May Have Private Lender But Sounds Too Good To Be True

9 Replies

I had a "private lender" call me today offering to get paid on back end once funded. He's in Canada and I just wanted to know if anyone has heard of them ... Paciscorp Inc.

I googled them and got some sort of lead generation company not a loan broker, so that kind of turned me off. The agreement they sent looks ok but seems to have alot of legal jargon that makes them not liable for anything and forfeits any of my rights to seek damages in case of anything unforeseen happening. Also, asks for power of attorney to handle getting the loan. I understand how brokering loans work but it just feels a little sticky. Let me know if anyone has gotten any loans done through Paciscorp or not...

@Martin Manning   If it's too good to be true then it is! There are many lenders out there with very similar programs. I would never do a deal with anyone that I have doubts with going in. Better safe than sorry! 

Good luck!!

A POA, I don't think so. And, they're a lead generation co., not a lender.

@Parish Pradhan Thanks for the response. Yes, I kind of feel that way too, thats why I came to my BP family to bring it up. I had a guy last year from Canada who sent me some sort of application and approval docs that looked like they were typed in notepad. He wanted something up front, but this new lender or broker says he only receives his fee after I get funded, which made me happy, but the agreement just seems too constricting. I'm kind of on the ropes because I don't need more inquiries on credit for nothing.

@waynebrooks Thanks for the response. I agree totally

I am dealing with the exact same thing now and I am skeptical because it sounds to good to be true.

Glad I found this thread. Was actually considering it and purchasing a credit security plan just in case it goes south and would at least have a company who could help repair damage.. doubt it now. Still waiting for them to send me references.

I spoke with guy again. He stated he'd remove the power of attorney clause and actually put me in direct contact with the lender who is based in Illinois. Its legit... Pathway Financial... They do unsecured lines of credit for business or personal as long as you qualify. The guy thought I was dragging his name through the mud when he read this post, but I was just inquiring who had used him before. If everything turns out right I'll give him a thumbs up on here. Didn't mean to intentionally bruise his ego , but I've been through so many "its too good to be true moments"...

I second Martin's post. Ill post update as well!

Maybe I am just "silly" but anyone I have to negotiate with I don't want to do business with! Nothing drives me crazy than having to negatiotate when it comes to me my "team". It is one with a seller, but I don't want to play twenty questions with my broker, real estate agent etc. 

I either want to "accept" the terms or walk. Because otherwise I feel like I have to second guess everything and I don't have the energy to do that!

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.