Sherman Bridge Lending User Beware!!
Sherman Bridge Lending-User Beware
False promises, bait and switch hidden fees and spiked interest rates.
Name of their game-- keep you locked in the hard money as long as possible.
I've been using Sherman Bridge for the last 3 years to acquire property. I've watched this company go down the drain and their level of service diminish year after year. Being a repeat customer I would have expected to be treated as a priority, but instead i continue to be placed on the backburner. I am currently in the process of refinancing 2 properties that i purchased in November 2015. It is now approaching March 2016 and I continue to be trapped in the high interest hard money while they drag thier feet on allowing me to refinance my loans. This is not the first time this has happened!!
Sherman Bridge's Landlord program is supposed to allow you to purchase a property quickly, and then start your refinance into a 30 year fixed conventional loan as soon as you complete your renovation. Let me be the one to tell you YOU WILL NOT GET REFINANCED in a timely fashion. I have always completed my renovations within 30 days, and submitted all documents quickly, however when it comes time to refinance they have absolutely NO urgency in preparing the file. At this point I am convinced this is being done intentionally to collect money on fees and higher interest when the loan matures after the 90 day mark.
No matter how quickly you provide them your salary and Bank statements, or other required documents, you will still be waiting weeks and weeks to recieve an update And then when they take their sweet time and you've been stuck in hard money they will not take responsibility for the delays and remove the penalties!! It will you who is stuck dealing with the 14.99% spiked interest and other associated loan maturity fees for holding the loan too long.
Over the last year, I've also watched the fees increased on draw inspections, apprasials and all the earlier incentives taken away.
I am fed up with Working with this company and plan to take my business elsewhere if I can ever finish refinancing the current loans I have with them.
If you want to use this company be prepared to be slapped with unexpected hidden fees, and spiked interest rates.
I am sure There are several far better hard money lenders out there providing quality service to their customers.