Avoid Sherman Bridge Lending
This company is a bait and switch lender advertising one thing and then once you're in you are held hostage, ignored and financially penalized. DO NOT CHASE THE DANGLING CARROT.
I am a LICENSED TEXAS REAL ESTATE BROKER and have been since 2001. I have worked with investors and I make my own investments as well. I HIGHLY DISCOURAGE ANY INVESTOR FROM APPLYING FOR OR USING SHERMAN BRIDGE LENDING.
What you can expect from Sherman Bridge Lenders: promises will be made to you, they will not be fulfilled; you will be lied to, you will be ignored, you will be stuck in a trap between the hard money purchase loan and the supposed refinance permanent loan you are ultimately expecting to get. Meanwhile, you will pay a very high price eroding whatever profit you expected or worse...going into negative losses as ongoing delays caused by Sherman Bridge Lending force you to pay spiked interest rates for an extended period of time leaving you at their mercy as they control your refi by threatening high fees as a penalty for seeking refi elsewhere. So you can't get them to follow through and you can't get refinanced by someone else.
I bought a house in November 2015, completed rehab construction in December at which time my refinance application went underway...lets see...January, February, March, April, May and a few days it'll be June...THEY HAVE TAKEN 6 MONTHS TO PROCESS MY REFINANCE AND CHARGED ME $1500 EACH MONTH THAT THEY HAVE REFUSED TO COMPLETE THE UNDERWRITING.
I have contacted them multiple times of course and a popular reason Sherman Bridge provides me is that the person in charge of my file is no longer working there. The 1st time I heard this I wasn't concerned since talented people get recruited away with better opportunities. But one after another after another? I now suspect that Sherman Bridge has serious internal issues as well and the good people, the reliable, service oriented, ethical and "get things done" people flee this company. So WOW! How are they treating their own people? I WOULD ADVISE ANY LOAN OFFICERS CONSIDERING EMPLOYMENT WITH SHERMAN BRIDGE ---DON'T DO IT! You will have very dissatisfied clients - no one likes being neglected and held hostage then being charged for the privilege.
The current person in charge of my file took a week off to get married. Yay for her. But prior to her vacation she promised I'd be closed on my refinance in 2 weeks (the 1st of which she was gone). That was April 29th, it's now almost a month after the promise. I have still not been contacted by her, any other Sherman Bridge employee or had any courtesy response even to my email requesting status, explanation for additional delays, or most importantly....WHEN I CAN EVER EXPECT TO CLOSE MY REFINANCE!?!?!?
I am convinced that this is deliberate action by Sherman Bridge to earn the $1,500 monthly interest as long as they can procrastinate and put my refinance off; and now having read other posts in this forum and learning that it's the normal way they do business with so many other customers I can see that they sell this hard money to permanent financing loan combination as a dangling carrot really since it's oh so clear Sherman Bridge never intended to process the refinance in a timely manner to begin with. It appears at this time the still have no intention of processing my refinance.
This company should be avoided at all costs by prospective borrowers and by prospective loan officers.