Vongari Capital. Anyone who have experienced with them?

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
5y
my thoughts only looking at website.

its unclear if they are lending money brokering money or what they do.. I personally like to see the principals on the website I think that lends a ton of credibility to a company.

Next thing is being CA based and it appears if they are lending money they are doing it on 1 to 4 unit props and in CA that Requires a license  either a CA Broker license  a Consumer finance license or NMLS registration and State of CA MLO license and those license numbers MUST be prominently displayed on their website or any other marketing..

For example go to Civic loans  first one I can think of there in CA and see how their website looks and how they display their licenses..So they could just be new and not understand or know the laws.. but their website is pretty thin in many areas.. I would simply not send any money UP front  thats for sure and that goes for Any lender other than small dollar for credit pull etc.
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    my thoughts only looking at website.

    its unclear if they are lending money brokering money or what they do.. I personally like to see the principals on the website I think that lends a ton of credibility to a company.

    Next thing is being CA based and it appears if they are lending money they are doing it on 1 to 4 unit props and in CA that Requires a license  either a CA Broker license  a Consumer finance license or NMLS registration and State of CA MLO license and those license numbers MUST be prominently displayed on their website or any other marketing..

    For example go to Civic loans  first one I can think of there in CA and see how their website looks and how they display their licenses..So they could just be new and not understand or know the laws.. but their website is pretty thin in many areas.. I would simply not send any money UP front  thats for sure and that goes for Any lender other than small dollar for credit pull etc.
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  • Dan Gamache
    Lender · Boston, MA · Member since 2019 · 417 posts · 150 votes
    5y

    @Jay Hinrichs Good information Jay. Using your example of Civic, do you know if the individual loan originators need NMLS license in CA, or is it sufficient that that company is Licensed and that covers the LO's?

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Dan Gamache:

    @Jay Hinrichs Good information Jay. Using your example of Civic, do you know if the individual loan originators need NMLS license in CA, or is it sufficient that that company is Licensed and that covers the LO's?

    Both  company and the person working as an MLO  quoting rates etc..  underwriters and staff does not need a license though

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  • Dan Gamache
    Lender · Boston, MA · Member since 2019 · 417 posts · 150 votes
    5y

    @Jay Hinrichs Thank you. I used to work with one of the bigger lenders in the commercial/business purpose, and am now looking at potentially brokering. I have my federal NMLS license and a few states I've gotten licensed. It's very difficult to interpret the licensing regulations in each state for non-owner loans on 1-4 units that close in LLC.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    5y
    Originally posted by @Dan Gamache:

    @Jay Hinrichs Thank you. I used to work with one of the bigger lenders in the commercial/business purpose, and am now looking at potentially brokering. I have my federal NMLS license and a few states I've gotten licensed. It's very difficult to interpret the licensing regulations in each state for non-owner loans on 1-4 units that close in LLC.

    Ya you pretty much have to call the state regulators in all the states you want to work in to verify.

    but for sure there is 12 states that require it.. main reason i know is Oregon does and I had a HML company in Oregon.. Also I had a HML in CA for many years.. PRE NMLS etc. we did the loans on non owner commercial with a REAL ESTATE BROKER license which I have and you can still do them with that license.. NV for sure.. and a number of other states.. but the majority about 38 No license required for non owner occ commercial purpose loans.. this is why when guys or gals get on here and say they lend in all 50 states I call BS simply because 95% have no license so when you follow the big boys .. lending home Lima Civic lending one Anchor and a bunch of others you will see they have too much to lose so they are licensed in states that require it.. and NV you need brick and mortar of some sort.. and SO MANY frauds claim vegas address.. :)

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  • Carlos Dacosta
    Member since 2018 · 1 post · 0 votes
    5y

    Hey Robert,


    Did you end using Vongari for your project?. I am thinking of using them as well and would appreciate any feed back. Thanks

    0Reply
  • Elias Ordenana
    Orlando, FL · Member since 2016 · 2 posts · 1 vote
    5y

    hey @Robert A. Coloma by chance did you used Vongari capital ? Was thinking of giving them a shot. Thanks in advance 

    1Reply
  • Robert A. ColomaPro Member
    OP
    Member since 2020 · 32 posts · 26 votes
    5y

    @ Elias Ordenana

    NO did not. 

    0Reply
  • Robert A. ColomaPro Member
    OP
    Member since 2020 · 32 posts · 26 votes
    5y

    @ Carlos Dacosta 

    NO I did not push through

    0Reply
  • Paul BirdPro Member
    Investor · Upland, CA · Member since 2020 · 18 posts · 3 votes
    5y

    @Robert A. Coloma what was the reason? Did the deal not go through or was it something else?

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  • Jeffrey Nguyen
    Member since 2022 · 1 post · 0 votes
    3y

    I know that this is an older thread, but I wanted to add to the discussion regarding Vongari Capital. I spoke with a gentleman by the name of John and while he was very nice, he did not seem very knowledgeable, like he only had a very superficial understanding of the lending business. I did not push through either since this made me uneasy. I also noticed that their website is no longer active, and that the corporation has been terminated according to the State of CA Secretary of State’s website. Just wanted to give everyone a heads up.

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