Easy Street Capital (Legit or No?)
Investor · Bangor, ME · Member since 2023 · 71 posts · 59 votes
Easy Street Capital (Legit or No?)
Most Popular Reply
Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votesQuote from @Aaron Bard:
Hello!
I just found another deal and am touring it with my agent shortly.
I was recently messaged by a representative of Easy Street Capital about DSCR lending. I was wondering if anyone else in the BP community has used this company for their investment lending.
I cannot achieve another low-money down loan until the end of 2024 when the seasoning period of my FHA loan runs out, so I'm looking for other alternatives.
Thank you for any help!
Hi Aaron - check out our lender page here on BiggerPockets - you can see info and a long track record of strong reviews: https://www.biggerpockets.com/business/page/49
Also, sharing links to the 10-Part Article Series we published here on BP on everything you need to know about DSCR Loans - we are fully committed to transparency and providing info/guidance to the BP investor community!
DSCR Loans: What Are They And How To Get The Best Terms
https://www.biggerpockets.com/...
DSCR Loans: How To Use Pro Strategies To Save More And Make More
https://www.biggerpockets.com/...
Multifamily DSCR Loans: A New High-Impact Loan Option For Real Estate Investors?
https://www.biggerpockets.com/...
12 Frequently Asked Questions (And Answers) About DSCR Loans
https://www.biggerpockets.com/...
8 More Commonly Asked Questions and Answers to DSCR Loans
https://www.biggerpockets.com/blog/eight-questions-and-answe...
What Documents Do You Need for a DSCR Loan?
https://www.biggerpockets.com/blog/what-documents-do-you-nee...
BRRRR Loans: What Are the Options, and How Do DSCR Loans Stack Up?
https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...
Short-Term Rental Loans: What Are the Options and How Do DSCR Loans Stack Up?
https://www.biggerpockets.com/blog/short-term-rental-loans-a...
DSCR Loans: Terms to Know When Working With These Popular Rental Loan
https://www.biggerpockets.com/blog/dscr-loans-terms-to-know
What’s Next For DSCR Loans? Updates For 2024 and Beyond
https://www.biggerpockets.com/blog/what-is-coming-in-2024-fo...
Harpoon Capital514 Reviews
36 Replies
- 2yRobin SimonBusiness MemberLender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
Quote from @Aaron Bard:
Hello!
I just found another deal and am touring it with my agent shortly.
I was recently messaged by a representative of Easy Street Capital about DSCR lending. I was wondering if anyone else in the BP community has used this company for their investment lending.
I cannot achieve another low-money down loan until the end of 2024 when the seasoning period of my FHA loan runs out, so I'm looking for other alternatives.
Thank you for any help!
Hi Aaron - check out our lender page here on BiggerPockets - you can see info and a long track record of strong reviews: https://www.biggerpockets.com/business/page/49
Also, sharing links to the 10-Part Article Series we published here on BP on everything you need to know about DSCR Loans - we are fully committed to transparency and providing info/guidance to the BP investor community!
DSCR Loans: What Are They And How To Get The Best Terms
https://www.biggerpockets.com/...
DSCR Loans: How To Use Pro Strategies To Save More And Make Morehttps://www.biggerpockets.com/...
Multifamily DSCR Loans: A New High-Impact Loan Option For Real Estate Investors?https://www.biggerpockets.com/...
12 Frequently Asked Questions (And Answers) About DSCR Loanshttps://www.biggerpockets.com/...
8 More Commonly Asked Questions and Answers to DSCR Loans
https://www.biggerpockets.com/blog/eight-questions-and-answe...
What Documents Do You Need for a DSCR Loan?
https://www.biggerpockets.com/blog/what-documents-do-you-nee...
BRRRR Loans: What Are the Options, and How Do DSCR Loans Stack Up?
https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...
Short-Term Rental Loans: What Are the Options and How Do DSCR Loans Stack Up?https://www.biggerpockets.com/blog/short-term-rental-loans-a...
DSCR Loans: Terms to Know When Working With These Popular Rental Loanhttps://www.biggerpockets.com/blog/dscr-loans-terms-to-know
What’s Next For DSCR Loans? Updates For 2024 and Beyondhttps://www.biggerpockets.com/blog/what-is-coming-in-2024-fo...
Harpoon Capital514 Reviews - 2yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Aaron Bard:
Hello!
I just found another deal and am touring it with my agent shortly.
I was recently messaged by a representative of Easy Street Capital about DSCR lending. I was wondering if anyone else in the BP community has used this company for their investment lending.
I cannot achieve another low-money down loan until the end of 2024 when the seasoning period of my FHA loan runs out, so I'm looking for other alternatives.
Thank you for any help!
Yes Easy Street Capital Is a very good lender to work with. I have had great experiences with them on the brokering side.
LuxePrivate Investments LLC 572 Reviews - Realtor · Southern Maine · Member since 2020 · 24 posts · 19 votes2y
Quote from @Aaron Bard:
Hello!
I just found another deal and am touring it with my agent shortly.
I was recently messaged by a representative of Easy Street Capital about DSCR lending. I was wondering if anyone else in the BP community has used this company for their investment lending.
I cannot achieve another low-money down loan until the end of 2024 when the seasoning period of my FHA loan runs out, so I'm looking for other alternatives.
Thank you for any help!
I have not had any experience with Easy Street Capital, but David Lichten resides in Gardiner, Maine and I have done many deals with him. https://kennebecrealtycapital.com/
It's great to have options and compare, plus he is local!
- 2yDan WeberBusiness MemberRealtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
Hey @Aaron Bard, I met a bunch of them at the BP conference last year, they are legit. I would highly recommend @River Sava over there, she's great.
- Lender · San Diego, CA · Member since 2023 · 12 posts · 3 votes2y
Hi Aaron - Yes, I had a recent client mention working with them on a past deal.
- Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes2y
@Aaron Bard- plenty of lenders offer DCSR loans ...contact a few for quotes ...also - dont pay any lenders at the beginning of the process
- Bangor ME & Richmond, VA · Member since 2018 · 166 posts · 106 votes2y
Hey Aaron, have you considered a commercial mortgage from a local bank like First National or Bangor Savings Bank? I'm happy to introduce you to folks there. Machias Savings Bank as well. Commercial mortgages are really DSCR loans. The "DSCR loan" world is really just a spin off of commercial banking. In my experience, the local banks are going to get you better rates and lower fees with their commercial loan products than the "DSCR lenders". There is a time and place for DSCR loans, depending on exactly what you are looking at. They usually come with fairly steep rates and high fees/points at closing. I'm happy to get together with you again about this newest spot you are touring and give you my 2 cents on how I would finance it. Some of the other lenders mentioned in this thread are more so private lenders / hard money lenders and while they may underwrite based on DSCR, I don't think it is the DSCR loan you are looking for. If you are looking for a hard money loan for a rehab project, let me know. I'll introduce you to the owner of MR Qualified Alternatives. I've done about 5 hard money loans with them.
- 2yAustin ClarenceBusiness MemberLender · Phoenix, AZ · Member since 2023 · 135 posts · 31 votes
Hi Aaaron-WIth DSCR lending you can see a massive spread in pricing and fees. I highly recommend you work with a mortgage broker who is licensed for Maine (I am not). This way the broker can search hundreds of lenders (Including Easy Street Capital) instead of just hoping that one lender can get you a good deal.
A direct lender can work very well for Conventional loans, but if you were hoping to get a good deal I would look elsewhere
Austin Clarence with NEXA Mortgage551 Reviews - Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes2y
Easy Street is a good option BUT you need CASH in liquid checking/savings for down payment of 20% and BIG chunk 2-3 times loan amount to buy out of a prepayment penalty. Don't look for lowest rate, look for lowest cost on fees as you will either refinance out of that loan or sell- the prepay will hit you on the back of the head like a cinderblock wall. You also need the operating cash to do rehab.
I say this because you mention FHA and low money. DSCR is not low money down or low money into a deal.
- 2yRobin SimonBusiness MemberLender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
Quote from @Austin Clarence:
Hi Aaaron-WIth DSCR lending you can see a massive spread in pricing and fees. I highly recommend you work with a mortgage broker who is licensed for Maine (I am not). This way the broker can search hundreds of lenders (Including Easy Street Capital) instead of just hoping that one lender can get you a good deal.
A direct lender can work very well for Conventional loans, but if you were hoping to get a good deal I would look elsewhere
Or you could search for hundreds of lenders here on BP or online yourself and avoid paying broker fees..
Harpoon Capital514 Reviews - Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes2y
They are legit and competent. Good for you for checking though. There are some lenders out there that are "legit" but pretty incompetent.
- Investor · Bangor, ME · Member since 2023 · 71 posts · 59 votes2yThanks for more great advice Eddie! I'll let you know what I decide for lending. In the meantime it would be great to catch up with you over coffee again!
Quote from @Eddie Gonnella:
Hey Aaron, have you considered a commercial mortgage from a local bank like First National or Bangor Savings Bank? I'm happy to introduce you to folks there. Machias Savings Bank as well. Commercial mortgages are really DSCR loans. The "DSCR loan" world is really just a spin off of commercial banking. In my experience, the local banks are going to get you better rates and lower fees with their commercial loan products than the "DSCR lenders". There is a time and place for DSCR loans, depending on exactly what you are looking at. They usually come with fairly steep rates and high fees/points at closing. I'm happy to get together with you again about this newest spot you are touring and give you my 2 cents on how I would finance it. Some of the other lenders mentioned in this thread are more so private lenders / hard money lenders and while they may underwrite based on DSCR, I don't think it is the DSCR loan you are looking for. If you are looking for a hard money loan for a rehab project, let me know. I'll introduce you to the owner of MR Qualified Alternatives. I've done about 5 hard money loans with them.
- Real Estate Broker · Elmwood Park, IL · Member since 2020 · 55 posts · 32 votes2y
@Aaron Bard
I would not recommend. They gave us a pre approval on a cash out refi. We paid them $2,500.00 in fees (underwriting, inspections, title search and their fees) before closing. After inspections and close to closing our refi, they msged me saying they changed their metrics and will no longer approve our refi. Now they wont give us our money back even though they are the ones who changed their metrics on lending after approving us. After doing more searching we found a bunch of investors they did this too and they have an F on the BBB website. They are also being sued for pretty much the same thing they did to us. We are currently working with our lawyers to take next steps and get our money back along with damages due to wasted time and investments we missed out on along with other people who they have done this too.
So in short. No. I would not recommend and no they are not legit. Run away!!
Call a local bank or broker in your area. This place has scam written all over it. I wish I dug into them sooner. All comments are hidden on social sites. I wonder why???
- 2yNick BelskyBusiness MemberResidential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
I have closed many deals with Easy Street and they are very legit. For my clients, I like Easy Streets bridge purchase and STR DSCR programs. They are top notch and are one of the few lenders I consider to be a true STR lender. They know how to underwrite the property types and don't weigh the file down with a bunch of BS. I've close purchase bridge loans with them in under 7 days without much effort on my part.
It's easy to find someone who had one bad experience with any lender, but I can easily say 99% of my experience with Easy Street has been very positive. I only say 99% percent as I cannot recall any bad ones... Lol.
Cheers!
Belsky Mortgage, LLC527 Reviews - Investor · Indianapolis, IN · Member since 2020 · 81 posts · 13 votes2y
Quote from @Aaron Bard:
Hello!
I just found another deal and am touring it with my agent shortly.
I was recently messaged by a representative of Easy Street Capital about DSCR lending. I was wondering if anyone else in the BP community has used this company for their investment lending.
I cannot achieve another low-money down loan until the end of 2024 when the seasoning period of my FHA loan runs out, so I'm looking for other alternatives.
Thank you for any help!
"Low money down payment" are you referring to taking out another FHA loan or going conventional?
- 2yRobin SimonBusiness MemberLender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
Quote from @Nick Belsky:
I have closed many deals with Easy Street and they are very legit. For my clients, I like Easy Streets bridge purchase and STR DSCR programs. They are top notch and are one of the few lenders I consider to be a true STR lender. They know how to underwrite the property types and don't weigh the file down with a bunch of BS. I've close purchase bridge loans with them in under 7 days without much effort on my part.
It's easy to find someone who had one bad experience with any lender, but I can easily say 99% of my experience with Easy Street has been very positive. I only say 99% percent as I cannot recall any bad ones... Lol.
Cheers!
Thank you Nick - unfortunately it is the name of the game in this space that there will be people with bad experiences, typically when the appraised value doesn't come in as what they expect and they lash out at the lender accordingly (anyone in this space obviously understands this occurrence). Our hands are tied accordingly however as we cannot influence the appraiser and need to keep them truly independent (as every legitimate lender in the space knows as well if they want to continue as such)
Harpoon Capital514 Reviews - Realtor · Athens, GA · Member since 2023 · 201 posts · 104 votes2y
Quote from @Aaron Bard:
Hello!
I just found another deal and am touring it with my agent shortly.
I was recently messaged by a representative of Easy Street Capital about DSCR lending. I was wondering if anyone else in the BP community has used this company for their investment lending.
I cannot achieve another low-money down loan until the end of 2024 when the seasoning period of my FHA loan runs out, so I'm looking for other alternatives.
Thank you for any help!
Just used them last week to close a deal that someone else could not. Worked out great.
- Member since 2024 · 5 posts · 7 votes1y
I'm working with them now and having the absolute WORST time. My realtor has also been appalled by how terrible they've been. My question is: who did you work with there? At least point, I'm locked in to working with them (probably), but wondering if I can, at the very least switch lending agents. Thanks for any help!
- 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Lindsey Konchar:
I'm working with them now and having the absolute WORST time. My realtor has also been appalled by how terrible they've been. My question is: who did you work with there? At least point, I'm locked in to working with them (probably), but wondering if I can, at the very least switch lending agents. Thanks for any help!
It honestly does depend on who you are working with. Especially your Loan Analyst assigned. I just closed another one with Easy Street Capital and it was very challenging because our Loan Analyst assigned was pretty new, causing many delays and errors that should have been caught early on.
Should you need help closing this, I am happy to connect!
LuxePrivate Investments LLC 572 Reviews - 1yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Brian Williams:
Be very careful dealing with this group. Especially first time flippers dealing with them on hard money loans. #1 thing they do not mention until 1 1/2 - 2hrs before closing after being asked multiple times days before closing is that your rehab money is not being funded to you even though that is how it is stated on their paperwork. It is a reimbursement of your own money that you spend, after they review to approve the value of work and money you spent. They pretty much stole $7,500 from us since they couldn't provide that information until they did. We had to back out of the deal because using our money for rehab and getting reimbursed later was not what was planned or how they sold it and would have put us in a bad financial position since they could not give all the proper information upfront. Not sure how they legally do it because funding and reimbursing is 2 completely different definitions, so I would be very careful for any other words and definitions that they manipulate to put money in their pockets. Would not recommend these people at all there is a reason they have a F on the BBB. I just wish I would've paid attention. This is a group of people with no morals who is more concerned with putting money in their own pockets instead of being upfront, honest, truthful with people in the beginning.
Brian most HML work in reimbursement mode this is to be expected in the industry.. Just fyi. I know I go about as far as anyone in the fix and flip capital business but I wont front rehab money to contractors good way to get it stolen and the clients dont realize it either. for my very good repeat clients I might front 5 to 10k for clean out.. But no major draws to contractors its all reimburse for work in place.. Keep in mind though I do my own inspections and I allow them to draw weekly so very few contractors cant wait till Friday to get paid.. If the contractor wants half of up front type of deal thats a hard pass unless again its one of my very best clients that I have done 20 to 50 deals with over the last few years. I cant comment on what you were told or thought was going to be the terms Just commmenting on how the industry pretty much works. - Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes1y
Quote from @Brian Williams:
Be very careful dealing with this group. Especially first time flippers dealing with them on hard money loans. #1 thing they do not mention until 1 1/2 - 2hrs before closing after being asked multiple times days before closing is that your rehab money is not being funded to you even though that is how it is stated on their paperwork. It is a reimbursement of your own money that you spend, after they review to approve the value of work and money you spent. They pretty much stole $7,500 from us since they couldn't provide that information until they did. We had to back out of the deal because using our money for rehab and getting reimbursed later was not what was planned or how they sold it and would have put us in a bad financial position since they could not give all the proper information upfront. Not sure how they legally do it because funding and reimbursing is 2 completely different definitions, so I would be very careful for any other words and definitions that they manipulate to put money in their pockets. Would not recommend these people at all there is a reason they have a F on the BBB. I just wish I would've paid attention. This is a group of people with no morals who is more concerned with putting money in their own pockets instead of being upfront, honest, truthful with people in the beginning.
What we see most lenders do is you have a draw schedule with completion items and once the work is complete it is funded - its rare if ever that a borrower gets a deposit before hand or before work is done.
7e investments53 Reviews - 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Brian Williams:
Be very careful dealing with this group. Especially first time flippers dealing with them on hard money loans. #1 thing they do not mention until 1 1/2 - 2hrs before closing after being asked multiple times days before closing is that your rehab money is not being funded to you even though that is how it is stated on their paperwork. It is a reimbursement of your own money that you spend, after they review to approve the value of work and money you spent. They pretty much stole $7,500 from us since they couldn't provide that information until they did. We had to back out of the deal because using our money for rehab and getting reimbursed later was not what was planned or how they sold it and would have put us in a bad financial position since they could not give all the proper information upfront. Not sure how they legally do it because funding and reimbursing is 2 completely different definitions, so I would be very careful for any other words and definitions that they manipulate to put money in their pockets. Would not recommend these people at all there is a reason they have a F on the BBB. I just wish I would've paid attention. This is a group of people with no morals who is more concerned with putting money in their own pockets instead of being upfront, honest, truthful with people in the beginning.
Most Hard Money Lenders and Construction lenders follow this model.
Think about it. What if you can't complete the project or use the funds for something else?
I do agree though that they should have explained the draw process to you and have written you an email to you before getting under contract. I usually have everything in writing so I can reference it back to the client.
A way around this is to take on a secured LOC for rehab fundings. I would suggest getting this set up beforehand.
LuxePrivate Investments LLC 572 Reviews - Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes1y
Quote from @Erik Estrada:
Quote from @Brian Williams:
Be very careful dealing with this group. Especially first time flippers dealing with them on hard money loans. #1 thing they do not mention until 1 1/2 - 2hrs before closing after being asked multiple times days before closing is that your rehab money is not being funded to you even though that is how it is stated on their paperwork. It is a reimbursement of your own money that you spend, after they review to approve the value of work and money you spent. They pretty much stole $7,500 from us since they couldn't provide that information until they did. We had to back out of the deal because using our money for rehab and getting reimbursed later was not what was planned or how they sold it and would have put us in a bad financial position since they could not give all the proper information upfront. Not sure how they legally do it because funding and reimbursing is 2 completely different definitions, so I would be very careful for any other words and definitions that they manipulate to put money in their pockets. Would not recommend these people at all there is a reason they have a F on the BBB. I just wish I would've paid attention. This is a group of people with no morals who is more concerned with putting money in their own pockets instead of being upfront, honest, truthful with people in the beginning.
Most Hard Money Lenders and Construction lenders follow this model.
Think about it. What if you can't complete the project or use the funds for something else?
I do agree though that they should have explained the draw process to you and have written you an email to you before getting under contract. I usually have everything in writing so I can reference it back to the client.
A way around this is to take on a secured LOC for rehab fundings. I would suggest getting this set up beforehand.
We also do not know if they were dealing with easy street or dealing with a broker who was white labeling it or managing the process- what I have found is there are a lot of brokers who go to the larger players and they are not skilled, so it creates a lengthy, time confusing process.
7e investments53 Reviews - 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Chris Seveney:
Quote from @Erik Estrada:
Quote from @Brian Williams:
Be very careful dealing with this group. Especially first time flippers dealing with them on hard money loans. #1 thing they do not mention until 1 1/2 - 2hrs before closing after being asked multiple times days before closing is that your rehab money is not being funded to you even though that is how it is stated on their paperwork. It is a reimbursement of your own money that you spend, after they review to approve the value of work and money you spent. They pretty much stole $7,500 from us since they couldn't provide that information until they did. We had to back out of the deal because using our money for rehab and getting reimbursed later was not what was planned or how they sold it and would have put us in a bad financial position since they could not give all the proper information upfront. Not sure how they legally do it because funding and reimbursing is 2 completely different definitions, so I would be very careful for any other words and definitions that they manipulate to put money in their pockets. Would not recommend these people at all there is a reason they have a F on the BBB. I just wish I would've paid attention. This is a group of people with no morals who is more concerned with putting money in their own pockets instead of being upfront, honest, truthful with people in the beginning.
Most Hard Money Lenders and Construction lenders follow this model.
Think about it. What if you can't complete the project or use the funds for something else?
I do agree though that they should have explained the draw process to you and have written you an email to you before getting under contract. I usually have everything in writing so I can reference it back to the client.
A way around this is to take on a secured LOC for rehab fundings. I would suggest getting this set up beforehand.
We also do not know if they were dealing with easy street or dealing with a broker who was white labeling it or managing the process- what I have found is there are a lot of brokers who go to the larger players and they are not skilled, so it creates a lengthy, time confusing process.
There is no mention of Easy Street on their wholesale side unless the broker told the client. They go by a different lender name on their loan docs and application. Can't even google them lol.
The funny thing is a lot of the deals I get are fall outs from retail lenders. A lot of the big box lenders hire new LOs, with like 6 months of experience. They end up overpromising and underdelivering, then they fall out.
White labeling is much better, especially if the broker can handle all communications with appraisals, title, insurance, and they have access to guidelines. The it's just a matter of submitting and waiting on the UW turn time.
LuxePrivate Investments LLC 572 Reviews
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