Metro Flippers Investments Lender

[Luis Astudillo]

Hello everyone,I am a mortgage broker. I have been talking to a lender Metro Flippers Investments. They seem to be offering 100% funding and 100% rehab. The interest rate is between 7.95% and 9.95% depending on credit score. They charge $2,500.00 upfront fee once the initial loan agreement has been signed by the borrower. The AE claims that the $2,500.00 will be reimbursed at closing once the loan closes. I have found 2 or 3 reviews for this lender a couple claimed to have closed with them. Below is a promo flyer I received from them; again not enough reviews to move forward confidently with this lender. Has anyone in this forum worked with them or maybe have a loan in the process? Your honest input or feedback will be greatly appreciated. Thanks.

[Luis Astudillo]

Quote from @Jared Rine:

@Luis Astudillo..mortgage broker to mortgage broker, I'd say don't offer this. I don't know how long you've been in the industry, but if it sounds too good to be true, it usually is, especially when there is so much scam stuff happening in the hard/private money side of things still. Common sense would say that's also super cheap money right now. Why would anyone do that? There are real lenders offering 100% of Cost but it's restrained by experience + % of ARV. And it's def not starting at 7.95%...My $0.02 is stay away from this.

 Hey Jared, 

Thanks for the reply. To answer your question I have been in the industry since 2003. I have worked with hard money lenders and private money lenders since 2011, back then if a borrower had 30% to 40% for downpayment that was all that was needed; interest rates were in 14s interest rate. I remember doing DSCR loans in 2018 "true DSCR loans". Nowadays, there are a bunch of lenders that claim to be NonQM lenders but so many restrictions. This past few months I have been working with realtors who have borrowers that are ITIN status and looking to begin doing fix and flip, fix and hold; my company has NonQM lender that will work with ITIN borrowers for owner-occupied and DSCR loans but they also have so many restrictions. Going back to your suggestion, I am moving on from the lender I posted about, if you see the first two replies; where the user's name goes in the upper left corner says that "account closed" The borrowers I have can put up 30% down and rehab property as most of them are in the "remodeling business. Would like to see what programs you have here is my email [email protected]. Thanks for the advice.