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Private lending? Any of you do this?

Smallcock

Active member
Jun 5, 2009
13,703
21
38
There are companies for all types of private lending available. One for real estate is www.profunds.ca

Do any of you do this? Tempting to double your money in 6 years and have real estate as collateral on your loan.
 

SkyRider

Banned
Mar 31, 2009
17,572
2
0
Lesson learned. Years ago my former broker got me into this second mortgage fund on commercial properties. Sure enough there were a couple of defaults and I would have been better off in a GIC. The broker got a fee for arranging the mortgages and used my (not his) money as risk capital. He collected his fee but had no skin in the game.
 

Timbit

Tasty and Roundish
Jan 7, 2002
1,696
29
48
In Ecstacy
Depends on the lender and their collateralization. I'd be wary of over-hyped promises and certainly wouldn't put a significant percentage of my net worth into them, I'd also check their FSCO licenses and background.

Timbit
 

silentkisser

Master of Disaster
Jun 10, 2008
3,551
4,339
113
While I suppose you could make some cash off this, I think the risk outweighs the reward. Ask yourself a few questions: Interest rates are really low right now. Those who go to a private financing company must have horrible credit. What is the interest rate these guys change the mortgager? That means someone with poor credit is probably pay 10% interest, and is more likely to default.
 

Bornsinner

New member
Jan 26, 2017
27
1
3
I think lendingloop.ca is the most regulated site and "safest" but there always be a chance of the borrower defaulting on you.
 

Taxman2011/12

Member
Dec 24, 2011
40
0
6
While I suppose you could make some cash off this, I think the risk outweighs the reward. Ask yourself a few questions: Interest rates are really low right now. Those who go to a private financing company must have horrible credit. What is the interest rate these guys change the mortgager? That means someone with poor credit is probably pay 10% interest, and is more likely to default.
This is some good advice. Take it and don't lend out money or invest this way!

There is usually Zero Liquidity - that means you can't easily get your money back, and some never do!

I have come across many clients that "rue the day" they ever got involved.

To paraphrase an old Nike ad - Just DON"T do It.
 

agentman

Member
Oct 12, 2005
241
5
18
I think lendingloop.ca is the most regulated site and "safest" but there always be a chance of the borrower defaulting on you.
Has anyone tried lendingloop.ca? I know in the US there's lendingclub and prosper but that's only for
US citizens, correct me if i am wrong.
 

Samranchoi

Asian Picasso
Jan 11, 2014
2,609
696
113
Find a reputable mortgage broker as many are into providing second mortgages but those who receive will pay through the nose in fees and a higher rate. I know many who make good money from doing this.
 

DukeSSk

Member
Jan 27, 2013
301
0
16
Has anyone tried lendingloop.ca? I know in the US there's lendingclub and prosper but that's only for
US citizens, correct me if i am wrong.
Not yet, but my buddy used it once to invest. No issues. They recently started publishing stats - https://www.lendingloop.ca/statistics

To my knowledge, Lending Loop is the only peer-to-peer lending platform available for Canadian investors...happy to be corrected of course.
 
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