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Author Topic: Yes, another Hard Money Lender Question  (Read 3262 times)

Offline wildstorm_films

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Yes, another Hard Money Lender Question
« on: April 23, 2007, 07:59:23 am »
Hi folks,

I'm new around here. I've been recently trying to get funds from a hard money lender. Probably the worst place to find such people is on Craigslist.org. But I went ahead and emailed some people who are "supposed," hard money lenders. Well I can't really judge them yet, but I want to display some info here.

The first person I emailed, sent me a message with his term for the requested amount of $110,000:

You can get the loan of $110,000 but you have to follow up with the terms and conditions of the amount, But you have to be honest to me that you will pay back my loan after duration.
 
                      BORROWERS INFORMATION
Name in Full.................
Country.......................
City...........................
State..........................
Zip code.......................
Occupation.....................
sex...........................
Marital Status................
Monthly Income.................
Full Adderss.......................
Bank Account Details...........
 
                               TERMS OF LOAN
 
* Loan Sort: $110,000 USD
* Interest Rate: 5%
* Duration: 10Years
* Total Interest Payment: $5,500
* Monthly Payment: $963
* Cumulative Payment: $115,500 USD
* Numbers Of Payment: 120 Times
 
                        CONDITIONS OF LOAN
There are two option which you are required to choose from which is the collaterals and non collateral loans
 
1. Collaterals Process: I usually require an equity based property as collateral for my loan aquisition. You need to send me a collateral for this loan so that i may have the trust that as soon as i give you this loan, you will pay back at the end of the terms given to you by me. I do not accept any other property type or kind due to the fact that some of our customers have missed used this oppotunity. They some times claim to have properties and send us copies of ownership, and when they are not able to pay back the loan and i want to claim these properties i then find out that the properties belong to their family.The family will then say they did not attest to the transaction at first so please you have to make sure that the collaterals you are dropping belongs to you and not your family.Personal property pledged as a guarantee that you will repay your loan. Property such as houses, cars, savings accounts, bonds, or certificates of deposit are commonly used as collateral.
 
Non Collaterals Process: This process required deposited of payment. For the loan of $110,000 USD you are entitled to send a payment of $1,712 USD so that if you are unable to pay back the loan, your collaral will be claim and you will be placed on the media house by the bank as most wanted person . This way, the bank is secured against the default risk of the borrower not being able to meet the interest payments. In case of default the bank can sell the house and get its money back. If you pay back the loan,your payment will be returned back to you. One thing about this alternative option is that it is a Non-collateral/security obtained from banks here which is popularly known as bank securities. When you obtain this non-collateral/security, it actually yield value which will eventually be equivalent to the loan you are obtaining during the stipulated duration of the loan. When you are unable to pay back the issuing Bank take the non-collateral which has yielded value as substitute for the loan.
 
I will issue out your loan to the transfering bank immediately the collateral is provided or the non collateral for the loan is acquired from the bank. Because of the risk and expenses when collarals are presented, So this is why i personally will always advice that our customers should simply go for the non collateral alternative when they do not have an equity based property to present as colleral.But if you still insist that you present an quity based property then that will be ok with us.
 
2. Transfer Of Your Loan:
Bank to Bank Transfer : The transfer of the loan must be a bank to bank transfer, except otherwise stated by the borrower which means, you will have to provide the means which you want your loan transfer to you.
 
3. Loan agreement document:
The Loan agreement document need to be signed by you to give some trust and guarntee of you to me that i can trust you. Remember that is a large some of amount which is needed by you.
 
4. Loan refund:
The loan must refunded back to the lender at the end of the tenure the loan seeker is seeking the loan for without any delay.for this reason, for this reason,we are giving a maximum duration of five years to the loan seeker so that he /she will be able to repay the loan within that period.
 
And note that you will have to send me a copy of your identity card so that i may know who i am dealing with.
 
Considering the above conditions if they are acceptable to you,you have to give me a f ast response so that i can assign my lawyer to send you the loan agreement document , so that i can start processing your loan.


I believe this to be a scam because a similair person, who I've emailed with the request basically had the same terms as I just posted above. I'm also noticing that both of their email addresses are of yahoo orgin such as, for an example, [email protected] Maybe its nothing maybe its somthing.

I got an email from another "HM Lender" and she didn't state her terms for the amount of $40,000. But she did request the following information:

I received your message. I have my term for the amount you need. Take a look and get back to me if you are in agreement with my term and you are also required to fill the form below in your next mail before i can send you the loan agreement document to sign.
 
                              LOAN TERM FOR THE AMOUNT($40,000)
                                    *LOAN AMOUNT:......$40,000
                                *LOAN DURATION:......10YEARS
                              *NUMBER OF MONTHS:.....120MONTHS
                                      *INTEREST:..............6%
                                     *INTEREST RATE:.......$2,400
                             *CUMULATIVE PAYMENT:........$42,400
                                 *MONTHLY PAYMENT:........$353.3
 
 
        The monthly payment will be $353.3 so get back to me if you are in agreement with it so that i can send you the loan agreement papers.
 
       INFORMATION REQUIRED FROM YOU.
NAME:.............
GENDER:..............
ADDRESS:................
STATE:...................
COUNTRY:..................
PHONE NUMBER:................
FAX NUMBER:................
MONTHLY INCOME:..............
CURRENT STATE OF WORK:..............
COMPANY'S NAME:...............
PURPOSE OF LOAN:...............
A COPY OF WORKING ID OR PICTURE:......


I also believe she is bogus as well because I asked her a few questions in my first email to her such as:

- Do you require collateral for the loan?

- What are you credentials?

- How can future clients be certain that you are indeed who you say you are and not out to scam people? This seems to be a big problem on craigslist.

So what do you guys think? I believe them to be bogus.

Offline Rich_in_CT

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Re: Yes, another Hard Money Lender Question
« Reply #1 on: April 23, 2007, 10:00:14 am »
Both seem to be bogus.  I'd go ahead and try some of these guys before you think about using anyone that you found on craigslist:

http://www.reiclub.com/hard-money-lenders.php

Offline christopher w

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Re: Yes, another Hard Money Lender Question
« Reply #2 on: April 23, 2007, 10:16:02 am »
That has the makings of a nigerian scam written all over it. A 10 year loan at 5%. Send me a payment of $1712.00 and you don't have to have any collateral?? Run away as fast as you can. I would go along with Rich's advice.
Christopher W
C-214.923.5781

Offline investmentfinancing

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Re: Yes, another Hard Money Lender Question
« Reply #3 on: April 23, 2007, 11:40:06 am »
Looks like a scam. I'm here in Utah and work along aside a hard money lender. They will max out at 75% LTV which may or may not be an option for you.  As with any situation, it depends upon what your scenario is.
« Last Edit: April 23, 2007, 12:00:51 pm by Mdhaas »

Offline wildstorm_films

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Re: Yes, another Hard Money Lender Question
« Reply #4 on: April 23, 2007, 02:44:19 pm »
I had a feeling it was scam of some sort. What I'm trying to do is request $46,000. To be used to pay off $17,500 worth of credit card debt. Rest of the funds will go right into my business. I've been self employed for 16 months now. My middle credit score is 565. I'm currently in talks with a mortgage broker to get a better loan and rate to pay off 2 mortgages. So that end of the deal is being taken care of, hopefully.

Anyways thanks for the link and heads up :D

 




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