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Updated over 5 years ago on . Most recent reply

Matthew Reichert's profile image
Matthew Reichert's profile image
Matthew Reichert
  • from Manassas, VA
  • Member since Jun 14, 2019
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Matthew Reichert's profile image
Matthew Reichert's profile image
Matthew Reichert
  • from Manassas, VA
  • Member since Jun 14, 2019
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Matthew Reichert
  • Manassas, VA
29
Votes |
56
Posts
Private Lending & Conventional Mortgage Advice

Private lender asking for "insurance" fee before lending?

Matthew Reichert
  • Manassas, VA
Posted
Hi, I was contacted by a private lender here after looking for funds and I engaged him about borrowing $40,000. He claims I need to pay some sort of "loan insurance" fee before transfer of funds to me. Is this normal? Or no?
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Tom S.'s profile image
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Tom S.
  • Real Estate Investor
  • from Burlington, VT
  • Member since Feb 4, 2010
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Tom S.'s profile image
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Tom S.
  • Real Estate Investor
  • from Burlington, VT
  • Member since Feb 4, 2010
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Tom S.
  • Real Estate Investor
  • Burlington, VT
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Tom S.
  • Real Estate Investor
  • Burlington, VT
Replied

@Matthew Reichert  No, it's a scam and run away as fast as you can.

True private lenders are people you meet in person. REIA meet up groups are a great source, IMO

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