Anyone know 1st Quick Funding?

Question

Has anyone used 1st Quick Funding, a New York-based private (hard money) lender? I am looking for any experiences.

Gary

William Simms · Answer

My friend used quick funding and they are a sham. they took his money and strung him along even after giving a commitment. They lied time after time and was not responsive. he ultimately had to file a bankruptcy to stop the sale of his property. Don't use them!!!!

John Thompson · Answer

1st Quick has both good and bad comments from brokers. We are a consulting firm that has recent deals in 2008 national and international from 100k to 500mm, Everyone; and I mean everyone with the exception of Silverhill (11%+) is going to charge an up front fee. We get several loans closed every week and it is common practice to pay 2-3k for even a 150k loan. The advantage of using a broker is that they have access to all of the major institutions (Which are all shuttered due to the Resi fallout) but also should have a sophicticated Rolodex and contacts with various Hedge Fund Managers; Real Estate Investment Trust Managers and Private company that will only deal with brokers. Yes the big banks (Wells, Countrywide etc) will not charge a fee generally, but you are not likely to get anything closed with them, at least right now.

Maureen Helm · Answer

Never Ever....  pay an upfront fee.  This is a huge red flag.  The only time you will generally have to pay a "Due Diligence" fee is in a large commercial transaction.

Garrett May · Answer

Hello,

I haven't found anything else about them. So, I would probably leave them alone.

Gary

Christine Bosch · Answer

Gary,

Did you ever find anything out about these folks?  I have been trying to also find info about them.  I have a Terms sheet from them (actually the letter head is Quick Funding - based out of NY) and was worried about the large upfront fee they are requesting.
I have found a blog/forum that talks about them a bit if that would help you - the ssite is as follows: http://www.brokeruniverse.com/grapevine/thread/?thread=532851

If for some reason you aren't able to connect google broker universe or Mortgage grapevine to pull these conversations up.

Also, please let me know if you have found out any info on this company.