Anyone worked with BHG Financial or unsecured loans?
Member since 2021 · 28 posts · 8 votes
Anyone worked with BHG Financial or unsecured loans?
3 Replies
- New to Real Estate · Northern VA · Member since 2022 · 32 posts · 15 votes3yFollowing this — I’m also working with BHG but haven’t yet received terms. I don’t believe they have an early repayment fee either, correct?
Quote from @Tamera Muniz:
So I've recently been approved for a $30,000 unsecured loan with BHG financial. I was referred to them by someone in the Bigger Pockets forum due to the fact that they don't report the loan to credit bureaus and would help me get into a BRRR property. Does anyone have any experience with BHG or an unsecured loans in general? What has been your experience if so?
My terms are as follows:
$30K loan
$647.37 monthly payment
854 month term with 12 months of required payments
Fees: $300 documentation fee, $675 Reimbursable serving fee and $2100 Optional limited personal guaranty
Thoughts??
- Member since 2021 · 28 posts · 8 votes3y
Quote from @Tayo Black:
Following this — I’m also working with BHG but haven’t yet received terms. I don’t believe they have an early repayment fee either, correct?Quote from @Tamera Muniz:
So I've recently been approved for a $30,000 unsecured loan with BHG financial. I was referred to them by someone in the Bigger Pockets forum due to the fact that they don't report the loan to credit bureaus and would help me get into a BRRR property. Does anyone have any experience with BHG or an unsecured loans in general? What has been your experience if so?
My terms are as follows:
$30K loan
$647.37 monthly payment
854 month term with 12 months of required payments
Fees: $300 documentation fee, $675 Reimbursable serving fee and $2100 Optional limited personal guaranty
Thoughts??
The way that the Senior finance manager worded it was that it was a “commitment period” of however many months. So that tells me that there is a prepayment penalty of some sort depending on the terms they give you. I would make sure to clarify that once you get your terms!
- 3yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Tamera Muniz:
Quote from @Tayo Black:
Following this — I’m also working with BHG but haven’t yet received terms. I don’t believe they have an early repayment fee either, correct?Quote from @Tamera Muniz:
So I've recently been approved for a $30,000 unsecured loan with BHG financial. I was referred to them by someone in the Bigger Pockets forum due to the fact that they don't report the loan to credit bureaus and would help me get into a BRRR property. Does anyone have any experience with BHG or an unsecured loans in general? What has been your experience if so?
My terms are as follows:
$30K loan
$647.37 monthly payment
854 month term with 12 months of required payments
Fees: $300 documentation fee, $675 Reimbursable serving fee and $2100 Optional limited personal guaranty
Thoughts??
The way that the Senior finance manager worded it was that it was a “commitment period” of however many months. So that tells me that there is a prepayment penalty of some sort depending on the terms they give you. I would make sure to clarify that once you get your terms!
I am so skeptical of any unsecured loans that are not credit cards ( thats what most end up being) or a TRUE bank or credit union you actually go to in person and meet with the lender.. or the other ones I would try are the on line ones I think one is backed by one of the shark tank ladies.. My fear is you pay the up front fees and the loan never comes through.. I have personally had TRUE unsecured LOC's for going on 30 years now with multiple banks and I know how hard they are to get and that they basically are relationship based IE where you bank and have significant deposits.. Kind of like a Perk for their better clients.
If you actually get funded with a true unsecured LOC would you post an update..
PS I get robo called all the time from these unsecured lenders promising 300k 500k etc etc.. I just dont believe it just sayin. I think its pump and dump upfront fee scams.. :)
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