anyone familiar with the website privatelenderlink.com ? I came across this website because I did a search on Google for private lending . It seems legit but Im still kinda iffy about it
Disclosure: I know the owner through a professional organization
List of lenders come in various flavors, @Christian Garcia. There are those that the lenders pay to get on and are free to the public. Scotsman guide, AAPL (Disclosure: I'm a member), Private Money Lending Guide, and in some cases BP's list, require the lender to pay. (In many cases, BP scrapes lender names off the web so be careful with those.) These tend draw those serious to the business since they require a cash outlay.
Other lists are free for the lender to join and the list provider generally charges the public for access – often by subscription. In almost all cases, these turn out to be fictitious/fraudulent/made-up names or just scammers with every intention of separating you from your money without doing a loan. Many of these sites, as well as their tactics, have been discussed here if you do a search.
For both the lender-paid and the free lists, virtually none are vetted. That means you never know how active or reputable the lender is. Stated differently, lenders rarely have to prove they're legit, even if they want to pay to get on most of these sites.
Privatelenderlink.com is the only vetted list that I'm aware of (and another disclosure: I've met the owner, Rocky Butani, casually through the AAPL). Here, there is no charge to the lender to get on his website though Rocky limits access to only those he's comfortable with and to focus referrals. Lenders pay him a commission when they do a referral loan from the site. It's an honor system and it's in everyone's interest to play the game fairly and honestly or they get booted.
Rocky makes no money if he chooses lenders who can/won't perform or act disreputably. Notice too that he shows his full photo and contact info if there are any problems. I know a handful of lenders on his California list and I also know they are the real deal. No, we don't currently advertise on this site.
This post has been removed.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!