Searching For a Reputable and Trusted Resource for Hard Money Loans? Private Money Utah Is Your Source!
In the past week, we’ve had several inquiries for private money, non-bank loans from people overseas. One inquiry came from Europe, one from Kenya, and another from India. In all of these cases, the prospective borrowers had been taken by a loan scam for $1,000 or more.
I inquired further about the loan scams that these 3 prospective borrowers had been a victim of. All of these prospective borrowers were seeking loans for real estate development projects in their Countries. In all of the incidences, the loan scammers immediately offered up a bogus Letter of Intent and then asked for an upfront, non-refundable application fee or deposit.
What were the 3 biggest red flags that these prospective borrowers should have seen? Number one, all of the lenders were located in a different Country than the project for which they were seeking a loan. Number two, the private money lenders offered a Letter of Intent right away with virtually zero underwriting. And finally number three, the lenders immediately asked for an upfront fee in excess of $1,000.
If you are a prospective borrower living outside of the U.S.A. and you need a private money or hard money loan, beware. You are a target for such loan scams.
Have you been a victim of a loan scam? Please comment in the space below. Are you looking for a legitimate lender for your transactions? We lend only in the U.S.A. Please click here to apply for a loan today.
Posted by Corey Curwick on August 17, 2012