How do I vet a non local private lender?

[Isaac Chun]

Hello, I am still learning how to do my due diligence. I need some sound advice on how I go about vetting a private investor that has contacted me from BP. 

As a piece of reference, his name is Steven Wilson. I would like to accept his offer, but want to be sure I’m not being led into a scam of sorts. 

Please help me out fellow BP’ers😉😁

[Jeff S.]

Nevada is easily the most restrictive state in the nation, to loan money, @Isaac Chun. For the purposes of making a real estate loan, NV does not distinguish between business and consumer purpose loans. Your lender must be both a licensed Nevada broker and possess an NMLS registration to originate any real estate loan in this state. It's a rare out-of-state private lender has both of these.

The real answer to your question asking, "How do I vet a non local private lender?" is you don't. You find your money locally, especially in Nevada. Lending is a business based on relationships, Isaac; as is most business. These are formed face-to-face. Here's a list of Meetups in the Las Vegas area you should consider attending, armed with a list of informed questions to ask the lenders in attendance. There will be many.

Vetting private lenders has been addressed many times on this board so you should do a search. Here are some relevant threads that will provide some questions you can ask:

Private Money Lender – How to Qualify the Lender?

Questions for Hard Money Lenders