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That time a banker in Phoenix told me creative financing was just legal fraud
He leaned over the table at a coffee shop and whispered that I was basically scamming people with seller carrybacks, but last I checked, a 6% note with zero origination fees is way more transparent than what his bank charges, so has anyone else had to defend ethical structuring to someone who thinks all non-bank loans are sketchy?
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skylerp312mo ago
Did he actually explain what part of a seller carryback he thinks is fraudulent, or did he just throw out the word "scam" because it's not his bank's cookie-cutter loan product?
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nancygrant2mo ago
Right, because zero origination fees are so shady lol.
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maryt621mo ago
Right, because a mortgage with zero origination fees is obviously a front for some kind of loan shark operation lol. @skylerp31 I'd love to hear the guy explain how a seller carryback defies the laws of finance in his world. Maybe he thinks sellers are just handing over the deed out of the goodness of their hearts with no contract or interest attached. In my experience, people fear what they don't understand, and that usually leads to calling everything a scam. Like, should we warn him about those dangerous "no closing cost" refinances too?
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