Has anyone used Xpressloans911 as a hard money lender?

7 Replies

You worked your butt off finding a viable property and a lender wants money to show you are committed to them, @Sheree Jones ? Shouldn’t it be the other way around?  Loyalty is earned, not bought.

Lending is an incredibly competitive business and there’s no reason to spend a dime to show you are serious. In this environment, the fact that you even applied should be good enough for any lender. If they want to charge reasonable fees, these would be paid at closing. Whether a scam or not, you should never pay up-front fees.

Here’s a link to a long post on this company:

https://www.biggerpockets.com/forums/311/topics/849595-hard-money-lender-xpress-loans-911

Originally posted by @Sheree Jones :

Yes I checked after my initial post and they have several complaints on the BBB site.

I would not let the bbb drive your thought process to much.. the idea of an advanced commitment fee for vanilla SFR type loans is just not done in the industry other than by companies that make a significant amount of their revenue with turn downs.. and then some ( not saying this company) but some are frankly just criminal enterprises and never make any loans.

If your going to engage in finding lenders for clients I strongly urge you to watch  the American greed episode on Remington financial its a great deed dive into lenders that charge up front and basically never fund..  And or simply Google Ingrid Robinson American greed and read her website she is the one who exposed Remington and the owners got major jail time.