Has anyone used builder banc?
Member since 2021 · 12 posts · 5 votes
Has anyone used builder banc?
Most Popular Reply
Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
2yNot registered in Delaware https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch... not NMLS licensed in any state
Not registered in Florida https://search.sunbiz.org/Inquiry/CorporationSearch/SearchRe...
8 The Green, STE 4000 is not an office- it's a virtual mail address you can get for $11 a month
https://www.trustpilot.com/review/builderbanc.com some of the reviews appear to be from ownership but all are pretty low 2's
Do not give them an upfront fee of any sort.
38 Replies
- 3yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Hey Tim,
As a mortgage broker I have never heard of them before. What terms are they offering you?
LuxePrivate Investments LLC 572 Reviews - Member since 2021 · 12 posts · 5 votes3y7.75 % for refi out of hard money into 30
Quote from @Erik Estrada:
Hey Tim,
As a mortgage broker I have never heard of them before. What terms are they offering you?
year rental loan. 179k total loan including 25k cash out. 2 points. Weird thing is they want $2000 down when is sign and submit the term sheet. I haven’t done that before . - 3yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Timothy Holden:
7.75 % for refi out of hard money into 30Quote from @Erik Estrada:
Hey Tim,
As a mortgage broker I have never heard of them before. What terms are they offering you?
year rental loan. 179k total loan including 25k cash out. 2 points. Weird thing is they want $2000 down when is sign and submit the term sheet. I haven’t done that before .What is the LTV and prepayment penalty? Also what is your estimated FICO and experience?
You can get that rate with a 70 LTV, 5-year prepay, 720 FICO, and 1-2 other properties owned without forking $2000 up front.
There are some lenders that require a deposit up front and is credited at closing for fees. But it is definitely not the norm. Never pay upfront origination fees.
LuxePrivate Investments LLC 572 Reviews - 3ySteven LeeBusiness MemberLender · 18021 Norwalk Blvd Suite 209. Artesia, CA 90701 · Member since 2015 · 486 posts · 42 votes
Timothy,
You should never pay any upfront fees besides paying for the appraisal report. I would double check and make sure they are a legitimate license lender.
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
Quote from @Timothy Holden:
I am talking to Builder Banc about a potential investment property refi and I am trying to find someone who has used them before. Has anyone had experience with them?
yes, we attempted to put a loan through them. First off too many discrepancies. Could not verify business address, when we spoke to one of the "agents" he said they were in Florida, but address showed Delaware. Contacted Delaware state, the city they have their address in, etc and no business license registered, no way to verify they were legit. When we questioned them about this, they claimed they did not need a license and got angry because we were working on verifying the legitimacy. The person I spoke to was rude and unprofessional in replying to my emails and speaking to me on the phone. https://builderbanc.com/ Nothing matches with what they say to you on the phone or in the email.
We pulled the loans. I do not recommend. I also have worked extra hard now to verify any lender I sent client information to. - Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes2y
Not registered in Delaware https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch... not NMLS licensed in any state
Not registered in Florida https://search.sunbiz.org/Inquiry/CorporationSearch/SearchRe...
8 The Green, STE 4000 is not an office- it's a virtual mail address you can get for $11 a monthhttps://www.trustpilot.com/review/builderbanc.com some of the reviews appear to be from ownership but all are pretty low 2's
Do not give them an upfront fee of any sort.
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2yWhen I discussed with my client, he wanted to give it a try, got the same angry reply. So, nope.
Quote from @Caroline Gerardo:
Not registered in Delaware https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch... not NMLS licensed in any state
Not registered in Florida https://search.sunbiz.org/Inquiry/CorporationSearch/SearchRe...
8 The Green, STE 4000 is not an office- it's a virtual mail address you can get for $11 a monthhttps://www.trustpilot.com/review/builderbanc.com some of the reviews appear to be from ownership but all are pretty low 2's
Do not give them an upfront fee of any sort.
As for NMLS, MLO, for commercial real estate loans they do not need that to lend. However, they do need a business license and I could not find anything either. I asked for it from them, that added to the anger.
Thank you for the added research as well, I will be sending this to my client also. - Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes2y
The website advertises: they offer conventional 30 year mortgage loans nationwide. They need to be NMLS licensed in every state to state such. @Connie Kirkpatrick big fines and orange jump suits
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2yI know. Not what I got lectured on by them, part of the yelling at me and nasty emails.
Quote from @Caroline Gerardo:
The website advertises: they offer conventional 30 year mortgage loans nationwide. They need to be NMLS licensed in every state to state such. @Connie Kirkpatrick big fines and orange jump suits
- Member since 2024 · 3 posts · 1 vote2y
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
Quote from @Samia Othman:
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
FYI
I filed a fraud complaint with the FTC and surrendered all communications and notes to the attorney working on the case. They are illegally conducting business.
To date, they have not fought the fraud charges or I would be testifying, that may still occur. But the attorney stated I have provided them with plenty of documentation to support the fraud charge. He also informed me that they do not have a license to offer the services they claim they do.
Also, asking for exorbitant fees up front to provide a term sheet is not legitimate or ethical practice.
I received the same treatment from each person I spoke to, the broker of course thought it was me, until one of them yelled at him and could not answer his questions. Then he decided not to do business, they made the offer very attractive and he was desperate. Now he is grateful. - Member since 2024 · 3 posts · 1 vote2y
Connie -
If you would like I would be happy to provide that attorney any documentation I have as well. Feel free to contact me. Also, the crazy thing is this broker is still believing their BS, and he and his sister are defending them. As "proof" that they are legit, they sent me a copy of a DE vorp good standing screen shot and a fake HUD statement showing $1.2 million on a property that was sold for $200k three years ago. It boggles the mind that anyone is still believing their nonsense.
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
Quote from @Samia Othman:
Connie -
If you would like I would be happy to provide that attorney any documentation I have as well. Feel free to contact me. Also, the crazy thing is this broker is still believing their BS, and he and his sister are defending them. As "proof" that they are legit, they sent me a copy of a DE vorp good standing screen shot and a fake HUD statement showing $1.2 million on a property that was sold for $200k three years ago. It boggles the mind that anyone is still believing their nonsense.
Thank you Samia, I already filed the fraud case with the FTC and the attorney is working on it. I turned everything over to him. Gratefully my client listened to me. But not before he sent his client's files.
Anyone who argues or gets defensive when you request their business credentials is a problem. Thank you for the offer, best wishes on your path. Always dare to do your own research and investigate. - Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
Quote from @Samia Othman:
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
Hi Samia, I went through the FTC. Just got off with the attorney for CA. No one should be treated badly. I was also screamed at, told how unprofessional I was. Hang in there.
Good luck. - Member since 2024 · 1 post · 0 votes2yMeeting with Builder Banc later today and demanding my money back. Can you please share your contacts from the FTC/attorney?
Quote from @Connie Kirkpatrick:
Quote from @Samia Othman:
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
Hi Samia, I went through the FTC. Just got off with the attorney for CA. No one should be treated badly. I was also screamed at, told how unprofessional I was. Hang in there.
Good luck. - Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
@Marty Martin My contact is for California, his name is Daniel Lewis . He may be able to give you a contact in your state if you are not in CA. He is working on pulling the case together. They are not licensed to provide loans for commercial anywhere in the US.
Wish you the best of luck. You can go to the FTC and file a complaint.
- Member since 2024 · 3 posts · 1 vote2yHow did it go? Did you get any money back or just yelled at and threatened like everyone else on this thread?
Quote from @Marty Martin:
Meeting with Builder Banc later today and demanding my money back. Can you please share your contacts from the FTC/attorney?Quote from @Connie Kirkpatrick:
Quote from @Samia Othman:
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
Hi Samia, I went through the FTC. Just got off with the attorney for CA. No one should be treated badly. I was also screamed at, told how unprofessional I was. Hang in there.
Good luck. - Member since 2023 · 8 posts · 0 votes2y
Quote from @Marty Martin: Thank you for this feedback! I will take action immediately to retrieve my $38,250.
Meeting with Builder Banc later today and demanding my money back. Can you please share your contacts from the FTC/attorney?Quote from @Connie Kirkpatrick:
Quote from @Samia Othman:
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
Hi Samia, I went through the FTC. Just got off with the attorney for CA. No one should be treated badly. I was also screamed at, told how unprofessional I was. Hang in there.
Good luck. - Member since 2023 · 8 posts · 0 votes2y
Quote from @Connie Kirkpatrick:
@Marty Martin My contact is for California, his name is Daniel Lewis . He may be able to give you a contact in your state if you are not in CA. He is working on pulling the case together. They are not licensed to provide loans for commercial anywhere in the US.
Wish you the best of luck. You can go to the FTC and file a complaint.
I will be reaching out to Daniel today to align forces in seeking justice. Thank you so much! I am in the beginning of the process so filling the police reports and next I will be reaching out to the DA.
- Member since 2023 · 8 posts · 0 votes2y
Quote from @Samia Othman:
How did it go? Did you get any money back or just yelled at and threatened like everyone else on this thread?Quote from @Marty Martin:
Meeting with Builder Banc later today and demanding my money back. Can you please share your contacts from the FTC/attorney?Quote from @Connie Kirkpatrick:
Quote from @Samia Othman:
Do not do business with these people. I went to someone who was considered a reputable broker and he said he had a great new program. Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet. I had to pay them a $4,500 "commitment fee". I was skeptical but was lied to by the "broker" stating that he had gotten 2 loans done with them and been paid. So I trusted him and sent the money. They took three weeks and had nothing processed, they did not even order the appraisal. Then the day before we were supposed to close they asked for another 3 week extension. I have never seen a hard money loan take 8-10 weeks to process. The seller does not want to give an extension as they have three back up offers that are more money. We have now lost the property -
In the morning I will be contacting the attorney general office for my state as well as Delaware where they say they are incorporated. The rep from their company that accidentally called me this morning was calling from Florida. I feel like a complete idiot, as I am not a newbie at all but had recently moved to Illinois, and most of the usual lenders I use do not lend here.
The broker will now not respond to any calls, texts or emails. I told them about all of the bad reviews on Trust Pilot and what I have read on BP. It seems the only people who actually got loans from them were PPP loans from the government during Covid. How are they still in business? And now, a Steve Martinez from their FL number called me to put someone named Cody on the line screamed at me, cursed me out and threatened me for speaking bad of them.
Hi Samia, I went through the FTC. Just got off with the attorney for CA. No one should be treated badly. I was also screamed at, told how unprofessional I was. Hang in there.
Good luck.To Samia & the BiggerPockets Community,
I have made every effort to resolve this situation amicably, but the other party has been consistently unreasonable and uncompromising. As a result, I am committed to ensuring that other investors and professionals do not experience similar issues in the future. Moreover, I believe that those of us affected by this organization's actions deserve appropriate relief.
Sincerely,
MMThus far, I have made every attempt to resolve this situation as amicably as possible, but they have not and are being absolutely unreasonable, uncompromising, and ridiculous. Therefore, I plan to ensure this does not continue to happen to other investors/professionals. Additionally, I certain that some of us are due some relief as a result of dealing with this terrible organization.
- Member since 2023 · 8 posts · 0 votes2y
Quote from @Samia Othman:
Connie -
If you would like I would be happy to provide that attorney any documentation I have as well. Feel free to contact me. Also, the crazy thing is this broker is still believing their BS, and he and his sister are defending them. As "proof" that they are legit, they sent me a copy of a DE vorp good standing screen shot and a fake HUD statement showing $1.2 million on a property that was sold for $200k three years ago. It boggles the mind that anyone is still believing their nonsense.
Please share your information with me directly.
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
Quote from @Marty Martin:
Quote from @Samia Othman:
Connie -
If you would like I would be happy to provide that attorney any documentation I have as well. Feel free to contact me. Also, the crazy thing is this broker is still believing their BS, and he and his sister are defending them. As "proof" that they are legit, they sent me a copy of a DE vorp good standing screen shot and a fake HUD statement showing $1.2 million on a property that was sold for $200k three years ago. It boggles the mind that anyone is still believing their nonsense.
Please share your information with me directly.
Sent via message, a copy and paste.
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes2y
Quote from @Connie Kirkpatrick:
Quote from @Marty Martin:
Quote from @Samia Othman:
Connie -
If you would like I would be happy to provide that attorney any documentation I have as well. Feel free to contact me. Also, the crazy thing is this broker is still believing their BS, and he and his sister are defending them. As "proof" that they are legit, they sent me a copy of a DE vorp good standing screen shot and a fake HUD statement showing $1.2 million on a property that was sold for $200k three years ago. It boggles the mind that anyone is still believing their nonsense.
Please share your information with me directly.
Sent via message, a copy and paste.
FYI, my contact is for the state of California only. You need to go through the FTC site to file a complaint. Everyone out of the state has to.. Here is the link.https://reportfraud.ftc.gov/ - Member since 2024 · 3 posts · 0 votes1y
Beware Builder Banc is a scam. They met with me and my lender and had me send an interest fee by wire to show I was serious but then they backed out of the deal claiming they couldn't offer the same terms. They ended up keeping my funds. Over $1500
- Barrett Junction, CA · Member since 2023 · 13 posts · 6 votes1y
Quote from @Antwaun L. Cook:
I filed a case for fraud against them. File with the Federal trade commission now. You are lucky, they tried charging 60,000 with one of my other clients.
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