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It has come to my attention that there are a few non-licensed lenders promoting private money loans here on CREPIG.
For me this is an issue. Mostly with groups that are hiring people with no training or background to lend out huge amounts of cash for commercial property, oil, gas etc... loans.
First I do not want Oil, Gas, Gold and other commodities mentioned on this site. Secondly I do not want to promote those that want to leave the reputable broker out of the loop.
I understand that due to the SAFE Act of 2008 that you are allowed up to 5 private money loans before you need a license so if you are the direct lender, not the representative of the direct lender then I will allow, but if you are an independent consultant, then I am sorry, please go elsewhere to sell or promote your loan.
Also, there are a few members that post 8 items a day... We have not set a number limit, but will now have to as too many are taking advantage of the forum posting. It is considered spamming to post numerous posts in a short time frame as it restricts others posts from being seen and that is just rude...
This site will only allow licensed lenders or real private money lenders to promote on this site from now on.
When you have public online groups, like this or our site (tBL) it is so hard to screen everybody. We screen each member manually, which is painful, but that is the only way we can do our best to manage it. Let us know what we can do to help.
Hi Linda, great to hear from you and you know that I know how hard it is to screen. We will just have to keep aware of who we allow in and what we allow out.
About time a site actually cares about what and who is doing what on their site. I am a real Real Estate Investor and have started to get a bad taste in my mouth so to speak because of what is happening on these websites (wont mention names). I am starting to forget about meeting real private lenders it is almost not worth the trouble with all the well you now what word i have in mind.
Anyway real private lenders that want to fund real rehabbers/flippers are insanely hard to find.
One of the issues I have with many of the so called private money lenders on this site and others is that they claim they will lend where others will not.
When I speak to real private lenders, they tell me that they are not taking risk at this time so there is no set of terms that will get them to take on risk.
The economical environment is not conducive to that private money scenario.
So seeing promotions for lenders that will lend large amounts at super low or non-existent LTVs to people or projects that are risky makes me shudder. Also some of these companies are pulling on untrained independent consultants. How does this help or further the industry.
News flash... It does not.
Reality is investment bankers, wealth advisors, mortgage lenders do rely on IR media firms all over the country. They acknowledge that image branding and customer retention is a full time job in of it's self that is too labor intensive to deal with and then focus on their primary function too.
Not sure I totally understand what you are saying, but if you are defending the use of these "bird-dog" independent consultants then I would disagree that they are needed.
The bring so many bad deals to the table that can take a firm so much time and manpower to go through, they are just not worth the hassle or time, in my opinion.
Thank you JW for speaking up & making the change. It is exhausting having to be extremely due diligent with every lender (or scammer). Having been scammed early on (which ended up costing us $$$$ & 3 properties) I will continue to do my due diligence ... but I'm grateful you made the change as it's the newbies who end up getting hurt.
Katherine Kieffer, CEO
Kieffer Investment Group, LLC
Thank you Katherine.. You are right.
Katherine, It isn't just the newbie it hurt's everyone in lost time and productivity and the additional monies needed to go through such a gruesome task of weighing out the scammers. I just had a Nigerian scammer try and get me through linkedin sadly they have their scam down to an art now. I knew early into our conversation something was wrong so exercised added caution. Kate Watson on linkedin is really a Nigerian scam artist
JW. True to my religion (attorney), I fear that this issue may be more complicated than initially meets the eye. Of course, if you are someone who lends money secured by real estate, you "probably" need a real estate license in the state in which you are doing business. Each state has its own regulations and what qualifies as a loan or not. There are other types of loans such as those on commodities or for that matter securities, and I must admit that I am far less comfortable discussing non-real estate related loans. However, securities licensing comes to mind as a possible requirement and numerous other issues relating to crowd-sourcing over the internet. You might want to talk with Gene Trowbridge who has written some articles on these issues for me on my blog. My most immediate concern is that you do not open yourself up to liability for either doing or not doing something on CREPIG and that members retain the highest level of trust and confidence in your site.