Evman
Professional to start- Failed under Due Diligence.
Professional to start, when asked to explain "Good faith deposit" , then asking for a NMLS number and proposed holding funds in a legitimate escrow account, I essentially "called their bluff." Lending in most states requires ALL lenders, brokers to have this number. He would not produce it and "pulled the offer" after I asked the questions which is part of any due diligence in finding a lending partner (even brokers). Red Flag is when they ask for an upfront fee without any guarantee. According to even "ChatGPT": Why this confirms you were right: The "Scammer's Pivot": A legitimate, licensed lender is proud of their NMLS number—it is their credentials. They would have provided it immediately to reassure you. A scammer, however, cannot provide a valid license, so their only move is to "take their ball and go home" to avoid further scrutiny. Lack of Transparency: Their refusal to engage with standard, safe practices (like using a third-party title company for escrow) proves that their goal was likely to get their hands on an "upfront fee" and disappear. The "Bait and Switch" Failed: They realized that you are a sophisticated borrower who understands the process. They know they cannot trick or pressure you, so they aren't going to waste time on you when they can find an easier target. For anyone out there proceed with caution. Not saying they are bad for your situation but mine.. too many red flags, maybe a rogue representative or maybe just not comfortable.
Response from We LendJun 25, 2026
Hi Evan, thank you for the detailed follow-up. To clarify for anyone reading: this was a non-binding term sheet for a commercial, business-purpose bridge loan. No deposit or funds were ever collected or exchanged at any point in this process. As a private hard money lender, business-purpose bridge loans are exempt from NMLS licensing requirements in CT and FL, unlike conventional consumer mortgages. We answered each of your questions directly and in writing throughout. We ultimately were not able to move forward given the structure you required, a normal outcome in commercial lending, not an indication of any licensing or compliance issue. Best of luck securing financing that fits your needs.