All Forum Posts by: Corey Dutton

This guy is a total scam. He just took $4,500 upfront from a first time real estate investor. Documented! He takes upfront fees and never performs on the loans. This is an upfront fee scam at its finest people, RUN!! He's a liar and a thief. Don't go there.

I guess that's what it took. Posting on the forum about my problem. Someone (whoever you are thank you!!) has helped me get access back to my BP inbox. Thank you, whoever you are....!!! ;)

I have sent multiple emails. No one is responding to me. I even sent another one today.... ;(

Hello, I've been banned from my using my inbox on BP for months. I was not made aware of any violations but just my inbox was shut down and to 'CONTACT AN ADMINISTRATOR IF YOU FEEL THIS IS AN ERROR.' 

I've sent several messages to the admin on BP to help me restore the use of messaging system on BP, and to find out why I was banned in the first place. I've been using BP for a long time and I am a paying member. Despite numerous requests to BP Admin, no one has EVER given me a reason for why I was banned from using my email inbox on BP. This is totally unprofessional. Is BP just getting too big now to care for its members? All I am asking is, "Can someone please respond to my requests?" I am a paying BP member and I would like to use my BP inbox again. I have referred thousands of people to this website.

IF ANYONE WHO IS AN ADMIN ON BP CAN HELP ME? YOUR HELP WOULD BE SINCERELY APPRECIATED! I would like to be able to use my inbox on BP again.

Thank you for any help you can kindly provide.

Thanks Don for clarifying this. 

I was unaware of this change at the Scotsman Guide for vetting lenders. This is something new then, because it wasn't always this way. This must have been implemented within the last 18 months. 

And Don, just because someone is making loans, doesn't mean they aren't still collecting fees. There are a few examples of lenders that I won't cite here, who are listed in the Scotsman Guide and they fund a few loans a year yes, but the majority of the time they are giving out term sheets with hefty upfront fees with ZERO intention to fund the deals. This happens every day, all the time. Just because you can prove you funded a deal in the last six months, does not mean you are not poised to collect fees as your primary business. Some of these private money bridge lenders are collecting hundreds and thousands of dollars in upfront fees PER MONTH. I know this for a fact as I've seen some of my competitors doing this. 

I think every real estate investor feels this way until a reliable funding source is identified. The private money lending waters are shark infested waters, with lots of scam artists. Do you have any local classifieds in the areas where you are investing? What about real estate investing clubs and meetup groups? There's likely to be lenders hanging out in those places. 

We do have borrowers pay for Broker's Price Opinions to determine value and Appraisals (as needed). If an inspection is required because of known issues in a particular area, we have the borrowers pay for those also. But this is only AFTER we have the borrowers sign the terms and they are unconditionally approved. We've only had borrowers back out after that point because "they" found something out that made "them" choose not to proceed. (e.g. ARV is not where they thought or someone just listed a property below what they had planned on relisting theirs for...) We've never backed out after issuing formal terms in writing. I think both reputation and borrower intuition are important. Is the lender reputable and do you get a good feeling based on any red flags that may have been thrown?

Zane I don't think they have a special section for that in the magazine, but you can look at the company's websites and see where they lend, some do lend internationally. But you are a target for predators in the international lending arena unfortunately, since most of these fake lenders prey on those who seek funding outside of the U.S. 

No Jay, not true. Those lenders PAY to be listed there. Many of them are just brokers and not direct lenders. And there certainly are "fee collectors" who have paid to be listed in the Scotsman Guide. There are no FULL PROOF methods for finding legitimate lenders unfortunately. Any PAID listing for hard money lenders is certainly going to have fake lenders posing in there among the real ones.