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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  • NA NA
    Member since 2020 · 31 posts · 13 votes
    5y

    @Oma Albert check your email.

    CAVEAT EMPTOR - WARNING! BUYER BEWARE!

    "Kacey A (1 star) 01/21/2021
    I contacted express Loans 911 I am a new business owner my CFO and myself were on the phone with a rep from express for over an hour he explained what's the terms and conditions of the loan we agreed upon it we went ahead and paid them $1000 to start our account with express loans after that was completed they tell us to come back when we have a house ready when we did.they had change the Terms of what we agreed upon then they insulted our intelligence several times with bogus offers.after they told us that we couldn't receive it because the representative did not say that,but yet the conversation was recorded do not trust anything express loans 911 have to say they're not a reputable company and they were trying to cheat you every chance they get I am still in disputes with express loans 911 right now"

    "Honesty V (1 star) 01/10/2021
    First, this scammer doesnt have physical office address (you will hear dogs barking in the background). 2nd, their Sales Reps, Loan Openers & Underwriters are from the Philippines pretending to be locals in the US from different states. 3rd, they will do all their best for you to pay COMMITMENT FEE, then sooner is their so called ORIGINATION POINT amounting to 3% of the portion of your loan amount in w/c will just go directly in the scammer's individual pockets. So basically, these scammers will collect your money 1st, then collect your documents & send it to "legitimate investors (like ROC Capital, Capital 360, RCN, Insula Cap, Lima One, Tidal Loans, Equity Max, FCN or Loanstar)" pretending to be a broker. Once offer received from different legitimate investors (lenders), these scammers will pick the best one closest to the deal offered on the initial term sheet & soon discuss to you. And I heard our personal information like SSN, bank info, etc will be reused for all other illegal purposes. So be aware."

    https://www.bbb.org/us/nc/char...

    12/11/2020
    "I paid a commitment fee of 2000.00 for a loan. After 2 month still no loan. I met requirement put before me & could still not provide me a loan. Refuses to answer any email, phone call in regards to services promised or refunding my money. I was not afforded the services in which I paid. This company is promising consumers loans then cant uphold what they have promised. Their advertisements of prequalifications are false. They will give you a pre-approval letter so that you pay their committment fees then will give you nothing in return. I would need to speak to someone in person to discuss this matter as it is very lengthy.

    Desired Outcome
    I want a full refund of money paid for services I never received but more so important than even the money, I want to see this company held accountable. This is truly a fraudulent bunch of people. I gained the funding I needed within 24 hours of deciding after 2 months that they were not going to uphold what they promised. Please stop this company from hurting people. What they are doing is illegal and they need to go to prison."

    11/30/2020
    "Business promised a loan product in return for payment with refund guaranteed if they could not deliver. They did not deliver and refused refund I contacted Express Loans 911 in Nov 2020 after my local lender backed out of a deal due to being low on funds. Previously, I was working with a company who would not fund the deal as it was a Rural Property. When I contacted Express Loans 911 and spoke to Adriane he was very friendly and quickly connected me with Robert, an underwriter, due to the urgency of the closing date. During my discussion with both Adriane and Robert I expressively asked if they funded Rural properties. I was assured this would not be a problem as they fund these types of properties. Due to the timeframes I was asked to pay a fee of 1995.00 and was assured if they could not deliver on the loan the money would be refunded. The fee was paid in full. Skip forward a few days and I was contacted by Michael indicating the lender would not fund the loan due to it being a RURAL PROPERTY! However, they had a plan in which they would have the appraiser contact me and I was to ask him to label the property Suburban instead of Rural. The property, as I told them initially is clearly Rural and I refused to ask the appraiser to falsify this information. When I requested my refund I was told that it was my decision not to proceed and that there would not be a refund. My decision not to proceed was due to not requesting an appraiser to provide misleading information on a loan document. When I asked to speak with a manager Michael indicated that Roy would be calling me and to stay by my phone because they are busy. I stayed by my phone to only receive a text saying the manager was busy and would not be calling me.

    Desired Outcome
    Refund for services that was misrepresented."

    11/25/2020
    "Fraudulent Private lender who offers you the terms you are looking for just to get their fee of $1995 paid in advance I was very leary of payment anybody money in advance for a private refinance loan I was looking for - they offered me exactly what I was looking for so I signed the termsheet with the rates etc - before doing so I wanted to know what the $1995 they wanted was for and if they could not get me these terms what happens Tony explains this $$ goes towards closing costs and is refundable we they can NOT close on the loan - he says if this company does not give you back your money you can call your bank to get it refunded as long as it is a bank wire and not a zelle/quickpay - so that give me some assurance so I proceed to pay them and wait for the actual loan docs to be approved by me and signed - several weeks later of need docs that I dont them before I even signed their termsheet that for one I dont have a SSN due to being a foreign national - that wasnt a problem before I paid them but after I paid them it is a big issue now - NO lender will lend unless I can produce one - well with a SSN it is almost impossible transunion tells me - then they come back to me with a rate and loan amount that is NO where near what I signup for so I tell them I dont accept this offer and to find me something more close to what I signup for - yesterday I get a call from the Manager who on one hand tell me to calm down but on the other hand is raising his voice at me - he does feel a woman can raise their voice to him?? while he is talking with me someone tells him that I have filed a grievance with my Bank about this while and he ubruptly end our all - these people are scamming hardluck individual out of their last few dollars for their personal gain - BUYER BEWARE!!! FRAUDULENT LENDER!!! who's only focus is to get that money then who cares and if you dont accept them you loose NOT THEM!! and a REFUND now is out of the question!! Those funds were suppose to go towards closing and since there is NO closing why are they not returning my money - because they are CROOKS - after the fact I see several negative post on this company - ONCE AGAIN BUYER BEWARE!!! can even have a amicable conversation with them for a refund - they will hear no such nonsense!!!

    Desired Outcome
    I am NOT made of money and they assured me they if they cant get my loan done as offered and signed they would REFUND - their excuse is things change so then the changed things are not to my acceptance so they should refund me my money - there response is ABSOLUTELY NOT!!!! FRAUDULENT LENDER AND DECEITFUL!!! THEN THE MANAGER HAS THE NERVE TO GIVE ME ATTITUDE - HE IS TRYING TO GET ME TO ACCEPT A TOTALLY DIFFERENT LOANS SO THEY CAN KEEP THE DEPOSIT - NOT INTEREST AFTER THE RUDE CONVERSATION I HAD WITH THE MANAGE"

    https://www.bbb.org/us/nc/char...

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  • NA NA
    Member since 2020 · 31 posts · 13 votes
    5y

    i t j

    Dot your "i"

    Cross your "t"

    And don't ever forget to dot your "j"

    0Reply
  • NA NA
    Member since 2020 · 31 posts · 13 votes
    5y

    @Jay Hinrichs thank you.

    "Some of the people that were scammed by Remington were attorneys, experienced attorneys, Ingrid Robinson"

    The Greed Report: Doing Due Diligence - How to Check Out a Business and Not Get Taken (cnbc.com)

    Matthew McManus, the former Montgomery County financial adviser serving a lengthy prison term for his role in bilking nearly 2,000 clients out of $26 million in a massive fraud scheme, will be profiled on CNBC’s weekly docudrama American Greed.

    McManus, 47, of Glenside, Pa., former co-owner of Remington Financial Group, will be one of the two cases featured in this week’s episode Friday at 10 p.m.

    Narrated by actor Stacy Keach, American Greed looks at real-life cases involving white collar criminal activity as credit card scams, identity theft, counterfeiting and Ponzi schemes.

    McManus was convicted at trial in February 2014 while all of his co-defendants pleaded guilty.

    He was sentenced to 16 years in prison in October and ordered by U.S. District Court Judge William Yohn ordered him to pay $17.7 million in restitution.

    The case involves McManus and his partner, Andrew Bogdanoff, of Scottsdale, Arizona, the founder and chairman of Remington Financial Group (later renamed Remington Capital). the two ran the company until 2008, when McManus left.

    Prosecutors said between 2005 and 2011, the defendants fraudulently induced hundreds of people to pay Remington fees in excess of $10,000 a piece, based on false representations that Remington had lenders or investors ready to provide financing for the victims’ projects.

    Bogdanoff was sentenced in March 2014 to 18 years and four months in prison for his role and four other defendants were either sentenced to prison terms or probation.

    CNBC's American Greed to feature fraudster Matthew McManus - Philadelphia Business Journal (bizjournals.com)

    #CarbonCopy

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @NA NA:

    @Jay Hinrichs thank you.

    "Some of the people that were scammed by Remington were attorneys, experienced attorneys, Ingrid Robinson"

    The Greed Report: Doing Due Diligence - How to Check Out a Business and Not Get Taken (cnbc.com)

    Matthew McManus, the former Montgomery County financial adviser serving a lengthy prison term for his role in bilking nearly 2,000 clients out of $26 million in a massive fraud scheme, will be profiled on CNBC’s weekly docudrama American Greed.

    McManus, 47, of Glenside, Pa., former co-owner of Remington Financial Group, will be one of the two cases featured in this week’s episode Friday at 10 p.m.

    Narrated by actor Stacy Keach, American Greed looks at real-life cases involving white collar criminal activity as credit card scams, identity theft, counterfeiting and Ponzi schemes.

    McManus was convicted at trial in February 2014 while all of his co-defendants pleaded guilty.

    He was sentenced to 16 years in prison in October and ordered by U.S. District Court Judge William Yohn ordered him to pay $17.7 million in restitution.

    The case involves McManus and his partner, Andrew Bogdanoff, of Scottsdale, Arizona, the founder and chairman of Remington Financial Group (later renamed Remington Capital). the two ran the company until 2008, when McManus left.

    Prosecutors said between 2005 and 2011, the defendants fraudulently induced hundreds of people to pay Remington fees in excess of $10,000 a piece, based on false representations that Remington had lenders or investors ready to provide financing for the victims’ projects.

    Bogdanoff was sentenced in March 2014 to 18 years and four months in prison for his role and four other defendants were either sentenced to prison terms or probation.

    CNBC's American Greed to feature fraudster Matthew McManus - Philadelphia Business Journal (bizjournals.com)

    #CarbonCopy

    YUP.. I almost got taken by them Back in 2010 when capital was very tough I approached them .. I had a fairly complicated scenario and remember also I was / am a HML myself and a licensed NMLS and state mortgage banker.. So I do/should know better. However I was like many of Remington's victims looking for a very large facility 8 figures.. I presented my business plan and low and behold we get a prelim approval they really like it just need 10k for Due Diligence. Now for me I know with these larger loans and more complicated loans up front due diligence is quite common up to 20 to 40k .. NON REFUNDABLE.. But Remington was just too quick to approve ( preliminary) and they simply did not ask enough questions to fully understand the business model. So in my mind it just was not real and even though they pestered me for a time I did not move forward with them. It was only when I saw the Remington peice on American Greed I was like no kidding these are crooks.. My dad had warned me about this stuff back in the 70s it was going on..

    On Ingrid Robinson the other thing that was just so Bizarre was was the project she wanted to do was in Clearlake CA.. which is where my Dad and our family developed properties for 3 decades and in the City of Clearlake my Dad owned over 1000 parcels.. So I knew the parcel Ingrid had her dreams set on and I knew the history and I knew it could never be developed.. she was green inexperienced and just had this very emotional dream to honor her daughter who died of an OD..  

    So these pump and dump lenders are all over the internet .. and the moral of the story is you simply do not send a broker money up front or any lender for that matter other than maybe a small app fee.. Like I think lending home charges 199.00  and appraisal .. Its not un heard of for advanced due diligence fee's but not for simple fix and flip..  you will see Do Hard Money on this site they require a 3k fee up front ( from what others have posted on BP) however from the owners of that company they say they are selling you their training materials. And if they do fund you U get it back.. Most of us in the business understand what this is.. 

    Lastly I knew up front in the state your talking about you were not going to get anywhere with the banking commission since they don't regulate these types of loans.. this is simply a pump and dump situation.. I Highly recommend you E mail Ingrid.. I wanted to interview her for a Blog for BP but she did not want to do it.. and lets her website do her talking. this was a few years ago maybe she will give U some tips on how to chase these folks down. If in fact what they have done is illegal. If there is a pattern of taking money and never funding like Remington.  On the show ( American Greed) it was explained that Remington took in thousands of clients 10k or less and funded less than 15 loans in twenty years. something like that.  One of the main thing these pump and dump folks have going is its small money and your not going to get the FBI or criminal folks interested when U lose a few grand.. you have to find 100 plus folks this has happened to etc. 

    One thing you could do is simply take them to small claims and see what they do to prove they are legit and let the judge rule on the merits they are not allowed to have an attorney represent them at small claims. 

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  • NA NA
    Member since 2020 · 31 posts · 13 votes
    5y

    @Jay Hinrichs I had let it go until Xpress Loans attorney sent me a threatening letter to take me to federal court for 
    "defamatory and libelous content." What their attorney should know is that they would need to provide discovery as in all of the loan documents which they have refused to provide to my wife nor I, they blocked her from accessing her account as everything was done online. And I have every reason to believe that all of the statements I have made about them is true. I'm not the only one complaining. This whole thing got started when I asked them for a copy of the loan docs and a refund and they refused. The appraisal company that they used in my wife's case once notified made a full refund months ago. This whole thing almost ended my marriage, I moved into the guest room for several days. So, if Xpress Loans wants to keep pressing me they'll live to regret it. We know people in high places within government, our daughter works for the state. All they did was bring attention to themselves and yes I filed a complaint with the NC Attorney General. Patiently waiting.

    0Reply
  • Oma Albert
    Member since 2021 · 10 posts · 3 votes
    5y

    @Jay Hinrichs I would take them to small claims if they even had a physical address. Their paperwork has no physical address.  They’re broad daylight thieves. In my case, we haven’t even signed any of their paperwork. My partner was on the phone with them when they sent the paperworks over and I had told him not to sign until I read it over. I am a lawyer and very careful before I put down my signature on any document. However, the Anderson guy on phone had persuaded him to send over $3,000 of the $10,000 they had evaluated him for pending signing and return of documents; for some weird reason, he sent the funds via Zelle with an email having Jill Berg’s name. 
    When I finally got off work and looked through the documents, I flagged it immediately for inconsistencies and told him I suspect there is something fishy about the company and that’s how I started researching all night and realized they were indeed a fraudulent company. The next morning they reached out for the documents and the rest of the payment and   I told them we weren’t going to continue and will not be signing the documents. We requested our money back. They had they guts to say they had signed the documents on our behalf to expedite things. By this time, I had them on record since I already knew they were fraudulent. 
    It may just seem like mere $3,000 but I am willing to spend a lot more to bring them to justice. It’s broad daylight robbery. Those funds are being tracked now by the authorities and if I don’t get my money back, they’ll surely go in for it. 
    It is advanced fee fraud now and no longer a small claims court issue. 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Oma Albert:

    @Jay Hinrichs I would take them to small claims if they even had a physical address. Their paperwork has no physical address.  They’re broad daylight thieves. In my case, we haven’t even signed any of their paperwork. My partner was on the phone with them when they sent the paperworks over and I had told him not to sign until I read it over. I am a lawyer and very careful before I put down my signature on any document. However, the Anderson guy on phone had persuaded him to send over $3,000 of the $10,000 they had evaluated him for pending signing and return of documents; for some weird reason, he sent the funds via Zelle with an email having Jill Berg’s name. 
    When I finally got off work and looked through the documents, I flagged it immediately for inconsistencies and told him I suspect there is something fishy about the company and that’s how I started researching all night and realized they were indeed a fraudulent company. The next morning they reached out for the documents and the rest of the payment and   I told them we weren’t going to continue and will not be signing the documents. We requested our money back. They had they guts to say they had signed the documents on our behalf to expedite things. By this time, I had them on record since I already knew they were fraudulent. 
    It may just seem like mere $3,000 but I am willing to spend a lot more to bring them to justice. It’s broad daylight robbery. Those funds are being tracked now by the authorities and if I don’t get my money back, they’ll surely go in for it. 
    It is advanced fee fraud now and no longer a small claims court issue. 

    I cant urge you strongly enough to Pop on Ingrid Robinson site  on how to deal with advance fee scammers. 

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  • NA NA
    Member since 2020 · 31 posts · 13 votes
    5y

    I've written North Carolina Governor Roy Cooper's office with my complain against Xpress Loans 911 LLC and asked that office for clarification, review, and enforcement as they see fit.

    And telephoned Xpress Loans attorney and told her to file their case against me.

    The truth is not "defamatory and libelous" content.

    If you've been ripped off by this company let it be known and file a complaint.

    NC Gov. Cooper: Contact Governor Cooper

    https://governor.nc.gov/contac...

    File a Complaint with the North Carolina Department of Justice (ncdoj.gov)

    https://ncdoj.gov/file-a-compl...

    2019 North Carolina General Statutes
    Chapter 66 - Commerce and Business
    Article 20 - Loan Brokers.

    Article 20.
    Loan Brokers.
    § 66-106. Definitions.
    (a) For purposes of this Article the following definitions apply:
    (1) A "loan broker" is any person, firm, or corporation who, in return for any
    consideration from any person, promises to (i) procure for such person, or assist
    such person in procuring, a loan from any third party; or (ii) consider whether
    or not it will make a loan to such person.
    (2) A "loan" is an agreement to advance money or property in return for the promise
    to make payments therefor, whether such agreement is styled as a loan, credit
    card, line of credit, a lease or otherwise.
    (b) Except for mortgage loans as defined in G.S. 53-243.01, this Article shall not apply to
    any party approved as a mortgagee by the Secretary of Housing and Urban Development, the
    Federal Housing Administration, the Veterans Administration, a National Mortgage Association
    or any federal agency; nor to any party currently designated and compensated by a North Carolina
    licensed insurance company as its agent to service loans it makes in this State; nor to any insurance
    company registered with and licensed by the North Carolina Insurance Commissioner; nor, with
    respect to residential mortgage loans, to any residential mortgage banker or mortgage broker
    licensed pursuant to Article 19A of Chapter 53 of the General Statutes or exempt from licensure
    pursuant to G.S. 53-243.01(12) and G.S. 53-243.02; nor to any attorney-at-law, public accountant,
    or dealer registered under the North Carolina Securities Act, acting in the professional capacity for
    which such attorney-at-law, public accountant, or dealer is registered or licensed under the laws of
    the State of North Carolina. Provided further that subdivision (1)(ii) above shall not apply to any
    lender whose loans or advances to any person, firm or corporation in North Carolina aggregate
    more than one million dollars ($1,000,000) in the preceding calendar year. (1979, c. 705, s. 1;
    1981, c. 785, s. 1; 1993, c. 339, s. 2; 2001-393, s. 4; 2008-228, s. 1

    0Reply
  • Sam Han
    Member since 2021 · 1 post · 0 votes
    5y

    Add me to list of people who get scammed, do you guys know how to get our fee money back ? I'm thinking to start small curt claim I also have appointments with my attorney to see what's our legal action 

    1Reply
  • Oma Albert
    Member since 2021 · 10 posts · 3 votes
    5y

    @Sam Han it’s so disheartening that somehow these fraudsters are still getting people scammed. But they’ll surely meet their waterloo soon

    0Reply
  • Lena Gelfond
    Member since 2021 · 3 posts · 13 votes
    5y

    Hello everyone Oma Albert, NA NA, Sam Han  just to name a few and many others!!

    As I am reading all your posts on fraudulent, I would say CRIMINAL  SCAMMERS SUCH AS XPRESS LOAN 911 the only idea comes to my mind is an ]A Class action lawsuit.  There is just so much pain and injustice to hard working people who have been scammed, whose money has been stolen and not just pennies... hundreds of thousand of dollars. 

    In my case its a commitment fee of $9,000.00 just a few weeks ago. I red a lot of you, good people, have filed complaints and/or lawsuits and up till now, I have been racking my brain whether moving fast through the process as you have or gathering as many victims as possible to start something major to really make an impact. 

    I have red that: 

    class action lawsuit, it is difficult to form a class to receive certification with less than 20 members. A class with at least a few dozen members is preferred and will likely be certified and move forward.

    I won't go into a long story on how unprofessional, deceiving, corrupt this company really is and I understand there are more like them everywhere. But, what I know for sure, is the following: power of people will always supersede power of ONE.

    If we can gather together to go after these criminals, at the very least, we can hope to stop them from hurting other individuals, investors, business owners.

    If any of you guys are interested, please email me at any time.

    1Reply
  • Oma Albert
    Member since 2021 · 10 posts · 3 votes
    5y

    Count me in!

    1Reply
  • Clifton Geddings
    Navarre, FL · Member since 2017 · 13 posts · 1 vote
    5y

    Glad I investigated them and found this post. I m looking for one loan on three duplexes. They wanted to split them into three loans and charge $1995.00 for each one. Fortunately, I got good advice from someone on BP. Sorry to all of the victims.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Lena Gelfond:

    Hello everyone Oma Albert, NA NA, Sam Han  just to name a few and many others!!

    As I am reading all your posts on fraudulent, I would say CRIMINAL  SCAMMERS SUCH AS XPRESS LOAN 911 the only idea comes to my mind is an ]A Class action lawsuit.  There is just so much pain and injustice to hard working people who have been scammed, whose money has been stolen and not just pennies... hundreds of thousand of dollars. 

    In my case its a commitment fee of $9,000.00 just a few weeks ago. I red a lot of you, good people, have filed complaints and/or lawsuits and up till now, I have been racking my brain whether moving fast through the process as you have or gathering as many victims as possible to start something major to really make an impact. 

    I have red that: 

    class action lawsuit, it is difficult to form a class to receive certification with less than 20 members. A class with at least a few dozen members is preferred and will likely be certified and move forward.

    I won't go into a long story on how unprofessional, deceiving, corrupt this company really is and I understand there are more like them everywhere. But, what I know for sure, is the following: power of people will always supersede power of ONE.

    If we can gather together to go after these criminals, at the very least, we can hope to stop them from hurting other individuals, investors, business owners.

    If any of you guys are interested, please email me at any time.

    Waste of time and money there is nothing to get monetarily wise.. the only thing you can do is try to get them criminally just like Ingrid did to Remington .. Again watch the American Greed episode on Remington financial and Ingrid Robinson.   If you guys want justice this is how your going to get it.. To try to sue for money IMHO will just be throwing good after bad.. Even if you win after spending probably 100 to 200k in legal fee's what are you going to get ??  a company that files BK.. 

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  • Rose Walters
    Member since 2018 · 20 posts · 10 votes
    5y

    I am surprised they are still in business after so many complaints. Research and trust your gut instinct. This is why BiggerPockets is always my go-to source.

    0Reply
  • Dieudonne Dorsainvil
    Member since 2021 · 2 posts · 0 votes
    5y

    How did your loan with Xpress loans 911 goes?

    0Reply
  • Dieudonne Dorsainvil
    Member since 2021 · 2 posts · 0 votes
    5y

    From What I have read from you, I'm so glad that I didn't send them the $4195 they asked me to secure the deal, but they have my social and my bank account, I don't know how much damages they can make with my personal information. Sorry for all the victims out there.

    0Reply
  • Jack Bobeck
    Rental Property Investor · Jacksonville, FL · Member since 2008 · 784 posts · 528 votes
    5y

    Wow, so sorry for all the victims, but hopefully this will help others in the future. Also by the way they are partnering with PMG, Private Money Group of late for assisting with loans. PMG already has a few bad threads out there, so hopefully people will see PMG and Xpress together and RUN.......

    1Reply
  • Timothy Sumpter
    OP
    Colorado Springs, CO · Member since 2020 · 6 posts · 6 votes
    5y

    I want to thank everyone that has responded to my initial question concerning Xpress Loan that I posted one year ago.  I too hope that all of the post and facts will help investors to make a sound decision concerning doing business with Xpress Loan.  Again, thank you everyone.

    1Reply
  • Megan Walters
    Member since 2021 · 18 posts · 16 votes
    4y

    Ladies and Gentlemen! I want everyone to share this post on any social media platforms. The hell with Xpress Loans 911! You all want some tea? Let me spill the tea! After this, I am hoping and praying that Jill Berg and Robert Berg get. the punishment they deserve.

    This company is a SCAM! Xpress Loans is a mortgage BROKER. They never fund their own deals. Why?? Simply because they don't have the capacity to do that. They don't have funds at all! They have been living off these poor people's commitment fees! That is where they are getting their bread and butter from and their employees' salary(which take note as I've heard is around $4/hour).

    They will lure you in and make you believe on all their *****! If you are choosing Xpress Loans, you might as well go to LEGIT PRIVATE MONEY LENDERS!

    Now, if you want 100% financing go to Residential Capital Partners LLC. https://residentialcapitalpart...
    If you want rolled in fees go to GROUNDFLOOR https://groundfloor.us/

    Those are the programs that their sales people are selling you. 100% financing and rolled in fees! And amazingly, people will believe that especially new investors who know nothing about private money lending. They advertise 100% financing as if they are funding it themselves. Take note, Residential Capital only charges 1% (or 1 point), NO COMMITMENT FEES! NO UNDERWRITING FEES! Yes, you have heard that right! They only charge 1%, a thousand dollar for their doc preparation fee and thats it! Go to Xpress Loans and you will be paying 3% (or 3 points), $2,995 Underwriting Fee (as if they are the direct lenders) and your commitment fee will NEVER be applied to your closing costs nor you can get a refund. They'll tell you bs like "we used it to buy-down your interest rate or interest reserves". IF they tell you this bs, tell them that you don't care about any of that, they can apply the correct interest rate and reserves without the said "buy-down". LOL.

    If you want rolled in points, go with Groundfloor. They only charge 2.5% and points will be rolled into the loan.

    They are sending all of your deals to Groundfloor and Residential Capital. If someone in here has a deal that was closed by Xpress Loans with rolled in fees. Look at your loan package again and you will see Groundfloor in there. The same with 100% financing, you'll clearly see Residential Capital.

    Lately, they are advertising the Line of Credit Program. They charge people with a commitment fee of $10,000! YES, $10,000! For what? For an effin' piece of paper. Getting you approved for a Line of Credit costs NOTHING! You want Line of Credit?? Go to LimaOne. That is where they are bringing your applications to! They are ad Line of Credit for $1,000,000 and had the clients oay $10,000 commitment fee upfront! The amount will always depend on your liquidity people! Current liquidity x7 will be the amount you'll get approved with! AND IT IS NOT 100% FINANCING!!

    Don't waste your time and your money dealing with this BROKER! GO DIRECTLY TO LEGIT PRIVATE MONEY LENDERS! They don't have a Loan Committee for Christ's sake! They are changing terms every now and then because they are shopping your deal around!
    They send those deals to PML like Residential Capital, Groundfloor, ROC, LimaOne, DLP, Finance of America, Cap360 and a lot lot more! And LEGIT PRIVATE MONEY LENDERS will never charge any Commitment Fees upfront. Xpress Loans will tell you otherwise, but do your own research. NOBODY charges CF upfront!

    BE WISE ENOUGH! If it is too good to be true, it is not true at all! I am hoping that everyone could share this so we can save those future investors who are planning to start their business in real estate. For Xpress Loans 911, Jill Berg and Robert Berg and all of their employees who are willing victims of this SCAM, your day will come!

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  • Megan Walters
    Member since 2021 · 18 posts · 16 votes
    4y

    To be fair, okay let us say Xpress Loans 911 can get deals funded BUT they do nothing on their end. They only collect commitment fees and coordinate with the REAL LENDER. It is basically the same process. So why would you go through a broker and pay a hefty amount of commitment fee, when you can go directly to a real lender and pay nothing upfront?

    First, they will lure you in, giving you a term sheet with the terms that you wanted (cause that is how they can get their commitment fee) then your file will go to their so-called "underwriters and loan openers", these loan openers will collect your documents, these underwriters will send your deals to the REAL LENDERS. And voila! You will be getting a different term that what was presented to you upfront. Probably the same terms that you got from the top lenders you have inquired with. LOL.

    Then you'll feel helpless cause Xpress Loans will NEVER give you your commitment fee back. NEVER! You are left with no choice cause either you close the deal (with a totally different term from what you signed up for) or walk away, they will never give you back your money.

    THIS IS THE REALITY OF XPRESS LOANS. I ASK EVERYONE'S HELP TO EXPOSE THEM AND CHASE THEM OFF THE INDUSTRY!

    0Reply
  • Rose Walters
    Member since 2018 · 20 posts · 10 votes
    4y

    Has anyone who was scammed by this company reported them? 

    0Reply
  • Megan Walters
    Member since 2021 · 18 posts · 16 votes
    4y
    Originally posted by @Rose Walters:

    Has anyone who was scammed by this company reported them? 


    I am looking forward to that day.  

    0Reply
  • Megan Walters
    Member since 2021 · 18 posts · 16 votes
    4y

    Why has not anyone reported this company? They should be out of business!

    0Reply
  • Michael H.
    Member since 2019 · 6 posts · 1 vote
    4y

    just received an email from myhousedeals advertising xpress loans 911. :D :D  makes me wonder if they do research before letting anyone just advertise.

    0Reply
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