Anyone have experience with Elite Funding Group LLC

15 Replies

Had received an email from this group and spoke with them on the phone yesterday.  Seemed legit and expecting to hear back from them today on some proposals for a project I am working on.  Could not find much online so figured I would turn to BP.

@Chris C. I have the same question. I spoke with a representative from Elite and everything sounds good. I have also spoken to a commercial lender and Elite sounds a lot better. Elite’s rates are a little higher but they sound MUCH more flexible. I’m curious to hear from anyone who has worked with them. Thanks.

@Tom S. I submitted an application etc but I am going to finish the rehab to get better terms before resubmitting.

The back story is that I am about 90% done rehabbing a home for a rental.  They gave me decent terms on financing the rental and providing rehab funds but it did not make sense with me being so close to finished.  Being a rehab loan it was still fairly expensive.   I am going to finish the rehab and get it rented then resubmit for a rental loan.

I have used Cashcall Mortgage twice and have been very happy with them but Elite seems to be more flexible and have more options so was going to see if they are competitive.

Hi @Chris C.  @Jay Hinrichs @Tom S. @Mike Burkett

I am currently speaking with Elite Funding Group LLC on a mixed-use property. They have asked me for $7500 to be wired for Appraisal and possible Phase 1. I have read in forums that upfront fees are generally big no-no's. Has anyone here closed an actual deal with Elite Funding Group LLC or have any comments on their upfront fee request?

Thanks,

Harish.

Originally posted by @Harish Ananthapadmanabhan :

Hi @Chris C.  @Jay Hinrichs @Tom S. @Mike Burkett

I am currently speaking with Elite Funding Group LLC on a mixed-use property. They have asked me for $7500 to be wired for Appraisal and possible Phase 1. I have read in forums that upfront fees are generally big no-no's. Has anyone here closed an actual deal with Elite Funding Group LLC or have any comments on their upfront fee request?

Thanks,

Harish.

 this would be typical of a larger commercial transaction.. what you can do is pay the appraiser and the Phase one company direct.. its usually done that way.

@Jay Hinrichs Thank you for your feedback! I will make that proposal to the person I am talking and see where it goes. But the person seemed bent on me wire transferring within 3 days, or the deal will no longer be valid. Also, as fyi, the load amount is for $487,500 (I'm not entirely sure if that would fall under a large transaction category).

Originally posted by @Harish Ananthapadmanabhan :

@Jay Hinrichs Thank you for your feedback! I will make that proposal to the person I am talking and see where it goes. But the person seemed bent on me wire transferring within 3 days, or the deal will no longer be valid. Also, as fyi, the load amount is for $487,500 (I'm not entirely sure if that would fall under a large transaction category).

Yup  I would say there is a good chance that you front the 7500 and don't get the loan..  if they are pressuring you like this.

PLEASE watch the American Greed Episode on Remmington Financial  .

not saying these guys wont or don't fund of course.. but when I do my deals with my banks its common that I pay for the phase one and 

the appraiser directly..   but who knows right