Updated almost 6 years ago on . Most recent reply
Private lending loan requirements
Good day,
I'm a novice investor from Canada and recently found a private lender contact through a private facebook group for real estate investors in Canada. Since the lender seems to be from Las Vegas I went and checked the business registration from the secretary of estate of Nevada. The website name is servingpropertysolutionsllc.com and registered.
How you heard of them? Is it a reliable source?
What are your recommendations when using private lenders? The same way they check our credentials how do you check their track record or references?
I'm trying to make sure it's not a scammer promising private money to RE investors. Although the website is up and functional I found odd that whatsapp is used as a communication instead of a chat program within the website. I did call their number and somebody answered but I have a feeling is just one person. I'm just skeptical about their offer @ 5% interest only payments which I find very low for private lending. It's normally around 8% to 15% in Ontario, Canada.
Thanks in advance
Most Popular Reply
I agree with Stephan Kraus. Probably a scammer. Most legitimate money lenders will not have 'llc' as part of their company name. This is either a scammer or a money broker but my guess is scammer. PM me for info on lenders who can lend to Canadians. I have some that are legit.