What a disappointment. I've been working with a private money broker for the last two weeks. Yesterday, we finally sat down for the second time to discuss his offers from his lenders.
Here's my criteria and the numbers that the broker agreed to be working to:
Interest rate: 9-12% 5-6 months
Loan up to 100k
Here's his offers:
Offer #1 Loan up to the equity in one of my rentals. So, 50k, with a payment of $371 that should be a interest of 10%What! I don't want a HELOC, I want a private loan..
Offere #2 15% up to 60kThis doesn't work! I don't need a broker for this rate..
Offer #3 18% up to 75kThis doesn't work! I don't need a broker for this rate..
This guy wanted me to sign paper work before this meeting and pay him $200 to set this up. I'm glad I told him I wouldn't pay him anything until I get a commitment from a lender for the given interest rates.
I can't believe this guy had the balls to present this crap! This doesn't work for me, for the current deal I'm working, I need about 80k.
What a disppointment.. I will not give up, good private moeny lenders are out there, you just have to find them. This guy turned out to be bogus.