Does anyone have any experience with 5 Arch Funding or any other hard money lenders when starting out in real estate investing? Any advice, comments, or the like regarding it? Any info will help!
I cannot describe how disappointed I am of the service of 5 Arch funding. 6/21 was suppose to be the closing date for the house. However, this lender is not ready even though they ensured me that they would be completed two days before the closing. The day before closing, they told me that they were shortstaffed. Today they are still asking for documents from me. This experience was hard than getting a loan from the bank; even though 5 arch suppose to be a private lender. I am afriad that due to their incompetence, I will be losing my security deposit.
DO NOT DO BUSINESS WITH THEM!
Hey @Stephany Trombello I have never heard of them, but if you are asking questions then you probably have your doubts too.
Go to your local meetups and ask your friends who go to the group and are doing deals. Dont go online and hope that they are legit. There are so many scams right now, its crazy.
I've inquired about a Hard money loan through them a couple of times and never got a response, so I moved on....
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