How Do I Verify Private Lenders

[Quentin Collins]

Hello BP Community

I am doing my first "Official" rehab on a free and clear house I bought in Jan right now out of my pocket. This option is not the prefeed method, but because the ARV of the house is below 60K and my loan origination about is below $70K. The rehab budget is 30K, but I have not been able to find a hard money loan for that low of an amount.

I have been reaching out to private lenders, and I am having a lot of them hit me up on facebook, but how do I know who a legit lender is? Also, how can I evaluate their rates and offers to make sure that its a good deal?

I have considered going the route of getting a personal loan, but I need to stay with asset-based lending. Can anyone offer any suggestions?