Unscrupulous Private Lenders and outright SCAM ARTISTS!!

[Tori Roy]

Is any body having issues with less than scrupulous lenders or getting approached by scam artists posing as landers? I see it often - so much so that we decided to put in place, a five part process as part of our due diligence. 

I just wanted is sue a warning against one such company - due to the egregious manner in which he exercised his predatory practices  - in the guise of a legitimate company!!

A Company called Gold Star Finance and James LaPushner - Following is their company into :

James Lapushner

Managing Director

Goldstar Finance, LLC.

4465 S Jones Blvd, Las Vegas, NV. 89103.

Tel;

Fax Number:

Website; www.Goldstarfinancellc.com

BE WARNED - the company looks 100% legit - we did extensive due diligence - they checked out. So we signed the documents and paid the closing costs. HOWEVER, when it came time to fund the loan - he started asking for MORE FEES! He demanded $2000 extra and said we had 24 hours to pay if we wanted the loan closed!

When we requested him to cancel the loan and refund us the closing cost - he said it was against his company policy to cancel a loan - even though the loan documents do not mention ANYTHING of that sort. We have checked- and re-checked the loan docs.

Long story short - we lost the deal. He still has our money. We are unable to meet our financial goals.

I don't usually speak ill of anybody but we decided we needed to make an exception.

So be forewarned, fellow investors - there are disgusting people out there, running predatory companies with zero ethics - that will prey on investors and mistreat them in the name of "PRIVATE" lenders, right here in the United States!!

[Jay Hinrichs]

Originally posted by @Tori Roy:

How do you approach closing costs? Love to know. 

couple things  NV is one state were NMLS registration and state license are required to be a lender on any rehabs on 1 to 4 units.. that's number one.. you check with the state

also I would file a complaint with the state of NV  mortgage enforcement division right away if this guy is not legit he will be shut done and fined.  

closing cost are paid out of escrow at the time of closing not in advance other than maybe an appraisl paid to 3p and a small app fee like 50 to 200 bucks  like Lending home.. which is real.