Hard Money Lender Xpress Loans 911

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
6y
Originally posted by @Chad C.:

Did they help close any of your deals?  I have one where they are looking to help finance $500.5K but I need to pay a $4995 commitment fee.  Any thoughts?  I'm nervous about doing this.  Need some guidance...

No offense but this is crazy stupid.. no one charges 1 point up front just for a commitment fee ..  its just not done like this in the industry.

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  • Michael Blakeney
    Rental Property Investor · Ridley Park, PA · Member since 2014 · 24 posts · 8 votes
    6y

    @Timothy Sumpter doing an application now as we speak. That’s why I came on to search. Let me know if you hear anything

    1Reply
  • Don Panchamsingh
    Investor · Marlton, NJ · Member since 2015 · 23 posts · 12 votes
    6y

    I too am looking for reviews of Xpress Loans 911, I just got approved for 95K on a buy and hold with purchase and construction loan, to be converted to 30 yr fixed, they sent me docs via docusign and now asking for $895 Commitment fee to move forward, but I am skeptical, does anyone have any experience working with this company?

    Any advice would be appreciated.

    0Reply
  • Ryan Rudloff
    Rental Property Investor · Bend, OR (bend) · Member since 2020 · 8 posts · 0 votes
    6y

    I'm interested in this too.  They have a docusign contract they emailed me waiting for me to sign.  They want my bank account number, as well as my SSN.  Additionally, they want a "commitment fee".  Would this be something to agree to if the fee were to be taken from the proceeds of the loan?

    Generally, is a lender seeking a borrowers bank credentials to verify the funds the borrower claims to have on hand? Or is this a scam lender tactic?

    0Reply
  • Don Panchamsingh
    Investor · Marlton, NJ · Member since 2015 · 23 posts · 12 votes
    6y

    I was advised by members of my REIA to not pay any one a 'Commitment Fee', and since my earlier post seeking reviews on this company I have being working with multiple others lenders and no one has asked for money up front. Ignore these guys and move, they are a ton of lenders out there.

    6Reply
  • Moses Jean
    Flipper/Rehabber · Plainfield, NJ · Member since 2017 · 33 posts · 28 votes
    6y

    anyone ever use them? Just following up. We paid a fee and now we're "waiting for the underwriter to call us"

    0Reply
  • Timothy Sumpter
    OP
    Colorado Springs, CO · Member since 2020 · 6 posts · 6 votes
    6y
    Originally posted by @Don Panchamsingh:

    I too am looking for reviews of Xpress Loans 911, I just got approved for 95K on a buy and hold with purchase and construction loan, to be converted to 30 yr fixed, they sent me docs via docusign and now asking for $895 Commitment fee to move forward, but I am skeptical, does anyone have any experience working with this company?

    Any advice would be appreciated.

    Hey Don, what is the minimum property sales price before the lenders you have contacted will loan on a deal? 

    0Reply
  • Don Panchamsingh
    Investor · Marlton, NJ · Member since 2015 · 23 posts · 12 votes
    6y

    75K minimum. 

    0Reply
  • Moses Jean
    Flipper/Rehabber · Plainfield, NJ · Member since 2017 · 33 posts · 28 votes
    6y

    Update: Spoke to underwriters and managing partner and they’re great! Please use them! 

    1Reply
  • Don Panchamsingh
    Investor · Marlton, NJ · Member since 2015 · 23 posts · 12 votes
    6y
    So Moses, you said you 'spoke to .....', does that mean you were will to pay their 'Commitment Fee'?  If so, nothing is wrong with doing whatever it takes to complete a deal when the numbers make sense.  This is not a normal business practice by lenders that I had contacted.  I needed to do due diligence on a lender with not enough history/reviews to move forward with.  That was my reason for my actions.  The input by Jill Berg, Managing Partner, is going to go a long way in helping investors make their decisions on using them.  Thank you.
    0Reply
  • Leah Santos
    Investor · Palm Beach, FL · Member since 2017 · 5 posts · 6 votes
    6y

    Hey guys! Xpress Loans is owned by Jill and Robert Berg. Their company is registered in the state of NC. I just paid my commitment fee and I am very excited and optimistic about their loan programs and the relationship we are developing. I have a goal to purchase a minimum of 10 properties for the coming year and having a responsive lender willing to lend and work with me to not lose my deal is an amazing resource to have. Ill be happy to post back about my experience with Xpress for the benefit of everyone on this thread. As a Realtor as well I wish we charged a commitment fee to weed out the time wasters. Nothing is more aggravating then when you put yourself into something just to find out the other person was all talk and not committed. So yeah I think the fee is high up front but I understand it and ive decided to take a leap of faith and get this done. Wish me luck! Happy investing everyone! 

    1Reply
  • Moses Jean
    Flipper/Rehabber · Plainfield, NJ · Member since 2017 · 33 posts · 28 votes
    6y

    I agree!! They’re very responsive and great to work with! 

    1Reply
  • Leah Santos
    Investor · Palm Beach, FL · Member since 2017 · 5 posts · 6 votes
    6y
    Originally posted by @Moses Jean:

    I agree!! They’re very responsive and great to work with! 

    Moses were you able to get the funding successfully and complete the deal? 

    1Reply
  • Moses Jean
    Flipper/Rehabber · Plainfield, NJ · Member since 2017 · 33 posts · 28 votes
    6y

    We’re almost there! Just waiting on appraisal! 

    0Reply
  • Chad C.
    Rental Property Investor · Glendale, AZ · Member since 2014 · 38 posts · 17 votes
    6y

    Did they help close any of your deals?  I have one where they are looking to help finance $500.5K but I need to pay a $4995 commitment fee.  Any thoughts?  I'm nervous about doing this.  Need some guidance...

    0Reply
  • Moses Jean
    Flipper/Rehabber · Plainfield, NJ · Member since 2017 · 33 posts · 28 votes
    6y

    I would say DO IT!! 5K for 500K? I would do it. You can always get that back

    0Reply
  • Ryan Rudloff
    Rental Property Investor · Bend, OR (bend) · Member since 2020 · 8 posts · 0 votes
    6y

    @Chad C.

    I’m in exact same boat. They want $4k even before viewing my documents. They’ll be my last resort.

    0Reply
  • Chad C.
    Rental Property Investor · Glendale, AZ · Member since 2014 · 38 posts · 17 votes
    6y

    Did they help close any of your deals?  I have one where they are looking to help finance $500.5K but I need to pay a $4995 commitment fee.  Any thoughts?  I'm nervous about doing this.  Need some guidance...

    0Reply
  • Chad C.
    Rental Property Investor · Glendale, AZ · Member since 2014 · 38 posts · 17 votes
    6y

    @Moses D Jean  what is the status of your loan from them?

    0Reply
  • Moses Jean
    Flipper/Rehabber · Plainfield, NJ · Member since 2017 · 33 posts · 28 votes
    6y

    Hopefully closing this week.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Chad C.:

    Did they help close any of your deals?  I have one where they are looking to help finance $500.5K but I need to pay a $4995 commitment fee.  Any thoughts?  I'm nervous about doing this.  Need some guidance...

    No offense but this is crazy stupid.. no one charges 1 point up front just for a commitment fee ..  its just not done like this in the industry.

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    11Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Ryan Rudloff:

    @Chad C.

    I’m in exact same boat. They want $4k even before viewing my documents. They’ll be my last resort.

    Ryan if you have a real deal and real means for a loan this is crazy stupid..  this is just not done in the industry. 

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    2Reply
  • Shawn Regnier
    Realtor · Los Angeles, CA · Member since 2017 · 99 posts · 97 votes
    6y

    Is it me, or does this thread just feel fishy? It’s like reading a post in a lender, investor, or wholesaler group on Facebook.

    Since July, no one actually said this company came through with the funding.

    8Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Shawn Regnier:

    Is it me, or does this thread just feel fishy? It’s like reading a post in a lender, investor, or wholesaler group on Facebook.

    Since July, no one actually said this company came through with the funding.

    not making any insinuations but a must watch for anyone who has little experince getting loans from PML or HML needs to watch the American Greed episode on Remington financial.. and then google Ingrid Robinson.. for context.

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    1Reply
  • Ryan BlakePro Member
    Lender · TX · Member since 2018 · 936 posts · 713 votes
    6y

    @Timothy Sumpter @Michael Blakeney @Don Panchamsingh

    This is not a typical practice. I know very few lenders that charge upfront fees. Are there fees and will you have to pay them? Yes. But most lenders allow the title company to collect and distribute the funds. That is the title / escrow company's job. It also means the lender doesn't get paid if you don't close on the home. I would use much caution going into this. I haven't heard that this lender is doing bad practices but it is suspect that they are charging such a large fee upfront. There are a few good lenders out there who will charge a $50 - $100 application fee but $1,000 is very steep without providing anything in advance. Just use your best judgement as an investor.

    [email protected]214-420-7324
    3Reply
  • Chad C.
    Rental Property Investor · Glendale, AZ · Member since 2014 · 38 posts · 17 votes
    6y

    Yes, thank you everyone for responding and adding your input.  I did not go with Express Loan 911 and used a different local hard money lender.

    @Shawn Regnier - yes, they sound fishy and I like to be careful and tread with caution.  I asked to talk to someone that closed on a loan but talked to someone that just put down $10K but was still in the process of getting funded.  Next, I talked to a guy that was similar to my situation but said he closed on several properties.  But in the end, I decided to go with someone that was local to make sure that I wasn't going to lose my funds.

    Maybe @Moses D Jean will be able to update us on this loan.

    4Reply
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