Private Lender - Tap Commercial - ‘Taps Out’ Another Borrower By Taking Upfront Fees

[Corey Dutton]

I posted this discussion recently and had a lot of borrowers and brokers comment about this group out of Nevada having taken so many of them on collecting upfront fees with the promise of providing a loan. For this reason, I wanted to post this discussion again so more people out there can see it and stay away from this private/hard money lender.

Tap Commercial is a private lender based in Nevada that says they lend everywhere on everything. Ha! That is usually a clear sign a private lender/hard money lender is a scam artist.

I know Tap Commercial does actually fund deals from time to time. This is how they can say they are actually legit. If they fund one deal in 1,000, they can say they are legit. But for the most part, they issue a Letter of Intent for any deal that comes their way. Then they promptly collect approximately $3K as an upfront fee on each deal. They are your best friend, calling you everyday, emailing you everyday, UNTIL THEY GET YOUR UPFRONT FEE. Then they won’t call back again or even tell you that you’ve been declined for the loan. They just vanish.

I know a broker who Tap Commercial has taken upfront fees from his clients on 3 deals and never performed. Not only do they not perform, no one will EVER return your phone call or email again. I posted this discussion on another forum and I have 7 brokers comment that their clients had been taken. One of them is involved in a Class Action suit against these guys if anyone here is interested.

For anyone looking for a private money loan, stay away from Tap Commercial. They may provide 1 reference, and it’s the same guy that they tell everyone to call for a reference. If you go to them for a loan, they’ll ‘tap out’ you or your clients. Watch out!