Private Lender - Tap Commercial - ‘Taps Out’ Another Borrower By Taking Upfront Fees

[Corey Dutton]

Another fee collector out of Nevada is getting called out! Tap Commercial is a private lender that says they lend everywhere on everything. Ha. That is usually a clear sign that they are a scam.

I know Tap Commercial does actually fund deals, from time to time. But for the most part, they issue an Letter of Intent and then collect approximately $3K as an upfront fee. Then they usually won’t call back again or even tell you that you’ve been declined. They just disappear!

I know a broker who Tap Commercial has taken upfront fees from his clients on 3 deals and never performed. Not only do they not perform, no one will EVER return your phone call or email again. I had a friend that gave these guys an upfront fee for a loan he needed funded. He asked me to try and contact them as a friend for them, as they refused to return any of my client’s communication. I actually sent out 14 emails and left 8 voice mail messages. Never one reply or response back. They just took my friend’s money and ran.

The craziest part is my friend has NEVER heard a word from Tap Commercial since then. They never even bothered to email him and tell him he was declined for the loan!! The nerve….!!!

For anyone looking for a private money loan, stay away from Tap Commercial. They’ll ‘tap out’ you or your clients out!! Ha.

[Joel Owens]

Yes too much fraud out there.Kennedy funding is another group I heard of the closes very few deals to show they do actually close deals but make money off of the loan app.

I have about seen every scam.REAL LENDERS understand the fraud that is out there and will won't ask for a bunch of fees like that upfront.If I was the lender I would consider reviewing apps the cost of doing business.

The investors are so desperate to get these sweetheart loans that don't exist.Really ask your self if this is just a really good loan program you found or pie in the sky.

As I have said before do not let a lender hold any money or their escrow company.Many are fraudulent overseas accounts or shell corps to make it hard to track where the money went.

Have your local attorney hold funds and not dispurse until closing and funds from lender have been verified.

Usually scammers will not want to jump through those hoops and will just say they can't fund the loan and to seek another lender.