Scam Alert: Lenders from our Classified Ads/ Services area

Scam Alert: Lenders from our Classified Ads/ Services area

Has anyone used the lender advertising his services here on Dean's site in the classified ads/services area? Email goes by deanwillyllc. Does anyone used them or recommend them?

Admin Edit: -----------
Please research everyone you deal with thoroughly. Always assume it to be a scam until proven otherwise. Unfortunately, the internet makes it easy for scammers to operate on a large scale with little risk of getting caught. They operate on every website on the web, so assume they try to operate here.

Also, if anyone asks you to pay for services or products by Western Union, wire transfer or other instant, anonymous payment methods it is a scam 99.999% of the time.

__________________


@ Jamwock

I came across this company last year. I called and called and got no answer.


Thanks

for the info on these companies.I'm a real newbie , so I'm taking a lot of notes still.Thanks again..


me too

Im taking lots of notes on everything


Hard Money Lender That is Not A Scam Artist

Hello DG Investors,
My name is Cedrick and I am a hard money lender. The company is called Commercial Funding Alliance and we are one of the largest group of private money lenders in the nation. It is unfortunate that so many of you have had such horrible experiences with Hard Money Lenders in the past. You all are correct in the illegal activity of upfront cost associated with HML's. Here are a couple of facts that you may want to consider:

1) There will be a fee associated with your application, namely a credit reporting fee( yeah we are HML but we also assess the risk so that we can determine what program and rate you will qualify for.)

2) At the point of you saying yes to one of the options available to you, you may be asked to pay a commitment fee of some sort to handle your appraisal, title search, etc. but in most cases this will be refunded back to you at closing in most instances.


Thanks Everyone

Thank you everyone. This is my first visit to this part of the website. Scarry knowing someone just wants to rip hard working people off. Leaves a bad taste in my mouth. Terrible just terrible.
I really appreciate all you guys
Barb


We Do HM in TX

Send me a PM, let me know what your looking for? I broker both residential and commercial.


From a Brokers Viewpoint

Hello to All:
I have been at this long enough to know that there are alot of bad lenders and brokers out there. You cannot avoid contact with them, they are everywhere. While I was involved with trucking and put real estate investing on hold, I had been brokering hard money loans along the way.

I did not get rich and I made great side money. I have spent alot of time talking with hard money lenders, as I had always been looking to add more to my arsenal, so I could be of better service.

Since joining this community and mentioning I do HM and Transactional funding through my vast sources, although for Trans, I work with only one, I have been swamped. The phone never stops ringing and that is a great thing.

Here is what I advise. I would always ask for the lenders main phone number and the managers name. I would call and inquire if that person is actually employed there and what their employment capacity is.

If they say they are a broker, call the firm and ask if they are a recognized broker and if they are active. This is very important, because if they are not active, they may not be aware of changes in programs, fee structures, and other important information. This could have you applying for a program that that lender no longer provides.

Always ask what states the lender lends in. This is very important, because you may need a loan in Florida and that lender may not do loans in FL.

If the lender is not licensed and they ask you to complete a FNMA 1003 form, do not fill it out. FNMA is Fannie Mae and in order to use that form, that lender must be a licensed lender.

If you look at most HM lender applications, they are not a FNMA 1003, they are a proprietary application created by the lender.

Here is a valuable tip. If a lender says they are a HM lender and they use a 1003, than you will know right away that they are not a real and true HM lender, they are a conventional lender.

If you look at a 1003 mortgage application, you will see that the application focuses on the borrower with the property being secondary.

A Real HM lenders application will focus on the property and the deal and ask very little about the borrower.

Almost all HM lenders will pull credit, but only for the purpose of seeing that your not currently in bankruptcy, and to make a determination as to the points and rate of interest they will grant to you.

Real HM Lenders will grant you a loan if your not in bankruptcy, but if you have bad credit, you may pay 4 points instead of 3 and 15% interest instead of 13%. You may get 6 months to repay without any extensions, where a good credit borrower, gets 2 additional extensions and other perks.

Hope this helps.


jimmybtx, thanks and i cant wait

i can cant wait until your lending in indiana and kentucky. keep me post please when and if things change. continued success to you.
terrance


Joshua

I agree with your comments. I am just confused, which poting by Dean Willy are you referencing? I wanted to see it.


if you search in the box above

just put in dean willy and you will see the thread about it.


Although I haven't used any

Has anyone heard of this guy that gives you a loan for little money upfront??

Matt Potter,
US PRIVATE LENDING HOUSE.

DGM

__________________

Donald Myers


Donald

I would still be very leary on any upfront fees. You should probably do more investigating on this company before you take the next step...Jan


Question About A Lending Company....

Has anyone used Matt Potters Loan services???

Its Us Lending House

__________________

Donald Myers


Scammers

Having read all of the above, it would be great if somewhere on Dean Graziosi's website there would be a list of names and companies that are known to be scammers. It is outrageous that the scammers have access to the Dean Graziosi community. At some point all these messages will get buried in the archives of postings. Being able to click on a category would keep everybody informed and current!

Pat


scammers

yes you got that right we should start a post with the list of all the scammers to ad to so all others DG members can refer to when they make their desicions about where to get a HML.


Patricia, Zeke

Just be leary of anyone from the UK. Def a scam. Also beware of very low int. rates and no doc loans. I have been watching these scams for over 3 years and they never stop. Rule of thumb, if the offer looks to good, stay away. Common sense plays a big part here also....Jan


STEWART FORD LENDING FIRM INTL,

Does anyone have any experience with this operation? Their terms seem great, but not looking to get scammed or re-traded at the last moment. I have a great rehab deal lined up that I don't want to blow. If this guy is not good, can someone refer a legit source?


Scammers

Hi DG Family,

I was wondering if anyone have heard of this company
Reliable capital investments solutions/Company Ink ., They are hard money lenders and their terms sound great. Wanted to see if anyone know of them before I get involved.

Thanks
Shelby


How to tell if a lender is a scam?

generally if a lender asks for upfront fees they are usually going to be a waste of time and will never get the loan done for you. They will call them "processing fees", "appraisal fees", etc. Make sure if they are going to charge you fees they are willing to wrap those into the loan and NEVER give them any money up front!

Good Luck!

__________________

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


Beware!

Yes, always complete due diligence on your lender (BBB) and never pay an upfront fee.

It appears the scammers are back in the classifieds. Looking today, we've got some real professional writing:

- loanservices437: "and to pay student school fees,and to set up a new business, apply now your problem are solved".

Loans to pay student school fees - really?

- ewrqz: "Then this advert is definitely met for you"

Too difficult to write out the word "advertisement"??

As always, if it seems to be too good to be true..words like "guaranteed funding", be careful!

- Tom


Syndicate content