funding

I would not give anyone 1500 to start the process, sounds like a scam. Unless you know a few people that used him succesfully I would walk away. Go to a REI meeting and ask other seasoned investors for a HML that they know.
Richie.

I would never pay an up front fee of $1500.00 for a loan. Did you google this guy? Did u check with the BBB on his company?
We have exposed a few scammers here on this site, for doing what this company appears to be doing.
Never pay an up front fee to borrow money. You would do just as well going to a hard money source....Jan

This doesn't sound like convensional financing is it? If you have to pay money for someone to deal with you thats not good. Find out what the $1,500 is paying. Is it applicable to the deal. Meaning when you put up the money will it go to the deal or is it a processing fee for the leader to screeen you and your credit. Need to ask more questions.
Good Luck
Adam

Do you want to expose him if he is a scammer, tell him you will pay the 1500 at closing and see what he says.

He claims it buys him access to a group of lenders that otherwise will not deal with him. He claims that there is so much demand for hard money that this is the norm. Thanks, Brad

B.S. Try another lender. do a search on tis site for MHL list. I fI can relocate one I will pm it to you.
Don't give any upfront money to him

Thank you! Again, I've watched 160k on deals I could have had locked up over the past 5 or six months go to somebody else so I know it would make sense to anyone that has money to lend. Any help would be appreciated! Thanks, Brad

Jan, every hard money lender I have contacted either does not lend in Michigan or does not return my phone call. Is there a specific lender that you are aware of that could help me out? Thanks, Brad

generally the host/speaker at REI meeting is a HML themselves. Go ask around at your local REI club, I'm sure you'll find someone there who is and doesn't require anything other than your FICO score(if that)some personal info and details of your deal(s). If that guy has to pay some people just to talk to them, then tell him to tell you who they are so you can talk to them for yourself.

with your proof of funds and EMD with your escape clauses in place and then go for your hard money.

Let me hold $1500 and i'll see what I can do

DON'T DO IT!!!!!!!!!!!!!!!!!!!!!!
I was scammed on a loan deal where they wanted money up front $2,000 as insurance on a $10,000 unsecured loan. SOBs disappeared. Don't learn the hard way. Keith Success be with you!

I have these solid properties that cash flow that when I mention I'm from Michigan you would think I was talking about another country. I know this state is struggling but I think that just creates more opportunities. I have literally watched other people make over 150k in the last six months on properties I knew about first but couldn't get the funding. I guess I want to find a lender so bad that my judgement is being clouded....

You never pay upfront for services you do not get. Even with loan, the service charge is usually deducted from the loan. I would suggest you join a great credit union in your state. If I am permitted, in NYC I would recommend Education Affiliate Federal Credit Union. Excellent establishment and great service. Be created and use the resources you have available. In one case, I borrowed against my pension inside of using my pension. If there is immediate profit in the deal, the loan could be easily paid back with no penalties. All the best.

Sandra

To all the DG'ers,

After entering "free real estate financing" in Googl search, I came up with this website that I feel is worth checking out. From anywhere to getting some great info on how to make a presentation for hard money to nationwide lenders and mortgage brokers, writing a mortgage loan request, sample letters, etc.

www.mortgage-investments dot com

Listen to me and listen well. Do not give this person money, period. It buys him access to a group of lenders that otherwise wouldn't deal with him?

Ask yourself this...does that make any sense at all? is there any logic to that scenario?

There is not one group of lenders that would charge someone to have access to them, at all, ever.

Lenders do not operate like that. Hard money lenders do not operate like that, atleast in terms of monies up front. Some charge a commitment fee but that is when they are ready to lend or commit to lend, and there are quite a few that will take all fees at time of funding.

On the subject of hard money. If your trying to use this type of funds to do residential deals, it won't work.

Hard money lenders do not usually do residential, it is mostly commercial. There is a hard money lender in Dallas called Apollo Financial that will fund deals at 70% of the ARV with terms to 30 months and about 600.00 in fees that covers title, appraisal and inspection.

I would use Transactional funding instead. The fees are less, it is not a loan, there are no commitment fees, you can use the funds for REO's, Short Sales, Residential and commercial flips, as well as FSBO's.

Go to Google and enter Transactional Funders, Transactional Funding and you will come up with many sources.

That's my advice.

Thank you for your response and advice. I will follow your direction and find a lender based on the above information. I will let you know of the results. Again, thanks. Brad