Lender24Solution - Private money/ Hard Money and Secured

[Jeremiah Alton]

Anyone used these folks before?? Member of a group I am in on FB but the letter they send me looks unofficial. 

Offering me loan at 5% interest for 30 years no prepayment. BUT there are some misspellings in the contract an punctuation is off... So it started raising questions.

[Beth Johnson]

I've been a private lender in Seattle for 10 years and have never heard of them. Their website shows a downtown Seattle address that is likely a condo and not a business office. But on their FAQ they mention payday loans as well as real estate loans and goes on to talk about Alberta and other provinces in Canada, not Seattle or the US, in general. Things seem a bit fishy and some yellow flags that I always see on websites like this one that are possibly either scammy/fraudulent or, at best, just brokers without direct access to capital, are things like: 

- All stock photos and not a single team or officer photo

- Range of loans that are super small ($100 was listed as payday loan in the FAQ) all the way up to $30M. That's a huge range. Most legit lenders will have a much higher loan minimum because the same effort is extended on small loans as it is on larger ones (within reason) so most lenders tend to avoid smaller ones that are less profitable. Not to mention that most HMLs won't offer payday loans AND real estate loans. 

- Zero personalization to their site and no names for any specific contacts to reach out to

- Bogus reviews. It shows about 10 of them all in the last two weeks despite saying they've been around since 2005 and all of them are with super generic names (Smith, Doe, Williams, Johnson, etc.). Can't even find them on TrustPilot where they say they have 3000+ reviews. 

Run, Forest, Run!