Real Estate 100% LTV Loan

[Larry Pruitt]

Hey guys,

I was contacted by a mortgage broker offering a real estate investment loan to purchase multifamily properties. He said that the loans offered have no upfront fees and the origination loan fee is taken out of the loan at closing. He also said that he can fund 100% of the building value. It sounds like a scam but I don't know. Has anyone used a loan like this before or has any experience dealing with this?  Does it actually work? Thanks in advance to all responses.

[Dennis Muno]

Quote from @Larry Pruitt:

Hey guys,

I was contacted by a mortgage broker offering a real estate investment loan to purchase multifamily properties. He said that the loans offered have no upfront fees and the origination loan fee is taken out of the loan at closing. He also said that he can fund 100% of the building value. It sounds like a scam but I don't know. Has anyone used a loan like this before or has any experience dealing with this?  Does it actually work? Thanks in advance to all responses.

If it sounds too good to be true, it is too good to be true. For every loan if you don't have any skin in the game that sounds suspect or you will have absolutely insane charges. 

Ask for a loan estimate at the least. Let him at least show you a loan estimate