Has anyone heard of these guys?????

Has anyone heard of these guys?????

Realtor · Miami, FL · Member since 2018 · 53 posts · 23 votes

I recently tried to close a deal with Infinity Capital Finance {Bethesda, MD}. Paid for the application, background, credit, and appraisal. I thought I was dealing with a hard money lender I could trust. Only to get a week from closing, and have the appraisal kill the deal. I thought the values of the neighborhood  were spot on. I am a licensed realtor. Something I would not have seen coming, was being so inaccurate in my opinion. After the appraisal came back, that I wouldn't even be able to negotiate with the seller. But that was exactly what I got. 

So now sitting at my desk working on my next deal. I ask myself. Was it really, real? Or, have I just taken?  . 

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Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y

If anyone puts themself out as a lender......just check the country records to see how many, if any, loans they have funded, among other standard practices.

See this reply in the discussion

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  • Investor · Miami, FL · Member since 2015 · 379 posts · 330 votes
    7y
    Originally posted by @Jay Hinrichs:

    watch the episode on American Greed     ( Remington Financial ) this will show you how insidious these pump and dump due diligence companies are .. not say they are.. for all we know your thought on value and reality are skewed.. 

    Originally posted by @Yasuha J. Dorce:
    @Gabe Amedee Sure I’ll post the address. But for the record, I posed a question in an open forum. I don’t think it’s a strain on a reputation. But a hurt dog will holla. So I digress.

    Subject property:

    1730 NE 40th CT Oakland Park, FL 33334

    Comps I selected:

    #1. 1732 NE 35TH ST Oakland Park, FL 33334 3/2 2620 sq ft / Pool Closed: 680K 5/10/18 #2. 2748 NE 34th ST Ft. Lauderdale, FL 33306 3/2 2251 sq ft / Pool Closed: 740K 9/28/18 #3. 4211 NE 28th AVE Ft. Lauderdale, FL 33308 3/2 2695 sq ft / Pool Closed: 764K 8/24/18 #4. 2120 NE 44th ST Ft. Lauderdale, FL 33308 3/2 2652 sq ft / Pool Closed: 825K 7/19/18

    Hey man,


    This is my personal opinion, but you couldn't be anymore off on using those comps. Comparable properties should be within 0.5mi and sold in the last 6 months at the max. Your first comp satisfies the distance but it is over 1,000sqft larger than the property you are comparing it to. How is that comparable?

    In the picture above you can see 6 closed sales all in the same subdivision as your subject property. Within 0.2mi. You cannot reach out for properties 0.5mi away when you have far more closer properties that are similar. This is south florida, every few blocks can turn into a totally different area with very different price points. You can notice this difference by comparing the price points of your comps 0.5mi away and the price points of these 6 homes in the same subdivision. I am not going to do my own analysis on this because it is clear the homes in this area are selling between 400k & 510k.

    So to answer your question, no you were not taken. An educated lender would never put an ARV for this property above 680k like your lowest comp. I've had countless realtors send me properties as deals that are far from profitable which is exactly why I asked you to put down the address. If you were a licensed appraiser then you could go around questioning another appraiser's value. Being a realtor doesn't make you educated on the value of a property (as is very clear here).

    I rest my case.

  • Investor · Miami, FL · Member since 2015 · 379 posts · 330 votes
    7y

    I think I'd be the first Realtor to say, Zillow isn't all that bad lol. 

    Don't quit lending @Sean Richway

  • Sean RichwayBusiness Member
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    7y

    @Gabriel Amedee  Appreciate you taking your own time to not make a quick judgement here.  Good to see the DD process is still alive :).....it will take a lot more than this to stop me from lending.  I have this discussion very often with borrowers but just an educating process over time.  Everyone's picks up on things after a little exposure.  They learn to know what to look for.  Good stuff here!

    Infinity Capital Finance4.48 Reviews
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Sean Richway:

    @Gabriel Amedee  Appreciate you taking your own time to not make a quick judgement here.  Good to see the DD process is still alive :).....it will take a lot more than this to stop me from lending.  I have this discussion very often with borrowers but just an educating process over time.  Everyone's picks up on things after a little exposure.  They learn to know what to look for.  Good stuff here!

    private HML have every right to make their own decisions on what they will do.. they are not govmit backed loan products this is Sean's money or his investors money or his bank credit facilities.. so they have every right to be picky .. as long as there is no bait and switch like we are seeing in the industry with FAUX lenders.. then Sean can just say that one does not work and here is why or just if he is worried about execution or any other particular aspect of a loan.. that's why we that own the companys and have the dollars make the rules.

  • Sean RichwayBusiness Member
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    7y

    @Jay Hinrichs  Appreciate the remarks.

    Infinity Capital Finance4.48 Reviews
  • Norwood, NJ · Member since 2017 · 37 posts · 12 votes
    7y

    I just want to add my two cents regarding Infinity Capital. Over the past year, I have worked with @Sean Richway on several deals and have been satisfied with his attractive terms and subsequent loans. He's a stand-up guy who is very responsive to emails and communication. I highly recommend Infinity Capital for your hard money needs!

  • Financial Advisor · Houston, TX · Member since 2017 · 12 posts · 3 votes
    7y

    I am a broker and investor and have worked with Sean Richway at Infinity Capital and have closed several deals with them. As a broker I constantly see investors coming to me with high values comps they believe will justify the loans they are seeking for their deals. But in actuality their comps are off point.  The comps will be from high prominent neighborhoods, larger square footage properties and not accounting for adjustments, distance of comps is way off and when appraisal comes back wants to cry foul. Some of my investors are realtors as well and they do the same thing pulls comps that are off on values. 

    I try not to send deals that will not close. I go the extra mile and review and research properties before forwarding them to lenders I work with. When I do this I keep my clients from spending money on appraisals that will not give them the values they believed were correct. No body wants to have an unsatisfied client that goes irate and spread bad information on social media on that bad deal they presented in the first place believing it was a money maker.

    My clients that have gotten loans with Sean have been very satisfied with his services.  

    Carmen Massie

  • Member since 2020 · 5 posts · 1 vote
    6y

    Hey all.....i can tell you he has multiple lawsuits against him..... But it won't stop him.... I got screwed out of $300k and counting with him.... I currently have him in court in Illinois..... There are horror stories all over the country...... I am working on trying to get a list of clients that were screwed over by him and feed them to my lawyers.........

  • Sean RichwayBusiness Member
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    6y

    @Carmen Massie  I appreciate the remarks.

    If anyone wants to know the actual truth behind Adam's claims feel free to read through the verified counterclaim I filed as the lender in lawsuit on 2 properties I lent to Adam and his father on.  They owe me $1,067,821.23 in principle alone on two flips in Naperville.  They never made an interest payment nor are the projects completed and sold and I funded these in August 2018.  He himself, wife, kids, and mother in law have moved into the one flip as well.  Far from the picture Adam is painting above.

    https://www.dropbox.com/s/q6lv... 

    Infinity Capital Finance4.48 Reviews
  • Member since 2020 · 3 posts · 0 votes
    6y
    how do I do that ? 
    what do I search for ?

    Originally posted by @Wayne Brooks:

    If anyone puts themself out as a lender......just check the country records to see how many, if any, loans they have funded, among other standard practices.

  • Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    6y

    Well friend, appraisals count - Whether they're "good" or "bad" since the lender uses them to decide if/how much to lend.

    Any buyer should have a "must meet or beat appraisal" clause in ANY offer and lenders have the same in their contracts almost 100%

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    6y
    Originally posted by @Sanjeev Ramlochan:
    how do I do that ? 
    what do I search for ?

    Originally posted by @Wayne Brooks:

    If anyone puts themself out as a lender......just check the country records to see how many, if any, loans they have funded, among other standard practices.

     Local public online records, wherever they record deeds and mtgs. 

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