Private Lenders

[Steven Turner]

have a property under contract that happens to be my first. I started out wholesaling because lack of capitol. As many before me. So my experience is somewhat limited and thanks to biggerpockets and other knowledgable people I have been fortunate. Thank you to all! My question for this form is concerning first private lenders. I have a presence on linkedin and also connected investor. I have been appoached on both forms by some calling themselves private lenders. For the most part they all have some form of upfront fee. Whether it is application or loan origination they all ask. As a loan officer the origination was always rolled into the loan. I refuse to send money to anyone that will not include all fee's as a part of escrow. I have a very good investment opportunity in a rehab. I want to know how I can tell if a lender, private is legit, or if anyone can direct me to one that I don't have to be concerned about getting ripped off. Thank you

[Logan Drew]

Stay away from any lender with 'up-front' fees.  The only lending fee you should pay prior to the close of a residential property is for an appraisal (and possibly a credit report fee that should be very cheap).