**Scam Alert** Kansas City Private Lender - Michael Treat

[Rodney Buford]

A gentlemen by the name of Michael Treat has joined many of the Kansas City real estate meetups (ie. Kansas City Real Estate Mentoring and Network Group) but he has joined all of local meetups and networking groups recently this week.  They were promoting private lending here is the information I received, I did fill out a loan form but fortunately didn't provide any SSN or banking information.  I was somewhat skeptical from the beginning but continued to dig for information.  Since they were from around Kansas City area I opted to try to setup a meeting in person as I wanted to meet them and build a relationship, but since my request I haven't heard anything.  I continued to dig and was able to track their IP Address from their email and found that this IP address has been used for a lot of scams.  

If your intersted here is the IP Trace I did for the IP address I tracked down from the email exchange I did with this person

https://whatismyipaddress.com/ip/209.85.220.41

Please do your dudiligence before sending any money to anyone. 

Loan Balance:$150,000.00

Adjusted Loan Balance:$150,000.00

Loan Interest Rate:5%

Loan Term:1 year

Loan fees:$1300

Interest Only Payment:$653.28

Number of Payments:12

Cumulative Payments:$157,500.00

Total Interest Paid:$7500

Note: The monthly loan payment was calculated at 12 payments of $653.28 plus a final payment of $150,000.00

AGREEMENT/CONDITIONS:

{1} Required Age: The borrower must not be below 18 years of age and any age below 18 would be disallowed from this loan offer.

{2} The applicant will start the repayment of loan at the end of every month starting from 2 months after loan has been transferred.

{3} BANK SECURITY POLICY: Due to the high rate of Internet insecurity we have our own method to securing Loan obtained from private lenders .For These reasons, our loans are secured against terrorism, theft and scam. Which is loan Passing through the Registration before Applicant can get HIS/HER loan.

{4} Failure to pay back the loan at this expected date/period, legal Actions will be taken against the applicant by our attorney Immediately.

{5} Applicant who is unable to meet with the repayment will be given 4 weeks more as a grace period before legal actions will be taken.

{6} I agree that the funds will be used judiciously for the said Purpose and not in any way be used for aiding terrorism, drug Trafficking, laundering etc and other actions / acts that are Forbidden by the laws of United Nations.

{7} That I make this agreement in sound mind knowing the implications.

{8} The borrower is going to bear the cost of the loan registration fee of $1300

which will be paid as a down payment to enable Loan transaction to be legal for transfer.

If you are in agreement with the loan terms and condition attach your ID for further processing of your loan.

[Alex Bekeza]

There is really no need to waste time doing due diligence on a private lender hitting you up online offering 5% interest on a hard money style loan.  It's a scam 110% of the time.  I'm not really doing any facebook marketing anymore because it is infested with fake lenders and I don't even like showing up in the same arena as them.  

Even if you were the most qualified house flipper (50 + flips in the last 2  years, 800 FICO, $10 million Net Worth) you're not going to see rates or origination that low. 

Thanks for sharing this and hopefully some of these sites (BP included) get better and better at pulling these weeds out of the garden before they do any damage. 

All the best,