BiggerPockets

no i havent but what i do know is in real estate normally if it sounds to good to be true then normally it is.Trust your instinct and go the other way. Sound like they may be a company that brokers deals for money though and in that case,theres way too many direct hard money lenders,If u need money for deals look on here from transactional lenders to hard money lenders. or at your local Reia

Stephen, that is what I was thinking. It just seems to easy by looking over the website.

Dustin, when you say you are involved with them, do you work for them or working on using the company for deals? Are they just another hard money lender then?

Jamie,
I am a full time Investor and PMB International Affiliate. I use PMB International to flip my deals and the deals of all the borrowers I have personally brought in to my group. I'm not sure as to your initial question... I'm not sure if anyone has ever said that PMBI would Fund "any RE Deal " First of all it has to be a deal! If its not a deal our financing dept. will quickly inform you that it is not a deal worth funding. Secondly to try and help you understand better PMBI will fund a percentage of your deal but it can be 100% financed if certain things are in place. I can tell you that I spent 5 days with the creators of this "new concept/ company" and they are as real about helping you make money as you should be about making money in this business. For more information my contact info is on my web page [REMOVED]
Thank you and I hope this helps.

Yes Jamie, I would have no problem going over the rehab loan qualifications with you.

Thank you Jamie~

Benny G.

Absolutely no advertising in this forum. No e-mail addresses, no links. This is a discussion forum, not an advertising forum. Any contributions that answer Jamie's questions would be welcome. Ads or attempts to do business are not.

The PMB program is basically a hard money program. This is from the company direct and I hope this helps clarify what the offer is:

Our funding program is as follows:

1. 65% loan to purchase price or CMV (whichever is least) (55% on commercial property) NOTE: You have to own property for 1yr to get loan CMV.
2. 12%-18% interest rate
3. 2%-8% points
4. Terms of 3 mos to 2 years
5. No prepayment penalty
6. Investment property only
7. Funds to be used for "business" purposes only
8. First position only (seller carry seconds OK)
9. Verifiable exit strategy
Personal guarantee required for Corps. or LLC's

wanted to follow up with my last submission

When I say you need to be licensed you do not need a license if your funding any real estate transaction that does not involve a single family 1 to 4 unit building.

If its a house even though its non owner occ or fixer to flip this type of loan origination requires an NMLS license. Those who say that the loan is for business purposes or other caveots do not exempt themselves from the law.

Also, lets think logically about this. This company is going after all the wanna be's that the late night and travelling pitchmen go after. I have no doubt having watched there stuff and its super slick. They are spending 100's of thousands on marketing for Affiliates. They will not doubt sign up thousands of them. You will have numerous affilites posting in craigs list in the same citys.
They will get bombarded with loan requests from Affiliates who do not have a clue as to what a good loan is. There is not enough staff on the planet to wade through kind of broad based marketing.

I have personally visited a mentoring company in Utah that mentored for Armondo Montolongos students its a boiler room full of 20 somethings drinking red bull and Mountain Dew all day, and reading from scripts. And people still pay thousands for these services. Russ Dalby's how to win in the cash flow game finally got shut down.

Anyway like I said before this is just not logical from my point of view having been in the bizz 35 years. And personally having funded over 2000 hard money loans with my company which I can't name here.

Also folks that invest in trust deeds by and large are very savvy investors. And usually if they are just using a brokerage service like PMB. they want to fund loans that they can drive and see. It take years to build trust in investors. These guys claim to fund deals all over the country. If your just accepting packages from finders and trusting apprasials your going to get killed. Your going to end up making a bunch of crappy loans the investors are going to own a bunch of property they did not want and the whole thing rolls down hill from there. Again been there done that

Joel,

if you check them out its not sustainable its MLM in the hard money space. And your right I lend to my stable of borrowers that I know have vetted and have experince with. Any company just taking loan submissions from newbies putting adds on craigs list in my mind is not really in the lending bizz but in the acquiring affilitate marketers bizz. At 199 a pop and 29 bucks a month to stay with them they also pay out according to their model 40% of the gross point revenue. So your right how many loans are they going to make at 2 points. And they pay revenue out of the YSP. they quote investors 8 to 10% on the webinar in writing but them verbally tell them 8 to 14%.

Any loans that are going out at 8 points and 18% are super high risk.

Not to mention the licensing and other issues. that we all have raised.

Like to hear back from some of the affiliates that touted the company

But hey can't hurt to make a loan submission... Just do not get sucked into paying anything up front.

Thats my other big pet peave is the lenders that charge 5 to 10k up front for Due Diligence, thats how they make their living collecting those fee's from desperate borrowers.

I made a loan submission to one of the companys to check it out and of course I was pre approved subject to the 10k.

the issue with this company is charging affilitate 199 to join then 29 a month. And getting folks that have absolutly no experince in the bizzness and how they can by just placing craigs list adds make a ton of money. Mortgage bizz does not work like this. 99% of the people will never fund a deal. but PMB just keeps collecting the 199 and 29 a month. There background is the seminar and book selling business same model new theme

Kenny,

are you a real estate broker in CA? or a licensed NMLS mortgage broker because if your not your violating the law. PMB is recruiting the every day mom and pop to originate loans I watched their webinar. I have turned them into my state AG and division of finance. AS sure enough there was a boiler plat craigs list add from some JOE Smoe when I checked his name with the state he was not licensed. I am a broker in CA and NMLS licensed. I have a license for a reason so I can broker loans. Other wise why would anyone get a RE licnese or NMLS license.