Private loans

Financing, Hard Money Lenders, Private Money
1

:smiley:
Hello all…
Ive just read some disturbing feed back from this forum in referance to Chris Macone.
Has anybody ever heard of a Larry Marsela? Ive talked with him several times and he claims to have access to private money for commercial real estate deals. For a fee of $20,000 he can get me unlimited funds all I need is 1% to close. Funds are from a London bank.
Terms:

  1. 1 % down
  2. 1st year interest rate of 10%
  3. There after 5 % for 10 yrs
  4. close in 20 days

Ever heard of this??
Thanks for your help.
pnlvrd

2

What is the fee? Is he a broker and that’s the due diligence fee? Is that fee per loan or one time and then you get unlimited funds for ever.

My guess is its a fee per loan which would be a broker fee.

3

What state are you in? Some banks do require $5k just to apply for a commercial loan. You pay that fee whether you get the loan or not. Make sure he’s licensed and that it’s all current.

4

Thanks guy
Im in Colorado. Maybe its just me but It seems to GOOD to be true.