Has anyone heard of API ELA LLC? A Private Lender

[Liz Welch]

I am a new investor and looking to start my rental portfolio.  Has anyone worked with this company?  Asking for upfront fee's - some of which I've paid (UGH!) Now I'm questioning their validity.

[Jeff S.]

You’ve likely been scammed, @Liz Welch. Nothing is certain but lots of telltale signs on their website.

API ELA Homes LLC says they are in Santa Clarita, CA. This name, in any form, does not appear in an LLC search on the CA Secretary of State’s website. Nor do they display a license number anywhere, as required by CA law. The disclaimer on the bottom says they are “licensed to lend in all other states.” Very few private lenders are actually licensed in all states. Big red flags.

Even if they were a legit lender, there is no way for you to know you’re dealing with anyone from the company. Lots of fraudulent sites out there. Private/Hard Money lending is a business based on relationships, not the anonymity of the web. It’s much safer to find your lenders face-to-face at local real estate clubs, when they start holding them again.

In spite of this, the predators never seem to disappear. I hope you didn’t respond to the solicitor in the post above that was removed. Soliciting on BP is prohibited. Haven’t you learned one lesson already? And, you still insist on doing business with a stranger?

Sit back and take a break, Liz. Let the dust settle a bit. Best of luck to you.