Hard Money/ Private money lender

[Idalys Samuels]

How do I check the credibility of a lender? What are the requirements? What are the red flags? 

[Jay Hinrichs]

Quote from @Mitch Messer:

Quote from @Idalys Samuels:

How do I check the credibility of a lender? What are the requirements? What are the red flags? 

There are a ton of things you should check, but here's the most important thing to do FIRST: Get referrals of recent clients and then check them thoroughly.

Whatever you're told by the lender, confirm it ALL by speaking directly to the last three or four borrowers.

How easy was it to get approved? What was the actual interest rate charged? How many points were charged? How long did the process take? Was a personal guarantee required?

Ask it all, and more, and then listen very, very carefully to the answers.

And, if your "lender" won't give you the names and phone numbers of at least three recent borrowers, you should run!

not sure about this..  its not legal or proper to give out the names of phone numbers of your borrowers.. I dont know any lender that would even remotely entertain this.  Other than maybe having a generic  testimonial page.. This also is far to easy to set up Schills you have no clue if the people are real and just working for a fake lender.. I would skip this for sure.