Anyone have any experience with HM Lender-Patch of Land

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Anyone have any experience with HM Lender-Patch of Land

Stephen Turner
Clayton, NC · Member since 2016 · 29 posts · 3 votes

Hi:

I been speaking with someone from Patch of Land, the HM lender. Everything sounds good about their loan program...does anyone have any personal experience as it pertains to ..were there any upfront costs, documentation they asked for , how quickly were they able to fund the deal.

Thanks

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y

patch of land closes lots of loans.. so as long as the terms are to your liking I think your good.. caution private people hitting you on BP saying they are lenders... there are a huge amount of social scammers out there that have figured out that borrowers are the next ones to fall for the Nigerian prince scams.. IE terms too good to be true just send me a few hundred in advance..

Patch of land is real.

but if you want to shop here are a few others that are for real

Lima one      right in your back yard

lendinghome   another crowd funder

Lendingone    out of FLA

Peak  out of Kansas city.

visio  out of  Austin TX

Anchor out of SOCAL

these are just a sampling  all of them send me wholesale sheets as I am NMLS licesnsed and could refer loans and make fee's but I have no interest in doing that.

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  • Aaron Pfeffer
    Lender · Los Angeles, CA · Member since 2015 · 127 posts · 82 votes
    8y

    Now that is something we can both agree on @Jay Hinrichs -- @Michael Hoyt should have been more specific and forthcoming right out the gate that he is a rep at a very large HML institution. Though they are backed by Wedgewood, so they may have convinced themselves they are like private money, but we know better. And he's not my buddy, never met they guy, so again, maybe stop being so careless with your words every time you have an urge to write something. Which is always.

    And as far as Scotsman Guide is concerned, once more you just had add a little extra Hinrichs flavor to your post about them by insinuating that most of what is in there is wholesale lenders for retail.

    Uh huh, but there are very specific sections for Residential and Commercial HMLs so there should be no confusion.  And if you can't see why a comment like "saving a newbie from sending $500 to Jamaica" is blatantly condescending and borderline bigoted, well you just keep on posting that holier than thou rhetoric of yours...and your legions on here will just keep gobbling it all up.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Aaron Pfeffer  well you can't please everybody  ... 

     And If for one minute you think that the social scammers are not located off shore with Jamaica as a hot bed then well that's your right ..

    but it could have easily gone to some eastern block country.. middle east  Africa  so take your pick not picking on Jamaica.. FAke Lenders and due diligence pump and dump schemes are rampant just follow some of the threads on BP and this is just a tiny slice to think its rare is just naïve .   You may not be on the operations side of your business.. but wire fraud is rampant and title companies are targeted.. .One of my clients got hacked.. I got an email that came from her account changing her bank account.. telephone confirmation proved she never sent it.

    So its real and it happens.

    Just make a post on here that your looking for private money and let me know how that goes.. you will see.

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  • Aaron Pfeffer
    Lender · Los Angeles, CA · Member since 2015 · 127 posts · 82 votes
    8y

    Fear Mongering.  The cyberspace pulpit at its best...

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Aaron Pfeffer   see this thread  this is far more common on BP than you probably imagine so its not fear mongering your a high level lender you probably can't fathom how folks could fall for fake lenders but they do..

    https://www.biggerpockets.com/forums/25/topics/527...

    I think we can agree that this person has 99% run into a scam artist who once the money is transferred to Parabas bank its gone.

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  • Fabiola F.
    Developer · Miami Jacksonville, Atlanta · Member since 2018 · 63 posts · 42 votes
    7y

    @Jay Hinrichs I've borrowed from Lima One & Lending Home...no problems with them. However, they don't lend on multifamily, which is why I've been talking with Patch of Land lately. Do you know if any of the others you mentioned fund multifamily - LendingOne, Peak, Vision, or Anchor?

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Fabiola F.:

    @Jay Hinrichs I've borrowed from Lima One & Lending Home...no problems with them. However, they don't lend on multifamily, which is why I've been talking with Patch of Land lately. Do you know if any of the others you mentioned fund multifamily - LendingOne, Peak, Vision, or Anchor?

     Anchor and Aloha do .. not sure on the others..   

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