Mortgage Grapevine

Second try...Marvin or anyone else I can trust

I need a legit commercial lender for a British Columbia, Canada deal, $9.8 commercial...any thoughts out there?
by LANNES1 November 7, 2009 10:36 AM

Depending on what the deal is, we may be able to help. Contact me please at HCL6363@yahoo.com to discuss further. Thanks
by LendingGuru November 7, 2009 4:54 PM

Go to either c-loans.com or the scotsmanguide.com. Not that everyone on their is legitimate, but just the fact that they are willing to pay the money to be on either site puts them above anyone you will find on here. When asking about commercial deals on here you will either get other brokers trying to steal your deal or nigerian scammers. As always do your do your due diligence, ask for references, addresses of closed deals, and then look in the county records to see if that company actually has their name on the mortgage, do a google search, or search their name on here. If a company asks for an upfront fee before issuing an LOI they they are a scam, and unfortunately a lot of companies that ask for a fee after issuing an LOI are a scam. All companies will ask for a fee for due dilligence, but this should only be going towards third party expenses, appraisal, enviromental, survey, etc. Your best bet is to find a bank or legitimate lender based in Canada.
by Vinnie The Leg Breaker November 7, 2009 9:50 PM

Watch out for C-loans but I dont mean that in a bad way. Ive known the owners of the site since 1983. They have a great thing going---they do private loans themselves (or used to) but act as a portal sending you to their list of lenders. You could be exactly the same thing with good software and two weeks web searching for commercial lenders. Look up similar projects in the subjects area and see who loaned those. I realize thats harder to do in BC. Buy a Crittendon Guide and start calling. The lenders listed may no have what you want to ask each one for a REFERRAL. I built my own great list of CC lenders that way but its too old now to be any good.

Id like to know more about the project and borrower and why you have a chance at the loan. Have they gone elsewhere? Is this the first attempt? Purchase refi or const?
by JustplainMarvin November 8, 2009 12:02 AM

I have a couple of real lenders for Canada. Please feel free to send me the basics and I'll ascertain if I think it's doable.

Honest-Brokeratlivedotcom
by Honest Broker November 9, 2009 9:11 AM

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