Has Anyone Used this Private Lender? Financial Global, LLC

Question

Hello, I've been talking with individuals loaning under the umbrella of Financial Global, LLC out of San Jose, CA. They're offering a shockingly low rate of 4%, only do deals over 100k, and charge a 5k loan processing fee. They have a POF in the 8 figures range & the CEO is Craig Fenton. Has anyone worked with these guys before or know someone who has to be able to offer a recommendation good or ill?

Kyle J. · Answer

4% interest + 5k loan processing fee from someone you don't know = 100% scam.

If you're still not convinced, I just checked and there is no such company called "Financial Global, LLC" registered in the State of California.  You can check for yourself here: https://businesssearch.sos.ca.gov/

Rick Pozos · Answer

Hey @Evan C. Davies, its a scam. Nobody lends at 4% hard money.

Go to your local investor group and become a member. There will be lenders there at the meetings. Use someone locally. When you find people online, AND they have these super duper rates, they are going to be scams. The next thing you know, they are going to ask you to send some money to them to get things rolling. SCAM.

Jay Hinrichs · Answer

In addition to be a legal lender in CA. you must have a Lenders license in the form of NMLS registration / real estate broker license or CF license..   regardless as others have stated NO one lends money that cheap that is not a fannie Freddie product.   One suggestion is to just pop on Lendinghomes website they have a nice pricing matrix right on line their products are priced about as good as there is in the US for rehab type lending or private lending.

Also to get an idea of how these pump and dump due diligence or up front lender fee's companies operate simply watch the American Greed episode on  "Remington financial"

Evan C. Davies · Answer

@Jay Hinrichs Exactly!

Jay Hinrichs · Answer

just because they are a registered corp or LLC does not in itself make them legit.  there is no money that cheap.. that's the bottom line unless its a direct relative of yours or some other person you can eye ball.. NO one in the business of lending money can do this.. its not real.

Evan C. Davies · Answer

Thank you three for the feedback. A corporation search is a good idea. I was highly skeptical of them myself.

Has Anyone Used this Private Lender? Financial Global, LLC

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