Really need some advice about private lending.

[Renee U.]

I think I have now dealt with every available scammer in lending, I am so frustrated and not even sure if I'm looking in the right places.  I'm looking for a home equity loan to do repairs on my house so that I can rent it out. It doesn't seem complicated but the only response I'm getting is scams.  Would any legit lender have me fill,out a brief app then approve me at 5% before ever requiring income or confirming My identity? And then everyone wants 1% of the loan paid ahead of time, or wired to an offshore account or sent from my escrow fund.. Why would I have an escrow fund?   I don't need a million dollars and I'm not buying an apartment complex so large lenders won't deal with this but it seems that everyone else is wasting my time.  What should I expect a legit lender to request from me? Are there legit upfront fees? where can I find a lender that doesn't use Google voice numbers?

[Alex Craig]

Legit private lender will ask for your financials and order your appraisals.  They will not give you such favorable terms such as 5%.  My bank is at 5% and private lender will be 9% or higher.  I would imagine most will be at 12% at least.  They will also has for loan origination points up front.  I would imagine they are going to require a certain amount to be in play at all times.  Once all the front end work is done, they will schedule with a Title Company as they will need to have a lien on the property.  I advise working with a closing attorney or Title Company on the front end.  If these are legit companies, ask them for a website or provide the proper licensing required (I imagine from the SEC) to be able to lend.  Never, ever wire to an offshore account.  You should never wire any money for a real estate transaction to anyone except a title company/closing attorney.