Any one use Loan guys?

Question

I was looking to see if anyone out there has used the financial services of Loan guys. I just had a lengthy chat with one of there people about all the different products they provide.

I'm also like happy to get recommendations on any companies that people have successfully used to loan for Refi - Fix and Flip and Multi-unit.

Thanks in advance.

Julian Chavez · Answer

I am somewhat experienced real estate investor and a broker. I submitted a cash out refi to loan guys on a triplex. I wouldn't recommend them. We cancelled the loan before closing. I contacted them because I saw an ad for 4.95% APR on no income verified 30 year loans. When I actually spoke to someone and submitted the property they quoted me a 5.95% interest rate with 2 points paid at closing.
A few days before closing they switched the rate to 6.44% and increased fees dramatically. I cancelled the loan. Another turn off is that they never gave me my appraisal report.

Marie Mcfarlin · Answer

Wow, sorry you're going through that with Loan guys. I just tried to submit a deal with them after being contacted several months by a guy named Ben to do business with them....

He never returned my calls, resorted to text and eventually nothing. Got a pre approval with someone else named Robert, reached back out to him and first thing he asked is whats your credit card number..smh. Then hurried off the phone saying his attorney is calling. I can't make this up.I have contract on deal ready to go finally get the "COO" as I'm told...and guess what told I didn't have an application with them.

100% won't be moving forward.....I wish you best of luck!

Cj W. · Answer

I’m in the process of using them. Was told by my loan officer Josh I’d be closed in under 5 weeks if the appraisals came back. Signed and paid for appraisals 12/10/2021.  Appraisals came back fast. Had them by the New Year. Now it’s March. Going on 3 months. They have been “working on” or “processing” my loan for over 2 months now. They won’t give me a reason why is not clear to close. They have everything imaginable. Title cleared it a month ago. And all of a sudden they stopped responding. I lost a $5k emd because I didn’t have the money from the refi from the 4 properties they said they have done to purchase my investment property.  Now I’m screwed. With no end in sight. My credit was 715-720. Now I’ve been running up my credit cards to finish my rehab since I don’t have my money. My credit dropped. I already paid almost 4K in appraisals. And for 3 months  I’ve been calling daily. My loan officer and his supervisor. Can’t give me an answer why my loans arnt closed. They keep giving me fake dates through the whole month of February when I would be clear to close. They come and go with. I explanation. So now I’ve graduated to 3 months later and now people just ignore my emails. Don’t answer or return my calls. And at this point I’m Thinking I just got scammed after checking this board about the fake reviews.

Tracy Spencer · Answer

David,

Just got off the phone with Loan Guys.  Their 3.99 rate for 30 year investment property loans requires a 3.25% buydown.  When I got the written quote 2 minutes later, it showed 4.75% and an $85,000 reserve requirement on a $250K property.  I will keep looking...

Tracy

Madeline Holland-Jackson · Answer

Loan guys is a third party loan processor that engages in fraud and predatory lending practices. Do not trust them at all. They tried to push a loan through that I don’t qualify for and that would have led me to foreclosure on my home. They refused to disclose who the lender was. They told me to fabricate documents to get the loan through. They promised that this loan would close in 15 days and that I was approved but continued to request documents that I informed them, I did not have. They also started requesting upfront payments  from me, without much explanation as to why, other then it was to pay for documents. They prayed on the fact that I was in urgent need of a cash out refinance loan to complete a buyout of the joint owner on my home title to satisfy a court order. I paid $850.00 for an appraisal that they also refused to disclose to me and claimed that my home was worth $100k less than it is. I requested a formal withdrawal of my application with documentation that it was withdrawn, as it was not an appropriate loan program for me and I was not comfortable moving forward. Their response was a denial email, still without disclosure of the lender. They requested that I email photos of my SSI card as well.. they don’t use a secure portal. Everything is via email. They have multiple non verified phone numbers and no way to contact the actual company. DON’T USE THEM.

Sarah Nouri · Answer

Thank you for sharing your concerns. We take allegations like this very seriously and want to clarify several important points for accuracy.

At no time did anyone at LoanGuys instruct you to fabricate documents. That is strictly against our policies and industry regulations. Based on the information provided during the application process, your credit profile did not qualify for the loan terms you were seeking. We presented the available option at the time, which you ultimately chose not to proceed with.

Regarding the appraisal, LoanGuys does not determine property values. Appraisals are completed by independent, third-party licensed appraisers, and we have no ability to influence or alter their valuation. Loan terms are based solely on the appraised value provided to us.

All third-party fees, including the $850 appraisal fee, were disclosed in advance and require borrower authorization before being charged. Our team is not permitted to collect any upfront fees without borrower consent.

We also want to clarify that LoanGuys does use a secure borrower portal for document collection and communication.

Lender disclosure is provided once a loan proceeds past certain stages of underwriting, in accordance with applicable lending regulations. When you requested to stop the process, your file was formally withdrawn, which resulted in a denial notification reflecting that status.

We understand this was a stressful situation and regret that the loan option available did not meet your needs. We remain committed to ethical lending practices, transparency, and regulatory compliance, and we encourage anyone with concerns to contact our management team directly so they can be reviewed thoroughly.

Chris Seveney · Answer

I typically shy away from people whose names are guru-ish or generic or like a bunch of guys were drunk from a fraternity party and were like "lets start a company named XYZ dudes"...

Cj W. · Answer

They are absolutely terrible company.  Thee worst mortgage company active today.  And I mean this.  I have 19 rentals.  And have dealt with diffrent companies, their lying and incompetence takes the cake.   If you want to screw yourself out of time and money.  Please do use these clowns at Loanguys.  They have a smooth talking Loan agent talk to you.  Then once you submit your information and pay your non refundable money for the inflated appraisal prices.  Get ready for absolute trash experience IF they do end up closing.  Again, you've been warned

Jose Luis Calixto II · Answer

I am in the process of using them now but they charged me a higher then what I normally pay in appraisal fees ($750 is what they charged me) and then they added a processing fee of $90 after I paid the $750  (and they didn't tell me there would be any other charges yes I asked) and now they need me to set up an LLC after they knew i was doing business as a sole proprietor or take 10% less LTV on my refinance which won't give me the capital I would need to make my next deal work.. so I don't recommend them at all, i don't know if they are a "full" scam but they definitely need to work on their process if they are legitimate.

David Lant · Answer

@Alvin Sylvain thanks for the reply. I'm not necessarily going to use them. I just want to see what they had to offer. I going to start hunting through bigger pockets tomorrow to start hunting down some recommended companies to us.

Any one use Loan guys?

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