Updated over 9 years ago on . Most recent reply
steadyprivateloan.com
Has anyone had experience with www.steadyprivateloan.com? Their website looks legit, they had me give them some basic information, send them pictures and comps, and they agreed to do the loan of the purchase price plus repairs. Then I got this in an email from them: "NOTE- An agreement deed and other processing documents is to be prepared which will cost $1,050 .while we are to pay the rest, the company will also be responsible for the (COT CHARGES) i.e the cost of transferring your loan to you."
Does it make sense to ask for a fee up front rather than take it out of the loan proceeds? Is this a private lending practice? There are four other lenders with no internet presence who are also asking for upfront money from $450 to $1,050.
Would you pay upfront fees for these types of loans? Is Steady Private Loan Co. legit?
Most Popular Reply
Tell them you will provide the fees to a closing company of your choice once they fund the escrow account.