Credit Historty for private lenders do you provide it for them?

[Jodi Rhoades]

Is it customary for private lenders not banks to ask you to provide your own credit history?  I have done several loans with banks and they always just pulled my credit. I am starting to work with a private lender and he has asked me to provide him my credit report.  I thought I would just ask this question just to get feedback before I sent him anything. 

[Pat L.]

credit & a search for anything else....

[Jodi Rhoades]

I am buying a 25 plex

[Christina Linn]

@Jodi Rhoades yes, of course! They need to know that they are making a good investment. I would actually ask for the same from them with blacked out SSN.

[Jabari Long]

@Jodi Rhoades my primary private money guy asks for credit reports from all borrowers just for compliance purposes. Also, I suppose if the borrower was in Bankruptcy or had Tax Liens that would impact whether or not the lender made the loan.

[Rick Pozos]

If you are buying 25 units, it is probably a company, NOT a private lender. It is a company, not a private individual.

All hard money lenders will pull your credit. If a company is asking you to furnish your own, it is NOT legit. Any lending company will have access to your credit.

It sounds fishy!!!

If it is really a private money lender, they should know you and trust you. They would not even ask for a credit report. I have borrowed a number of times from friends and other investors. No one has ever asked me for a credit report or tax returns. BUT these people are people that I know. Do you know the lender?? Are they in the city where you live?? Can you go to their office??

I would not deal with someone who I can not even see in person. I need to see that their picture on facebook or linked in matches what they look like in person. Otherwise, I can tell you that I am Prince Charles. I have a bunch of money, but send me $450 so that I can pay for the appraisal on your property first. Bye Bye $450.

[Ryan Blake]

@Jodi Rhoades If your lender asks for it, then you need to provide it for them. A true private lender is someone typically you have a history with. If not, they are probably just a hard money lender in which case most HMLs do require a credit history report. If they are trusting you with a large sum of money, you should be able to trust them with your credit report. If you don't really have that trust with them, I would not borrow from them.

[Justin Kane]

...... Yeeessss, but check the credentials of this private lender.. there are a lot of fake ones out for your info trust your gut