Moolah List...Scrupulous Private Money Lenders?

[Kinyada Frazier]

Hello,

I posted my deal on Moolah List to find private money lenders. I have been bombarded with alot of offers from so called "Private Money Lenders" one of them imparticular is of Lin Bruce Levy Direct lender of 24 homes construction LLC. He is really interested in my deal and wants to offer me 6% interest rate no prepayment penalty 72% LTV and ( 3 points at which should be payed before closing). Should I be concerned, im afraid of being robbed of my money. I asked for attorney info and he had someone call me im not sure if it was a real attorney because I was busy driving when I recieved the call. Lin is showing alot of interest in my loan, he calls to check to see if I have submitted the info to get the ball rolling. What should I do? Other so called lenders with gmail business emails have been contacting me as well all want upfront money with a guarantee approval.

[Jay Hinrichs]

its suspect for sure.

private money is just that some person you know .. not met on line .. trying to find private money on line is no more or less than internet dating.. who knows who you are meeting.

any lender that wants points and super low rate is suspect on its face.. just not the real world..

What ever you do.. do not send them any money directly to them.. If your in an attorney closing state send funds to YOUR attorney office if its a title and escrow state send money ONLY to the title and escrow company with instructions that your funds are only dispersed upon recording and funding of your loan .. IE the loan proceeds are in escrow and are collected funds.

this is a very very common scheme all over the US.... sucker rates to sucker people into send smaller money and then wa la they are long gone.. and your ticked off that you fell for it.

Use a local HML and see what rates they charge .. Private lender if they know you personally may beat that.. But I can flat gurantee you that there are not lenders giving out 6% money to those they don't know.. that beats bank rates in many markets.. just not real