Working MINO Lending solutions in Detroit

Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
3y
NO reputable lender asks for funds upfront besides appraisal fee.
Have heard MANY horror stories related to upfront fee lenders and it rarely ends well.
Logical Property Management4.9464 Reviews
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Zach Edelman
Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
3y
MINO lending is extremely reputable and gets the job done. 5 stars recommend.
1 Reply
Jim WellingtonBusiness Member
Real Estate Agent · Saint Clair Shores, MI · Member since 2022 · 73 posts · 51 votes
3y
Ben, I own a lending company that offers loans for investors. The only money ever requested up front prior to closing is for the appraisal. We provide fix and flip loans as well as DSCR loans. I'd be happy to further discuss.
[email protected]586-204-2010
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Robert BarnowskyBusiness Member
Member since 2023 · 12 posts · 2 votes
3y
@Ben Grubner In a very limited circumstance we require a deposit. Yours being one of them because it is a line of credit, this is not a typical loan product. We can confirm that your line of credit has passed the first line of underwriting! We look forward in getting this to the finish line for you.
MINO Lending Solutions5122 Reviews
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Robert BarnowskyBusiness Member
Member since 2023 · 12 posts · 2 votes
3y
Quote from @Zach Edelman:

MINO lending is extremely reputable and gets the job done. 5 stars recommend.

Thank you Zach, we appreciate the kind words!
MINO Lending Solutions5122 Reviews
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Giannina Leyton
Member since 2023 · 9 posts · 6 votes
2y
Be careful with Mino Lending.
I was supposed to close yesterday and the Notary cam for $4k more of what I agreed. They expect me to sign that without disclosing the change of amount to close.
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Ben Grubner
OP
Member since 2022 · 20 posts · 9 votes
2y
Thank you for that
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Robert BarnowskyBusiness Member
Member since 2023 · 12 posts · 2 votes
2y
Quote from @Giannina Leyton:

Be careful with Mino Lending.
I was supposed to close yesterday and the Notary cam for $4k more of what I agreed. They expect me to sign that without disclosing the change of amount to close.

Thank you for the feedback Giannina. Its unfortunate that your closing costs increased by $3,546 in order to fund your tax and insurance escrow accounts. No lender fees were added between your last talk with Michael and the closing table. Taxes and insurance are not something lenders can control. We do wish you the best in your future endeavors.
MINO Lending Solutions5122 Reviews
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Giannina Leyton
Member since 2023 · 9 posts · 6 votes
2y
That is NOT CORRECT - taxes and insurance were already INCLUDED. I have already contacted a lawyer. And this is what my broker wrote yesterday and your company has not answer.
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Michael and Mino Lending and team, please provide Giannina with an explanation as to what happened and why there was a non-disclosure increase in funds the day of closing. She is now on the hook for the $1,500 EMD and she should not have to pay this. Please figure out how your team will compensate her for this fee
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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
2y
On 1-4 Unit residential properties, the only lender fees you will pay before closing is the appraisal and sometimes the credit report. Everything else is paid at closing.
On 5+ Unit and Commercial loans, you may need to do a refundable good faith deposit. This is a deposit, not a fee, and is meant to stop shoppers. You will see the deposit reflected on your closing statement. If the loan is denied the lender will refund you this deposit.
[email protected]818-269-7983
LuxePrivate Investments LLC 572 Reviews
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