We Contacted A Scammer – Watch The Video Below To See What Happened.
How Do Hard Money Loan Scams Work?
Frequently, there are posts on investor’s groups pages, such as San Antonio Real Estate Investors page, that offer hard money loans at very low rates, with a seemingly easy application process. Sound too good to be true? That’s probably because it is. Scammers infiltrate our every aspect of life these days, and that includes Hard Money Loans. We know you are eager to secure a great loan at a great rate and have it be pain-free and fast. But don’t let your enthusiasm cause you to be a victim of fraud.
Freedom Private Money’s Natalia Duque takes us through her experience reaching out to one of these seemingly amazing offers, and shows us the red flags that quickly jumped out to her. Here’s some of what to look for to avoid being swindled.
A few things to be alert for:
- Very low interest rate
- No need for collateral to back the loan
- Obvious misspellings and grammatical errors in the application itself or in the communications you receive
- Unclear instructions regarding what info is needed for the loan application
- Any request up front for a payment of any sort
On the other hand, there are also signs that you are dealing with a legitimate Hard Money loan firm that will properly process your collateral-based loan, and help you achieve your investment goals.
At Freedom Private Money, we pride ourselves on our level of personalized service. You will deal with real people and work one-on-one with a local loan officer. In fact, you will most likely meet your loan officer in person quite quickly. Our officers are investors themselves and can guide you not only through the loan process but help you with validating potential properties as investments.
When using the Freedom Private Money website, you will notice that it is a secure site. (See the little padlock icon and HTTPS at the beginning of the URL – this indicates the site is encrypted. The browser encrypts data passing through the network, rendering it meaningless to anyone who doesn’t possess the correct security codes.) This is very important when sharing information about yourself and your finances.
Freedom Private Money offers multiple loan programs for various types of investments. Our experts help you choose the right fit for your investment strategy. Visit with us today to learn more. Our team of experts is here to help.