All Forum Posts by: Nelson Paredes

Thank you very much for your feedback.  I really appreciate it.  I'll stick with the basics and do business with a known lender from the RE investor's community .  I think I'll research for more reliable sources through recommendations rather than a small name on the internet.  The guy was asking me for a copy of my photo ID and utility bill with my address which makes it a red flag at this point.  I've done private mortgages before and only when the lawyer sends a commitment letter they start asking about photo ID, etc. but not at the initial stage of the application.  

Regards,

Nelson

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