Jordan Capital Finance. References?

7 Replies

I have a finance proposal from Jordan Capital Finance. I have never done business with them. Do you have any experience with them that you can share?

Hello Jeff,

I just submitted paperwork to them and waiting reply. I can let you know how it goes. I am in the Royal Oak area, so not far from you. Used to live in F.Hills before 2002. 

What "proposal" did they offer you?

Lee

Any updates with your proposal from Jordan capital?

I received a response to this post that added to my doubts and I chose not to pursue the loan before sending them any money. If you have any experience with them please share.

Originally posted by @Jeff Rabinowitz :

I received a response to this post that added to my doubts and I chose not to pursue the loan before sending them any money. If you have any experience with them please share.

  i have no experience yet, i had a very good conversation with someone today from their company. 

@Jeff Rabinowitz  why would you send them money?  or is it money for credit check and apprasial which would be normal.

@Jay Hinrichs , it was for the appraisal. The correspondence raised suspicion and the terms promised seemed a bit too good to believe. The terms were promised before they did a credit check which raised further suspicion. (I monitor my credit and know they did not do an inquiry.) This was for funds that I don't really need and don't have a plan for--I was only considering the loan because I knew I would find a deal to deploy the funds profitably if they were actually loaned at the terms offered.

@Jeff Rabinowitz not sure what normal terms are in your market, however from what I see HML rates are very much regionalized.... IE in CA were there is a FLOOD of investor money looking for homes.. you can get HML for 1 point and 7 to 9% if you have the equity and credit.

this is not far from what I enjoy from my commercial banks which is 1/2 and 5 to 6 .. and sometimes 1 point and 6.5 for 90% LTC new construction loans. and of course one of the major difference's is we only pay on drawn funds.. Unlike most HML if you borrow say 500k on a deal your paying interest on 500k from day one... not as you take it down on draws say over a 3 or 4 draw process.

Having been an out of state HML I know it can be difficult to garner borrowers who don't know you... So to that end we always got our borrowers through closing attorneys and or referrals from TK marketing companies . I found having a website and advertising for borrowers was very tedious and you wasted a ton of time on folks that you needed to educate and or were just shopping you.. by going direct to the known closing attorneys and getting personal intro's to the bigger players we were able to establish some really great relationships with borrowers who appreciated what we could do for them .

Many times of course your dealing with a MLO of some sort who really has no lending authority... whereas I dealt with my guys personally and I was the chief bottle washer so it was a nice fit.. Of course when I had a loan go TU it was on me as well I did not have an MLO to blame or fire :)

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