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I just don't know what to do

by melissa mcguire| Posted on July 16th, 2017| Views 162| Print| Report Abuse

Hello all, I'm very new to the industry and feel very nervous about a couple of things. Was hoping that I could run somethings past you all and get some info from the community.  I put a request for private lenders up about 6 weeks ago or so.  I was looking for new streams of funding for some clients I have that were falling threw the cracks of a traditional commercial lenders threw no fault of there own.  All with good to great credit scores perfect clients an investors dream come true.  I posted a request for private lender.  I was looking for the person who actually signed the check as I felt I had a better chance of finding funding quickly with the least amount of paperwork.  I had several answers back from people and began the process of getting quotes for these clients, when we got to the part where contacts would have been signed serveral of them sprang on me an up front fee anywhere from300.00-1,000 dollars.  When I asked for certain documents in order to make sure they weren't a scammer they sent me papers, I was able to do some research on these people and able to verify that what they sent me existed, My concern was that it didn't really give me concrete proof that what they gave me hadn't been made up and put on the net for my benefit, during all this I recieved a message from another member of this site warning me that he had been ripped off a couple of times while trying to get funding from investors he was contacted with on this site.  I almost had to be commited.  All I have is my reputation as someone who provides excellent client services and I couldn't in good conscience tell my clients who are relying on me to steer them the right way to pony up the money and wait and see if the guys ran off with it.  I'm jsut sick with worry and can't understand why these private investor asked for that upfront money.  I even went so far as to tell the investor to take it out of my fees, this way if it wasn't on the up and up I'd be the only one out any cash and it wouldn't be greenback out of my pocket.  They weren't willing to do that which really made me wonder why not take it out of my fees.  I mean who says they will lend you a million plus dollars but first you have to put up a thousand dollars, and then tells me well I'll owe you about 12,500 dollars in fees but I won't take the upfront fee out of the money I owe you.  If seemed so shady to me. Can someone please let me know if I made the  right decision here.  I'm out of my mind with worry I've got several clients looking for funding but don't really have a program that fits there needs and turned down these upfront fee guys because I had a gut feeling. Please someone tell me what I should have done.  Thank you

Posted on:July 16th, 2017