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Updated over 7 years ago,

User Stats

142
Posts
52
Votes
Tyler Mutch
  • Contractor
  • Milwaukee, WI
52
Votes |
142
Posts

How to go about verifying a lender?????

Tyler Mutch
  • Contractor
  • Milwaukee, WI
Posted

Hello BP Community, 

I was surfing the internet the other day and came across a post where someone was advertising the fact that they were a private money lender. Just sort of on a whim, I shot them an email (it was a gmail account). The terms seemed good, and they were flexible to a balloon payment which was what I was hoping for, all was well. I wanted to get some sort of pre-approval letter to be submitted with an offer for proof of funds, so the guy that I had been in contact with said that there was a fee of over 1k that I had to submit to get the process started. That kind seemed kind of fishy to me, I thought that fees or point occurred once the loan was actually created not before you even got a pre-approval letter. I have tried to do some research on the company, and have found that they are in fact a lending company, where they said they were based out of. I am wondering, first off is this a big reason for concern or should I just move forward with the process? Second, where do people go to verify lenders and things to avoid working with loan sharks or people of that nature? 

Thank you for your time!

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