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Updated over 4 years ago on . Most recent reply
Private money Loan scam
I recently got an email from a private money lender saying he can give me a loan for rental at 3% fixed with 0.8% fees. It looks too good to be true and I smell a scam. How do I know if it legit or not?
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Bonnie Low
#1 Medium-Term Rentals Contributor
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#1 Medium-Term Rentals Contributor
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- Asheville, NC
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Bonnie Low
#1 Medium-Term Rentals Contributor
Pro Member
#1 Medium-Term Rentals Contributor
- Lender
- Asheville, NC
I'd be suspicious, too. HMLs are currently in the 10-12% interest range, plus fees. Why don't you post the name of the lender on this forum to see if anyone has used him/her and had good results? That's usually the quickest way to qualify or disqualify someone.