Lender Verification - RR Finance and Real Estate

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Lender Verification - RR Finance and Real Estate

Michael PotortiPro Member
Member since 2023 · 16 posts · 19 votes

I have several deals I'm putting together with houses under contract that are below market and will cash flow when closed on.

Doing Due Diligence and I wanted to see what experience you guys had with this lender. I appreciate your input. Thanks!


RR Finance & Real Estate
201 E 4th St
Cincinnati, OH 45202

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Tyler Warrick
Lender · Chandler, AZ · Member since 2023 · 88 posts · 48 votes
2y

No google reviews yet they claim to have originated $40M since inception (nothing on website points to when that was). Individual producers (say top 30% producers) will write +$40M in one year.

This is not to say they are bad, but I'm not sure how you can conduct due diligence without seeing social proof.

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  • Caroline Gerardo
    Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
    2y

    enforcement actions : https://mld.nv.gov/Enforcement/Home/

    2Reply
  • Tyler Warrick
    Lender · Chandler, AZ · Member since 2023 · 88 posts · 48 votes
    2y

    No google reviews yet they claim to have originated $40M since inception (nothing on website points to when that was). Individual producers (say top 30% producers) will write +$40M in one year.

    This is not to say they are bad, but I'm not sure how you can conduct due diligence without seeing social proof.

    2Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    Are they a broker or direct lender ?

    0Reply
  • Chris Scott
    Member since 2023 · 1 post · 0 votes
    2y

    Hi Michael, 

    How was your experience with "RR Finance and Real Estate" ?

    0Reply
  • Michael PotortiPro Member
    OP
    Member since 2023 · 16 posts · 19 votes
    2y

    Apparently, they are a fake entity. They stole thousands from a colleague. Do not send any money to them.

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Michael Potorti:

    Apparently, they are a fake entity. They stole thousands from a colleague. Do not send any money to them.


     What led you to start the process with them?

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Michael PotortiPro Member
    OP
    Member since 2023 · 16 posts · 19 votes
    2y

    Great terms - watch out for stuff too good to be true

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Michael Potorti:

    Great terms - watch out for stuff too good to be true

    Yup. I see it all the time when clients shop. They end up coming right back to reality and wasted 90 days to "see if it will work". This is why it's critical to work with a broker. We do this every single day and have seen it all. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Michael PotortiPro Member
    OP
    Member since 2023 · 16 posts · 19 votes
    2y

    @Erik Estrada sent you a message on another property I have under contract - looking for financing ASAP. Thanks!

    0Reply
  • Alex Hunt
    Lender · Member since 2022 · 441 posts · 134 votes
    2y

    Glad to see this diligence working as the community was able to help, love BiggerPockets!

    Happy to connect on any current or future options!

    0Reply
  • Franklin Medina
    Member since 2024 · 4 posts · 0 votes
    2y

    I am also working with this lender and they are requesting lender private mortgage insurance to be wired to them prior to closing.  Here is there email to me: "With regard to your previous email, the closing attorney or title company is not responsible for securing or holding back the lender's private mortgage insurance to close any deal. Interest reserve and lender private mortgage insurance are always secured before closing. For clarification, the title company can advise but they can't finance any deal. Homeowner insurance and lender private mortgage insurance are two different policies. It has to be secured before we can close, the reason we have requested a 50% deposit and other balance paid once closed. Feel free to make your own best decision. That is how best we can close and have always closed any transaction."

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y
    Quote from @Tyler Warrick:

    No google reviews yet they claim to have originated $40M since inception (nothing on website points to when that was). Individual producers (say top 30% producers) will write +$40M in one year.

    This is not to say they are bad, but I'm not sure how you can conduct due diligence without seeing social proof.


     In this day and age, not having a online Prescence and clearly documented track record is just a huge red flag

    [email protected]
    Harpoon Capital514 Reviews
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    2Reply
  • Franklin Medina
    Member since 2024 · 4 posts · 0 votes
    2y

    @Robin Simon agreed 100%

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Franklin Medina:

    I am also working with this lender and they are requesting lender private mortgage insurance to be wired to them prior to closing.  Here is there email to me: "With regard to your previous email, the closing attorney or title company is not responsible for securing or holding back the lender's private mortgage insurance to close any deal. Interest reserve and lender private mortgage insurance are always secured before closing. For clarification, the title company can advise but they can't finance any deal. Homeowner insurance and lender private mortgage insurance are two different policies. It has to be secured before we can close, the reason we have requested a 50% deposit and other balance paid once closed. Feel free to make your own best decision. That is how best we can close and have always closed any transaction."


     complete scam

    7e investments53 Reviews
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    0Reply
  • Franklin Medina
    Member since 2024 · 4 posts · 0 votes
    2y
    Thank you Chris.  My thoughts exactly.  
    0Reply
  • Anderson S.Business Member
    Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
    2y
    Quote from @Michael Potorti:

    I have several deals I'm putting together with houses under contract that are below market and will cash flow when closed on.

    Doing Due Diligence and I wanted to see what experience you guys had with this lender. I appreciate your input. Thanks!


    RR Finance & Real Estate
    201 E 4th St
    Cincinnati, OH 45202


     Hi Michael - if you still need support we'd love to help!

    [email protected]917-830-7144
    Brooklyn Funding Group59 Reviews
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    0Reply
  • Joju Jones
    Newport News, VA · Member since 2015 · 1 post · 0 votes
    2y

    I’m actively getting scammed from them right now. Something told me don’t send the money but I went against my better judgment. I won’t do that again 

    0Reply
  • Anderson S.Business Member
    Lender · Brooklyn, NY · Member since 2024 · 209 posts · 50 votes
    2y
    Quote from @Joju Jones:

    I’m actively getting scammed from them right now. Something told me don’t send the money but I went against my better judgment. I won’t do that again 


     I'm sorry that you had that experience. Out of curiousty how did you hear about them? 

    [email protected]917-830-7144
    Brooklyn Funding Group59 Reviews
    WebsiteView Page
    0Reply
  • Charlie GonzalezPro Member
    Lender · Charlotte, NC · Member since 2023 · 70 posts · 10 votes
    2y

    Hi Michael,

    Congrats on snagging properties under market value! Huge win.

    I quoted a fellow BP follower a 6.75% rate on DSCR. Yes, you read that right.

    Please feel free to message me with any scenarios you are currently working on and I can help out. 

    0Reply
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