ICG10 - Has anyone used this lender?

Question

Good Evening BP!

I have come across this lender on the site and also been through their web page.  Does anyone have any firsthand experience in working with them?

Have you had any dealings with them, positive or negative?

Josh Stack · Answer

@Simcha Davidman,

No, didn't go through with them as my project failed to get to closing.  I think they are a reputable lender though, based on all information I have seen.  No first hand experience with them however.

Louis Jeffries · Answer

@Kevin Murry @Josh Stack

As a lender I have not used them but am aware of their programs. It is good to get feedback. I have a feeling the issues you had with Warren may Warren and not necessarily the company. But if multiple people have issues then it is the company.

Kevin Murry · Answer

My partners and I initially worked with Warren maybe month ago on a Hazel Crest, Illinois property deal. He informed us that we would have to put a down payment on the purchase price, but he covers 100% of the rehabs on his deals. That deal fell through because the scope of work(rehab estimate) was too high. He seemed a little aggressive, but he was timely in responding to our inquiries during our first experience with him.

We contacted Warren last week for a new property on the Southside of Chicago for a quote. This time we waited until we had all of the documents before contacting him because he contacted us daily asking if our agent had the rehab estimate even though we told him it would take a few days. We asked him for the quote and because we are under contract on the property with an “As is” price under $100k, he said that he could not do the deal without an appraisal of the property.

We agreed to the appraisal. He started harassing us about giving him the documents with my partner’s social security number and we brought up the fact that he did not know at this point if he was going to do the deal. He persisted that he needed to have the application. I informed him that if we sent him the application that we were not authorizing a credit pull of my partner’s credit report until after the appraisal and based on if he was actually going to do the deal. We did not want my partner’s credit score to drop if we had to go to a new lender with the deal.

Warren emails us over the weekend and says that there will be at least a two week delay for the appraisal after we told him that the buyer was looking for a fast closing. We agreed to the delay and we contacted our attorney to ask the buyer for an extension, so we did not lose our $10,000 earnest money deposit. Warren then emails us this Sunday (even though he says he does not work on the weekend) and informs us that he is now changing the terms of the loan and NOT covering 100% of the rehabilitation of the property as he initially told us with the Hazel Crest property.

We decided to move on to another lender because Warren is now changing the terms of the loan from what he initially told us. We send Warren a friendly email saying that we are going to go with a different lender and that we will be happy to work with him in the future.

Monday morning my partner receives a text alert that Warren has run her credit Sunday after we told him we were going to another lender. My partner sends him an email asking why did he run her credit when he was not authorized to do it. He said that the system just automatically ran her credit Sunday (even though he does not work weekends), when my partner’s social security number should not have been placed into the system at all.

Now we are about to lose a deal because Warren was taking his time setting up an appraisal.

I would suggest getting the terms up front for EACH LOAN with Warren IN WRITING. DO NOT give your social security number on the application until appraisals are completed and he agrees to do the deal because he will change the terms and do unauthorized credit checks.

Warren Ifergane · Answer

This was a first-time flipper. He had a deal that he first brought to us, so we quoted 82.5% + 100% of rehab. On the second deal, he assumed we'd be at the same terms, but it was lopsided (rehab much larger than purchase). So he got angry.

Most experienced investors will understand this. This is all PRE- ordering of the appraisal, so really nothing was affected here. He didn't lose the deal because of us, he simply went with another lender.

They said they needed to close in 5 days, yet claim we harassed them for docs. So clearly the story doesn't add up. They were probably irritated they weren't able to get the same terms as the first deal, not just with us but with any other lender.

We've closed over 250 loans last year, over $100MM in fix-and-flip and rental loans in 2019. Hope that answers any questions.

Simcha Davidman · Answer

@Josh Stack did you ever go further with ICG10 Capital? Did you ever get any feedback?

If anyone else reads this because it gets pushed back to the top, please feel free to add your two cents. Thanks!

Josh Stack · Answer

Hi All,

I just had a good chat with Warren Ifergane of ICG10 Capital.  They seem legit.  Any experience for any of you with them?  They claim to have originated over 1 billion USD in loans.