How are you going to refinance before the grace period is up.In the past, when I read people on BP or hear stories of people using credit cards for real estate and then share their story of how they defaulted or went bankrupt, my response is usually not very polite and it is somewhere along the lines of "oh really, would have never expected that to happen", and it goes on the list between rubbing a polar bears belly and getting mauled and sending $1M to my nigerian cousin in order to collect my inheritance and not getting anything back.

@Andrew Giancola I think the biggest issue is that you don't want to come across as next version of the "Nigerian Prince" scam.  

I don't know that I've ever met a 1st gen African LO, but I've met 1st gen LO Russians, Latinas, Brits... and to the extent that African accents are associated with "Nigerian Prince" schemes, note that the overwhelming majority of LOs doing shady things circa 2004-2007 had accents identical to what you would expect my accent to be based on my profile picture, so you certainly shouldn't assume that I'm not shady based on my accent any more than you should assume someone is shady if they have an accent that sounds African.

5% loans on facebook BP or linkdin are frauds  its a due diligence pump and dump scheme 99% of the time. they will want an up front fee you pay it and never hear from them again.its the real estate version of the Nigerian prince schemes.. especially newer investors who don't realize there is no such thing as these rates in the marketplaceunless its a govmit backed owner occ home loan .

keep in mind fake lenders are the new Nigerian prince scam of real estatethere is no private money that is less than about 10% apr.. bottom line.

Too many "Nigerian Prince" scams out there

this is just the real estate version of the Nigerian prince scheme we have all seen over the years... they use BP   Linkdin  facebook  to troll for those that ask for money then respond.. and believe me it works with not only newbies but real estate professionals as well.. some of the better scammers are pretty good at this.I suggest you watch this one episode on American Greed.. its was on Remmington financial.. and you can see how pervasive fake lenders are ..

and its easy to see they are real. you are being taken for a ride. and will promptly lose you 1500.00  but there are better deals out there .. some of them only charge you 500.00 for the same loan you will never get.. these are real estate versions of the Nigerian scammers.. don't tall into that trap.

So caution.. if you use them... make sure you have a for real deal.. plus their fee's are of course since its 100% financing at the very top of what HML cost.. one thing I like to recommend those looking for 100% financing is just get a money partner give them the lions share for them putting up the money.. you don't risk money and you start to build your experience and credentials then after a few you can go to a regular HML like lending home that will do 80% or 90% with only a modest 190.00 fee up front.also since you made this post you will probably get private messages from the scammers that work BP telling you your all approved but then just wanted you to send them 500.00 bucks etc.. to show your serious or some other bull crap... also facebook and linkdin are loaded with those crooks.. they are nothing but totally scammers they don't lend they have no money they just try to hook you for the small up front fee then will go dark on you... think lottery scams and other Jamacian and Nigerian prince scams.

LOTS Of fake lenders work BP  face book linkdin etc.if you cant find anything on them I suspect you may have run into a fake.the telling clue will be1. rates too good to really be true or lower than industry norm2. too quick to approve you..3. they want a modest deposit up front and give some BS reason why the want it.4. no website ( although many fraudsters have generic websites website alone does not mean anything.5. check on licensing.. there are only about 12 states that require licesnes. not sure about our state thoughBut I would say 95% if you cant find anything on them.. and any of the things I said above are what they are telling you,, cheap rates small up front deposit.. probably not real and you will just lose your 500.00 bucks or whateverOh the other great one is you have to buy an insurance policy because your new or a little weak on the financial side.. there are NO insurance policies for private loans if you fail to pay.. that's just another fraudulent payment to a non exisitant entity.real estate lending has become the new Nigerian prince scam..