Quantum Assets, LLC

4 posts by 3 users

Medium 1399417550 avatar timwaters Tim W.
Real Estate Broker from Riverside, Orange, San Bernardino, Los Angeles, CA
2 Posts
0 Votes
2 Awards

Tim W.

Real Estate Broker from Riverside, Orange, San Bernardino, Los Angeles, California

May 09 '12, 02:02 AM


Hello,

Has anyone ever heard of a private money lender called, "Quantum Assets, LLC? They want an underwriting fee up front and I was wondering if that was unusual? Thanks.



Medium 1448323426 avatar jasonscott J Scott
Investor / Business Guy from Ellicott City, MD
15813 Posts
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J Scott Verified Moderator Donor

Investor / Business Guy from Ellicott City, Maryland

May 09 '12, 06:00 AM


Don't ever pay fees upfront for a loan. The one exception is potentially for an appraisal.



Medium lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com


Tim W.

Real Estate Broker from Riverside, Orange, San Bernardino, Los Angeles, California

May 10 '12, 12:31 AM


Thanks J.

I found some other lenders that do not require that also. I have done this before in the in late 90's and am eager to get going again. I went to your website and think what you are doing is fantastic. I will checkout your blog and will surely enjoy reading your progress and daily activities. I'm glad you're willing to do this for others without asking for someone to buy a membership or some other crap. I will do the same thing with my results and maybe even incorporate youtube. Thank You!


Edited May 10 2012, 06:05 by Administrator: Email removed as per forum rules


Medium 1399372314 avatar dkonipol Don Konipol
Real Estate Lender from Houston, TX
1804 Posts
1948 Votes
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Don Konipol

Real Estate Lender from Houston, Texas

May 10 '12, 04:23 AM
3 votes


First off, you need to determine if they are a direct lender or a broker. If a direct lender, what is their track record, i.e. they finance a good percentage of deals or they merely collect upfront fees for a living?

If they are a broker, is your deal so hard to finance that the broker will have to spend an inordinate amount of time finding the "needle in the haystack"? Or is it a plain vanilla deal? Also, if a broker does your deal require "packaging" before it's submitted to lenders?

Although as policy I never charge an upfront fee (because I want to have as large a deal flow as possible), I don't outright think an upfront fee is by itself inappropriate. The problem is that many are in the business of making money on this fee and providing little or nothing in return. So, that being said one must use extreme caution before paying a fee upfront. Or as J Scott said, just never pay an upfront fee!



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