Private Loans - Scam?

[Javier De la Rosa]

Hi guys,

I'm new here at BP but have been listening the podcasts on a daily basis for a while. Love the insights and the good vibe!

QUICK INTRO I was born and raised in Barcelona, Spain. After my professional training as an accountant in a Big4, I moved to London, where I had the chance to work as a management consultant all over Europe. I mainly worked in financial restructuring and advising banks and PE firms on teh acquisition/disposal of non-performing loans.

I'm now back in Spain working on the family business my dad founded over 35 years ago: a property management firm in Barcelona.

I love looking for investment opportunities to scale up our family rental portfolio in Barcelona. My goal in real estate is to have a portfolio of properties big enough to allow me to retire at 45 yo.

THE DISCUSSION: I was approached on Linkedin by someone offering private loans through "Jones Private Money Loans". For my own curiosity, I kept the conversation going: I asked for the conditions I could get when asking for a loan. 

Everything seemed normal (if we forget about the direct on-line approach) and the documents I asked for (loan T&Cs prospectus, company presentation, etc) were fairly professionally set. However, they asked for an upfront fee to get my loan insured by a third party. And they never confirmed the exact interest rate for the loan.

It was at this stage where I realised I might have been talking to a scammer.

I just wanted to know if somebody else in the BB community have been approached by Jones Ronald, "Jones Private Money Loans" or if you ever had any experience with him/them (positive or negative). 

I'm not saying it is a scam, but to me it doesn't look crystal clear.

Any inputs would be highly appreciated.

On a separete note, I'm happy to assist anyone interested in the Spanish market.

Cheers

Javier