All Forum Posts by: Jim Whittenburg
Jim Whittenburg has started 1 posts and replied 2 times.
Post: steadyprivateloan.com
- Real Estate Investor
- Cincinnati, OH
- Posts 2
- Votes 1
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?
Post: Hard money! Any investor used Dohardmoney or Private Money Goldmine
- Real Estate Investor
- Cincinnati, OH
- Posts 2
- Votes 1
Originally posted by @Doug Smith:
Hey Ann. This is Doug Smith, founder of Private Money Goldmine. Some of the previous complaints about our site are inaccurate or have become dated. Here's the latest update on our service... 1) Scammers who pose as lenders have almost totally been removed from the site due to our recent efforts (this was a long and tedious process as they can be extremely tricky), 2) Lenders can still be difficult to reach by phone or email, and we're constantly working to improve that, 3) We don't get these lenders by scraping other sites or digging through courthouse records. These lenders answer online questionnaires indicating that they're lenders, 4) Anyone who has ever asked for a refund of their up-front fee has received it, 5) Some investors are borrowing from these lenders according to the emails or phone calls we receive from our members.
Hope that helps!
Doug
Doug,
I paid for your site and decided today that I needed to find a private lender for a deal. I sent the same e-mail to the first six lenders on the list and before I could send a 7th, my phone started ringing. I spoke to three potential lenders who were eager to lend me $80,000 with very little information from me. All three wanted a fee up front and refused to do the loan without it. One was $450, another $550, and the last $1,050. They all had middle east accents and horrible cell phone connections. The connections were all so bad that I gave up and told them to just communicate via e-mail. I then asked for referrals. Every referral they sent me spoke with a middle eastern accent. One was even bold enough to send the loan application on a legitimate company's fax letterhead. I called that company and no one heard of the guy and they do not do private money deals. You have to weed out these scam artists a little harder, Doug. I wasted a lot of time today.
Jim