Had a cold call from these guys and answered the phone by mistake ;-/. Wondering if anyone has had an experience with them?
there was a long thread on them this week you should check it out..
Up shot was they want money up front as some sort of commitment fee.. the person posting said the loan never closed and that they charged him and his partner like 2k each. etc etc.
then it went on about their bona fides which were in my mind in serious question.
As the folks who started the thread claimed they are direct lenders.. when in fact the owners of the company said they are brokers..
also they ( X press) said in the thread that they loan in 48 states yet they have no NMLS license so as we know there are 12 states at least that require NMLS and RMLO to make loans on 1 to 4 props regardless of for commercial purpose or not. or to an LLC. so that was simply not true..
Bottom line if you want to try them go ahead but I would not give them money up front.. And I suspect they may not work with you if you dont.. too many real lenders out there ..
Thanks @Jay Hinrichs . Cold calling set of the scam warning which prompted the post. Didn’t even know about the up front fee. That would’ve ended the conversation. Btw: I did search but nothing came up... I’ll try again with different spelling.
I've dealt with them before. They did charge an up front "commitment fee" of about $1k. They said they are a direct money lender but kept telling me they were shopping my deal around to investors. The deal didn't close but because of issues that came up with the title. So I'm not sure if funding for the deal would have provided if there was a clear title on the property.
Also about a few months after working with them I received an email and text message from them stating they had several disgruntled employees that had gone "rouge" and were scamming people out of additional money.
Long story short I would stear clear of them.