Is this “private lending” company legit?

[Elizabeth Bower]

So, I was searching for land to buy for our farm on Facebook and there was a comment on someone else’s post by this gentlemen stating he was a private lender. So I did what any naturally curious person did and reached out. I tried vetting him by asking for the company website in which he sent me and it seems legit, but it’s him that does not seem legit. His numbers are off. 

He quoted me 5.5% interest on a $400,000 loan for 30 years and the interest in his numbers for the total term is $17,614.29. Now, I am no math major and I can’t calculate daily or monthly compounding interest to save my life, but I know it’s A LOT more than this amount. I mean, even $400k x 5.5% is $22,000! So I asked him how the interest was calculated and he hasn’t replied to my question, only reiterated the quote again. 

This is the company Hilltop Investment and their website is Hilltopinvestmentltd.com they have a legit website with an application process. 

Is the guy just wrong in his numbers and should I just apply anyways? Or should I avoid the whole thing together? Has anyone heard of this company before? I’d really love to only pay $100,000 or less in interest lol 😂 

[Elizabeth Bower]

The interest rate for this area is right, I've checked with local lenders on commercial and they are between 5.5-6% right now. I think I figured it out. His monthly mortgage calculation adds up to what I calculated it would be with compounding interest, so I think when he put Interest:$17,614.29, that this is the annual interest, not the whole term. I will definitely inquire that this is a fixed rate for the term. Great suggestion!!