Private Lending & Conventional Mortgage Advice

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Jordan Wright
  • Flipper/Rehabber
  • Cincinnati
14
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15
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Asset Based Lending (ABL)

Jordan Wright
  • Flipper/Rehabber
  • Cincinnati
Posted Nov 8 2022, 13:45

I don’t like to do this type of thing and I’m not saying you shouldn’t use this company entirely but be aware of loan officer Gabriel Martin and loan processor James. 
I originally brought a auction property to them that I wasn’t allowed access too. Drive by appraisal was completed and loan was given the go ahead. Title didn’t receive the deed for 3 months. Title was ready to close within days of receipt of the deed. ABL was not and still asking docs from me after sitting on it for months. Meanwhile I brought a wholesale deal to them that they assured me the could close in the two weeks the wholesaler required. Appraisal came back and loan was cleared to move forward. Closing was scheduled on Monday and Friday I get an email stating that ABL needs the contract from the original seller and the wholesale company. On top of this numerous emails have been sent without a response from ABL. At this point I’m livid and calling around to other lenders to see if I can get a rescue but I’ve already paid all of ABLs fees. Myself, the wholesale company, and ABL went back and forth for a whole week. Finally this was closed a week later and had it not been a wholesale company I would of lost my 5k deposit.

I’m highly suggesting that if you want a pleasant lending experience go elsewhere. 

I’ll gladly take messages to clarify anything. 

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Erik Estrada
  • Lender
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Erik Estrada
  • Lender
Replied Nov 12 2022, 10:31
Quote from @Jordan Wright:

I don’t like to do this type of thing and I’m not saying you shouldn’t use this company entirely but be aware of loan officer Gabriel Martin and loan processor James. 
I originally brought a auction property to them that I wasn’t allowed access too. Drive by appraisal was completed and loan was given the go ahead. Title didn’t receive the deed for 3 months. Title was ready to close within days of receipt of the deed. ABL was not and still asking docs from me after sitting on it for months. Meanwhile I brought a wholesale deal to them that they assured me the could close in the two weeks the wholesaler required. Appraisal came back and loan was cleared to move forward. Closing was scheduled on Monday and Friday I get an email stating that ABL needs the contract from the original seller and the wholesale company. On top of this numerous emails have been sent without a response from ABL. At this point I’m livid and calling around to other lenders to see if I can get a rescue but I’ve already paid all of ABLs fees. Myself, the wholesale company, and ABL went back and forth for a whole week. Finally this was closed a week later and had it not been a wholesale company I would of lost my 5k deposit.

I’m highly suggesting that if you want a pleasant lending experience go elsewhere. 

I’ll gladly take messages to clarify anything. 


 I feel your pain. There are a lot of lenders out there that overpromise and under deliver to not lose a deal. On top of that, underwriting has gotten a lot stricter and many banks are going out of business.