Anyone dealt with a company LOANGUYS?

41 Replies

For those experts, your input is highly appreciated . I'm a newbie here!

My offer just got accepted for an REO property and needs some rehab before we can close the loan and ready for rent.

I got call from a lender LOANGUYS to do a bridge loan. I was told that they can do it as low as 5.75% for 12 mos, no docs just purely asset base, no prepayment penalty.

I am new to this. Did anyone work with them or are they even legit?

What are things I need to know with this kind of loan?

Thank you

@Robert A. Coloma @Ryan McKenna  Any update with your loan guys experience? I'm looking to do a cash out refi on a duplex I have, but I cannot find any reviews online or much of an online presence for them. There are only 3 reviews on their website which are all extremely generic and I think aren't real.  

@Robert A. Coloma @Ryan McKenna  Any update with your loan guys experience? I'm looking to do a cash out refi on a duplex I have, but I cannot find any reviews online or much of an online presence for them. There are only 3 reviews on their website which are all extremely generic and I think aren't real.  

Originally posted by @Ryan McKenna :

I didn't use them and someone else I know didn't use them either.  I could never find anyone that had done business with them.

I mean really anyone do no doc 5.75 % private money..  come on now.. we all know these are fake lenders.. its simply not real.

longer term fully doc  sure..  but not as described above.

Updated 3 months ago

if not a fake lender then this is a bait and switch rate etc.

Hey guys I actually just did a loan with LOANGUYS. The guy I dealt with is named Morci. They are out of California. The property I bought is 5010 Whispering Pines Dr, Gainesville, GA. I bought the property for $170K. They lend me $193K but $40K was held in escrow for the rehab. 

So it was 153k for the purchase and 40k for the rehab, I had to come up with the rest. 

It was a bridge loan, 8.25% interest only payments for 12 months, 2 points. They required me to have reserves, experience, describe what I would do with the property and they did an appraisal on the property. 

Everything went really well except for the fact that they sold the loan to a hedge fund before closing and the hedge fund's fees were added to the loanguys fees and it all added up quite a bit so I changed my mind at the closing table and used a private lender that is friends with the closing attorney. 

Anyway, they are a real lender.

I *almost* did a bridge loan through them, but ended up firing them and using a private money lender again. They were super slow, had literally no idea how to read a basic purchase agreement contract, messed up on most of the paperwork, and ultimately were going to cause us to close 2-3 weeks late, with a lot of extra fees and less LTV than originally promised. I would never use them again unless I was in dire straights. If you have good credit and any experience at all, use someone else!

Mark Matos, you said you closed a loan with them but later said you canceled before closing because they tacked on tons of fees before closing. So, you didn't actually close with them? If you didn't actually get any money, how do you know for sure they are a real legit lender? 

So, it sounds like noone has actually gotten a loan from them. They either take too long or they throw in a ton of fees before closing making it not worth it?

Any other experiences?

I also almost got a bridge loan with them because that’s the one that made sense to me. However I am still on hold with them other than that they do say the fee they will charge which is 5.90 for me. However they ended up trying to charge couple more fees just to broker the deal which it does make sense but it would’ve been better if they could be more upfront with the fee part of it. 

Originally posted by @Justen Rider :

Mark Matos, you said you closed a loan with them but later said you canceled before closing because they tacked on tons of fees before closing. So, you didn't actually close with them? If you didn't actually get any money, how do you know for sure they are a real legit lender? 

So, it sounds like noone has actually gotten a loan from them. They either take too long or they throw in a ton of fees before closing making it not worth it?

Any other experiences?

I think by the description these guys are brokers .. so they tack on fee's to the direct lenders fee's   Kind of like peer st.. 

Hi Mr. Matos,

My name Is Matt and I am a customer service rep here at Loanguys. We apologize that your experience was less than stellar. We pride ourselves on providing quick funding solutions for our investors and partners. It saddens us when one of our partners did not realize the full potential of the profit they were seeking by investing in rental income properties. Our fees are always disclosed upfront and provided in detail to the borrower such that they can project their ROI on properties. We do not change your fees at any point during the loan procurement process after the fees have been disclosed to you. Each loan that we secure for our borrowers is originated and funded exclusively in-house. It is common practice for mortgage companies to later sell the already funded loan to a 3rd party like a hedge fund or a bank after the fact. We do our best to ensure our customers realize their full potential ROI, but we can not guarantee a successful outcome as this is the risk that is associated with investing in real estate. We thank you for choosing us and we do hope that you have continued success with investing real estate. Happy profits to come!

Originally posted by @Jay Hinrichs :
Originally posted by @Justen Rider:

Mark Matos, you said you closed a loan with them but later said you canceled before closing because they tacked on tons of fees before closing. So, you didn't actually close with them? If you didn't actually get any money, how do you know for sure they are a real legit lender? 

So, it sounds like noone has actually gotten a loan from them. They either take too long or they throw in a ton of fees before closing making it not worth it?

Any other experiences?

I think by the description these guys are brokers .. so they tack on fee's to the direct lenders fee's   Kind of like peer st.. 

Hello fellow investor,

Thank you for your interest in learning more about our company and how we secure funding for our clients. We were originally founded in 2016. We are a direct lender and provide funding solutions for private money investors and conventional home loans. We have been delighted to work with thousands of investor clients over the recent years and our team has a culmination of over 30 years in the conventional and private money space. We pride ourselves on working with our clients as if they were our partners. We strive to achieve the highest ROI for our investors and always disclose any and all fees associated with a loan before proceeding to secure funds to achieve maximum ROI. We would be happy to work with you or provide you with additional information regarding our process at any time - just give us a call at (833)615-6267 or give us a visit at our office 21777 Ventura Blvd. #229 Woodland Hills, Ca 91364. We are a BBB approved business and lend nationwide. We wish you continued success in your investing endeavors and we hope to serve you in the future as the need arises.

Originally posted by @Ryan Herting :

Hey @Robert A. Coloma , I would do more research on lenders. Rates that low don't make sense especially if they're a no doc shop. Purley asset-based lenders are most likely going to be hard money lenders whose rates are typically going to be much higher. Also, did they provide you those terms off the bat or after explaining your project?

there was a follow up post where someone got a loan from them but for realistic rates  8% or so and few points.. under 6% private / hard money simply does not exist unless its a family friends type situation. that bank rates or lower right now for new construction or fix flip 

I would second what @Jay Hinrichs said above...

there was a follow up post where someone got a loan from them but for realistic rates 8% or so and few points.. under 6% private / hard money simply does not exist unless its a family friends type situation. that bank rates or lower right now for new construction or fix flip

Generally speaking, I would be highly skeptical of rates under 8% for a hard money bridge-type scenario.

Hard money lenders are getting their capital from somewhere, and those investors are expecting to earn a reasonable yield. Rates that are too low relative to the rest of the market are a red flag.

Originally posted by @Michael Kinsella :

I would second what @Jay Hinrichs said above...

there was a follow up post where someone got a loan from them but for realistic rates 8% or so and few points.. under 6% private / hard money simply does not exist unless its a family friends type situation. that bank rates or lower right now for new construction or fix flip

Generally speaking, I would be highly skeptical of rates under 8% for a hard money bridge-type scenario.

Hard money lenders are getting their capital from somewhere, and those investors are expecting to earn a reasonable yield. Rates that are too low relative to the rest of the market are a red flag.

Agreed granted many of the HML have a sliding rate scale based on ARV and experience and maybe a little fico in there.

lowest I have personally seen was 7% and 2 points.. and of course junk fees. 

Originally posted by @Mark Matos :

Hey guys I actually just did a loan with LOANGUYS. The guy I dealt with is named Morci. They are out of California. The property I bought is 5010 Whispering Pines Dr, Gainesville, GA. I bought the property for $170K. They lend me $193K but $40K was held in escrow for the rehab. 

So it was 153k for the purchase and 40k for the rehab, I had to come up with the rest. 

It was a bridge loan, 8.25% interest only payments for 12 months, 2 points. They required me to have reserves, experience, describe what I would do with the property and they did an appraisal on the property. 

Everything went really well except for the fact that they sold the loan to a hedge fund before closing and the hedge fund's fees were added to the loanguys fees and it all added up quite a bit so I changed my mind at the closing table and used a private lender that is friends with the closing attorney. 

Anyway, they are a real lender.

Hi Mr. Matos,

My name Is Matt and I am a customer service rep here at Loanguys. We apologize that your experience was less than stellar. We pride ourselves on providing quick funding solutions for our investors and partners. It saddens us when one of our partners did not realize the full potential of the profit they were seeking by investing in rental income properties. Our fees are always disclosed upfront and provided in detail to the borrower such that they can project their ROI on properties. We do not change your fees at any point during the loan procurement process after the fees have been disclosed to you. Each loan that we secure for our borrowers is originated and funded exclusively in-house. It is common practice for mortgage companies to later sell the already funded loan to a 3rd party like a hedge fund or a bank after the fact. We do our best to ensure our customers realize their full potential ROI, but we can not guarantee a successful outcome as this is the risk that is associated with investing in real estate. We thank you for choosing us and we do hope that you have continued success with investing real estate. Happy profits to come!

Originally posted by @Ryan Herting :

Hey @Robert A. Coloma , I would do more research on lenders. Rates that low don't make sense especially if they're a no doc shop. Purley asset-based lenders are most likely going to be hard money lenders whose rates are typically going to be much higher. Also, did they provide you those terms off the bat or after explaining your project?

Hello Ryan, 

Thank you for partaking in this thread. My name is Matt and I am a customer service representative here at LoanGuys.com. We are in fact a no doc lender. We offer a DSCR loan or a no DSCR loan to real estate investors. We do not verify income. Our interest rates for these products start as low as 4.49% however with a buydown the rate can go as low as 3.85%. Fees and Interest rates are always disclosed before moving forward with the loan process. We are also a BBB accredited business. Our lender license is issued by the department of business oversight. We also are NMLS licensed #1553947

Please let me know if you have any other questions as I am more than inclined to answer them. 

Thank you! 

I just did two deals with them and it was a complete nightmare. I had to switch lenders two weeks before closing because there was no way they were going to close on time. They ended up costing me a few grand, so much wasted time, and the terms are not even close to what they initially told me. I would have bailed on these two deals but the properties were worth it even with these extra costs. I have used 10+ lenders and never had someone drop the ball as they did. Like I said my fault, lesson learned, luckily it cost me more frustration than anything. 

My name is David Hausner and I recently purchased a Single Family Residence with LoanGuys.com. My account executive was Addison Rosen. She did an amazing job getting me the rental property financing I needed. I bought the property for $350,000 with an existing tenant. The cap rate on the property was a little over 4.5%. LoanGuys did not verify my income. The loan was based on my experience, FICO score, and the asset I was purchasing. They got me the loan in two and a half weeks. There was a little bit of a delay but that was because the appraisal company was backed up. Overall my experience with Addison and the LoanGuys team was easygoing and superb. I would highly recommend this company for investment property financing especially if you have a hard time showing income. I look forward to getting more financing from LoanGuys in the upcoming months. 

Originally posted by @Lex D'Amico :

I just did two deals with them and it was a complete nightmare. I had to switch lenders two weeks before closing because there was no way they were going to close on time. They ended up costing me a few grand, so much wasted time, and the terms are not even close to what they initially told me. I would have bailed on these two deals but the properties were worth it even with these extra costs. I have used 10+ lenders and never had someone drop the ball as they did. Like I said my fault, lesson learned, luckily it cost me more frustration than anything. 

Good afternoon Lex D'Amico, 

This is Matt with LoanGuys.com. I hope you are having a nice and relaxing weekend! My team and I tried looking you up in our Loan Origination System however, we cannot find you in our system. It does not appear that we have done business with you before. Who was your assigned loan officer? This information would help us out greatly. Please let me know if you have any questions. 

Thank you!