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Updated about 5 years ago,
Legitamacy of a Private Lender
I'm a new Realtor and also new to the investing side of real estate, but I've been studying it for over a year. I'm ready to purchase my first flip. I have a great contractor, good relationships with wholesalers, access to MLS, and about $20k cash to put down. I have a private lender who is asking me for DL and bank statents and is offering 5% interest rate. I understand that's pretty typical, however I cannot find any information about him and his company online. I know he's probably just an individual, but how do I know when I'm working with a legit lender? Are there any "fake" lenders trying to steal information? Anything else I should worry about? Thanks!