Are you borrower with Renovo and having difficulties paying off

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Are you borrower with Renovo and having difficulties paying off

Asif I.
Rental Property Investor · Chicago, IL · Member since 2015 · 31 posts · 4 votes

Hi, I have an investor friend of mine who is having difficulty paying-off his loan with Renovo. They are charging him 24% interest rate as he is in a default. I wanted to see if there are folks here who may have explored legal route with Renovo Financial - they are based out of Chicago, IL

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Mark AinleyBusiness Member
Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
6y

@Asif I. I have worked with Renovo for years and refer clients over to them on a weekly basis.  I like them because they never make me look bad. Their reputation is top notch and having been a client myself many times over I can tell you that whatever your friend is being charged is clearly defined in their loan docs. 24% sounds to me (remembering my own loans) like the charge for default interest…as in for some reason your client’s loan is in default (non-payment, past maturity, etc). In any case I would strongly encourage you to reach out to them directly - Renovo focuses heavily on customer service and communication - you won’t have an issue getting a hold of them and if you need me to connect you with my contacts there I am happy to facilitate any communication.  

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  • Brie SchmidtBusiness Member
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    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    6y

    @Asif I. - I am assuming that is the prepay penalty, it would be in the loan docs he signed.  Totally legal, not much you can do.  We just paid off a Renovo originated loan but we were out of the pre-pay period

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  • Asif I.
    OP
    Rental Property Investor · Chicago, IL · Member since 2015 · 31 posts · 4 votes
    6y

    Thanks Brie, I know you have a large network in Chicago so you may be able to provide some suggestion. Is there a good number we can talk on? Thanks, Asif

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    6y

    @Asif I. you can reach out to any real estate attorney, but as @Brie Schmidt mentioned your friend probably signed loan docs that support the interest rate and fees that Renovo is charging. Is the issue paying this off related to the project not being complete? Is this problem related to not being able to get financing to cash out? 

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  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    6y
    Originally posted by @Asif I.:

    Thanks Brie, I know you have a large network in Chicago so you may be able to provide some suggestion. Is there a good number we can talk on? Thanks, Asif

     He needs to read his loan docs.  If he agreed to the fees there is really nothing to do 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Brie Schmidt:
    Originally posted by @Asif I.:

    Thanks Brie, I know you have a large network in Chicago so you may be able to provide some suggestion. Is there a good number we can talk on? Thanks, Asif

     He needs to read his loan docs.  If he agreed to the fees there is really nothing to do 

    sounds like the loan is past maturity and or they missed payments that's the two cases most common that invoke Penalty interest.. Not many pre pay penalties out there these days.. 

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  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    6y

    @Asif I. I have worked with Renovo for years and refer clients over to them on a weekly basis.  I like them because they never make me look bad. Their reputation is top notch and having been a client myself many times over I can tell you that whatever your friend is being charged is clearly defined in their loan docs. 24% sounds to me (remembering my own loans) like the charge for default interest…as in for some reason your client’s loan is in default (non-payment, past maturity, etc). In any case I would strongly encourage you to reach out to them directly - Renovo focuses heavily on customer service and communication - you won’t have an issue getting a hold of them and if you need me to connect you with my contacts there I am happy to facilitate any communication.  

    [email protected]630-781-6744Podcast Guest on Show #72
    GC Realty & Development LLC4.61060 Reviews
    WebsiteView Page
    4Reply
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