Private money lenders

[Jamane Y.]

Has anyone used paid for private money lenders service? Such as getting a list of private lenders and then paying for monthly updates? Thanks in advance.

[Jeff S.]

Once or twice a year, @Jamane Y., I receive a huge list of potential private lenders at no cost. It's filled with doctors, attorneys, CPAs, and many other professionals most would associate with high wealth, including local business owners. It's the phone book, and it's as likely to provide you with the personal relationships you need to borrow money from local private individuals as the lists you refer to.

There are several legitimate free sites you can go to for a list of asset based lenders. These include Scotsman Guide and the American Association of Private Lenders. The latter, which I'm a member, is comprised of large professional companies, who might obtain their cash through a mortgage pool or other syndication, to small mom and pop individuals like us, who only loan their own funds on a face-to-face relationship (legally, by the way).

Serious lenders are more inclined to pay for inclusion on a list you can get for free, than for you to pay for a list of what could amount to fabricated names or unmotivated lenders.