Toprank Financials: Real or Fake Loan Place

[Julian Broyles]

Hello,

So I just applied to a broker that offered me a loan

$210,000/30 years with 10 year balloon/5% interest....broker's fee $5,000 or so

I am really excited to finish it and pay the fee, but I may just be over cautious. I find their website pretty legit but couldn't find their BBB. Should they be trusted or could it be a scam?

[Jeff S.]

“They were asking to send it through cash app. I thought escrow would be smart but they never mentioned it. They keep pushing me to sign too”

Of course they keep pushing you to sign. If I were trying to rip you off, @Julian Broyles, I would push too.

There is not a hard money lender on the face of the Earth lending money at a 5% flat rate, (per their website) and for 10 years. Nor do reputable brokers expect to be paid in cash before your deal closes. Really, this was all you needed to say. I guarantee that if you insist on paying through escrow or title at closing, you will never hear from this broker again.

“I find their website pretty legit but couldn't find their BBB.”

Websites for fake lenders abound and are frequently identified on this board. And, since when does the BBB validate lenders? They’ve been debunked 1000 times, leaning favorably toward companies that pay their fees. If this is an AZ property, you checked licensing, right?

From their website:

“we offer the most competitive rates in all 50 states of the United states, Canada, Australia and other major countries.”

Virtually no lenders provide loans in all states and also internationally.

You really need a better method to vet potential lenders, Julian. Face-to-face at Local real estate clubs are your best protection.