advance more after this initial demonstration.  I think they both put companies out of business.  What do you think?

Curt Davis · Answer

@Alex Hamilton

Personally if you are having to borrow $3,600 you might want to reconsider what you are doing.  I am not picking on you by no means, just never heard of anyone borrowing such a low amount, I am surprised there are companies willing to make such a small loan, maybe thats why the fees are so high.

Good luck

Jay Hinrichs · Answer

Account Closed

Oh yes you got scammed big time.. any lender that wants small fee's up front with promises of big loans to follow 99% of the time is a scammer.. they are all over the world and people have been doing it for years and years.

Jay Hinrichs · Answer

Account Closed

just expensive consumer finance loans. I suspect your credit may be an issue is why your paying these kind of rates.. what about the crowdfunding sites that make small loans that might be an option.

Account Closed · Answer

Thanks for the response.  Do you know anyone on BP who have had an experience  Palm National Partners or Can Capital ? its to late for me but maybe it will help someone else before they get taken.

Account Closed · Answer

Thanks for the response to my question.  But, it appears, I did not explain myself.  My credit is fine.  This was a bait and switch tactic by a hard money Lender on my request for a much larger Loan.  Should have posted to see if anyone on BP has done business with a "Palm National Partners" or Can Capital.

Account Closed · Answer

Thanks for the comment, and no you are not picking on me, you didn't understand the question.  I did not need $3,600 nor did I request to Borrow that amount.  The Lender said, I needed to do this as a policy of the company as a demonstration, and the original requested amount would be allowed after the Demonstration period.  I was scammed.  Never got $150,000 of original application.

Should I use another Hard Money Lender

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