Do not use this lender!

[Eamon Conheady]

I was purchasing a multi family through an IRA LLC and was utilizing debt to finance it, requiring a non-recourse loan.

Was given the contact info for:

American Money Loan Services

and the person’s name, Tom Vanderlaan.

He ended up taking my underwriting/origination escrowed money and strung me along for six months, frustrating me, the realtor, the seller, and making my negotiation potential crumble.

Eventually, after finally admitting he could not obtain a loan, he failed to return my capital, and completely stopped responding just long enough until the banks were unable to reverse any payments.

His bank was in a state like Indiana, while one of his companies is in Wyoming, and just all sorts of weird sketchy stuff that accumulated over the period working with him.

Attempted to report him to state agencies but there was no clear jurisdiction.

Essentially ended up screwed out of a substantial chunk of retirement savings and left to find my own lender elsewhere to close the deal.

Do not use American Money Loan Services or Tom Vanderlaan.

[Erik Estrada]

I would recommend working with lenders that hold an NMLS or RE broker's license. Regardless if it is a private money or conventional deal. You can easily report them to the regulators if they do something fraudulent and can pay fines and/or have their license revoked. 

Might be more expensive since you would pay a broker fee, but it's worthwhile to save yourself from scams.