Thank you for your support, advice, and guidance thus far on our fledgling REI adventure. We're at a point now where we're hustling for more money and are considering a hard money loan. Found Stone Financing LLC, talked to someone from the company, and here's what they're offering:
100% financing 5% interest 2 points
All seems too good to be true, so we're cautiously optimistic. Before we get into bed with them, however, I thought we would lean on the BP community to see if anyone has ever worked with this company and what their experience was with them.
Or, if you've had really great experience with another company that offers competitive rates, please provide recommendations.
Or, if you know of any companies that are seeking to work with a female, veteran-owned business...please send them my way :)
I get tired of answering the 100% LTV at 5% questions but I see you're active duty military and I'd hate to see you get ripped off, @May Baten.
This is a scam. 100% LTV loans do exist but there are no legitimate private/hard money lenders loaning at 5%. None. Zero.
Stone Financing claims to be from Las Vegas. Nevada is the most restrictive states to loan in. They do not recognize a difference between a business purpose and consumer purpose loan. You must be a broker with a brick and mortar office. Why does the lender not show a broker license on their website?
Do a reverse image search on Google and paste the photo of Mary O. Randle shown under their About page (the link is clickable). You will see she also borrows from Scala Funding. The web sites are almost exact copies. They claim to be from Newport Beach, CA – also with no license.
Do a reverse image search of Donny J. Griffin and you see this is just a stock image from “Two beautiful young girls posing to the camera” Could she have taken out the fix and flip loan they say? Does she and Mary O. Randle coincidently borrow from the same companies? Perhaps they shop together? What do you think?
If you do a reverse image search on Russell E Harrelson, from the Scala Funding site, you’ll be directed to several sites you don’t want to click on. Don’t do this.
I didn’t research enough to determine if these companies legitimately exist and with all the proper licenses. They just might. These could just be sites spoofing legitimate lenders. We’re going thru that now. Seems to be common.
It can’t be said enough, May, find your lenders locally. Face-to-face. Real estate clubs are your best bet. Lending and borrowing is a relationship-based business. This should not be done anonymously.
Best of luck to you, May. Use good judgement. And please be careful.
Never heard of them but in this day and age there is no reason whatsoever for them to not have reviews online unless they are a questionable business. I've worked with companies in the past that didn't have any reviews online so I figured they were neutral. Nope. They were very bad and made an effort to be invisible online. If they are half decent there will be at least a four star review somewhere online.
Thank you for your support, advice, and guidance thus far on our fledgling REI adventure. We're at a point now where we're hustling for more money and are considering a hard money loan. Found Stone Financing LLC, talked to someone from the company, and here's what they're offering:
100% financing 5% interest 2 points
All seems too good to be true, so we're cautiously optimistic. Before we get into bed with them, however, I thought we would lean on the BP community to see if anyone has ever worked with this company and what their experience was with them.
Or, if you've had really great experience with another company that offers competitive rates, please provide recommendations.
Or, if you know of any companies that are seeking to work with a female, veteran-owned business...please send them my way :)
Thank you!!
- May
May I don't know about this lender but every week I speak with dozens of brokers and lenders from the local private investor to the national lender backed by wall street money and I have still to find a 5% Hard Money lender 100% LTV.
To good to be true but maybe someone else here can prove me wrong.
I get tired of answering the 100% LTV at 5% questions but I see you're active duty military and I'd hate to see you get ripped off, @May Baten.
This is a scam. 100% LTV loans do exist but there are no legitimate private/hard money lenders loaning at 5%. None. Zero.
Stone Financing claims to be from Las Vegas. Nevada is the most restrictive states to loan in. They do not recognize a difference between a business purpose and consumer purpose loan. You must be a broker with a brick and mortar office. Why does the lender not show a broker license on their website?
Do a reverse image search on Google and paste the photo of Mary O. Randle shown under their About page (the link is clickable). You will see she also borrows from Scala Funding. The web sites are almost exact copies. They claim to be from Newport Beach, CA – also with no license.
Do a reverse image search of Donny J. Griffin and you see this is just a stock image from “Two beautiful young girls posing to the camera” Could she have taken out the fix and flip loan they say? Does she and Mary O. Randle coincidently borrow from the same companies? Perhaps they shop together? What do you think?
If you do a reverse image search on Russell E Harrelson, from the Scala Funding site, you’ll be directed to several sites you don’t want to click on. Don’t do this.
I didn’t research enough to determine if these companies legitimately exist and with all the proper licenses. They just might. These could just be sites spoofing legitimate lenders. We’re going thru that now. Seems to be common.
It can’t be said enough, May, find your lenders locally. Face-to-face. Real estate clubs are your best bet. Lending and borrowing is a relationship-based business. This should not be done anonymously.
Best of luck to you, May. Use good judgement. And please be careful.
@May Baten I think @Jeff S. covered the legitimacy of the company pretty well above. Where are you investing? Do you have an idea of what kind of terms you're looking for?
@May this is a scam for sure. I guarantee if you tell them "Okay, I will give you the contact information of my title company so you can send the funds to them for closing" they will come up with an excuse and tell you they will wire it to you directly, or some crap like that.
If you want to talk to a legitimate hard money lender with really competitive rates, let me know. I have a friend who is active duty (transitioning out) who is crushing it with a hard money team!