Has anyone used Blue Pacific Home loans

Question

I received an offer for 100% purchase and 100% rehad on a fix and flip from Blue Pacific Home Loans. I Google there name but not much came up, so not sure if some one has used them in the past.

Jay Hinrichs · Answer

99% sure its a fake lender.. and the next thing you know you will be approved just send us 500.00 or 1000.00 commitment fee etc etc.. Be very careful of these fake on line lenders.. its a huge scam these days..

while 100% exists in the market place its only for well established long term repeat clients. And no lender advertises they do it..

Even Do Hard Money that advertised 100% 100% you had to spend 3k on their training materials up front and spend 600.00 per loan submission.. so you needed up front money and also have to advance on the draws.. So you need money in this bizz its just a fact.

Erik Estrada · Answer

Definitely fake. Always look at reviews, and make sure they are legit reviews made by real people. I would also look for any licensing information. Although not required in some states, a lender having a mortgage license really protects the consumer from any potential fraudsters.

Simmy Ahluwalia · Answer

@Neil Anthony Giscombe - I work with pretty much all of the (small group) 100% fnf lenders out there, and I've never heard of this group.  As the previous members stated, a hard pass on these guys.  And 100% is ONLY offered in certain cities/states across the U.S.  And most require FULL DOC programs to mitigate any credit-risk on their part.

Nate Herndon · Answer

Hi @Neil Anthony Giscombe, I work with a few dozen national private lenders and everything that @Jay Hinrichs mentioned is spot-on. There is only one lender I use that is offering 100/100 financing to no/low experience investors - and it's a bit of a clunky process. Well-established investors have a few more opportunities for 100/100, but not much.

It should reasonably be expected to put down 10-20% of purchase, depending on your deal numbers, with a total loan amount (purchase + rehab) not to exceed 70-75% of ARV.

Has anyone used Blue Pacific Home loans

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