Rental Property Investor · Decatur, TX · Member since 2010 · 128 posts · 33 votes
Does anybody have any experience with JCF (Jordan Capital Finance)? They're primarily a rehab lender with terms similar to a hard money lender (14% with 4 points). They're out of state, which I can deal with. They have been very persistent in gaining my business, but I wanted to see what experiences others may have had with them before I send them a credit application.
Thanks!
Real Estate Investor · Kaneohe, HI · Member since 2015 · 106 posts · 19 votes
11y
Jordan Capital Finance has treated me poorly as an investor for the past three months. They have cost me extra money on deals due to their delays and they have cost me significant issues in getting "paperwork" into their processors. Their underwriters do not make decisions. Their representatives tell tall tales that your "loan" will be done soon.
DO NOT DEAL WITH THESE PEOPLE--buyer be very aware.
I have not personally worked with them, however I have a couple friends that have done business with them here is what I know.
They have funded well over 100 houses for them, and many many at the same time. So I do believe that have deep pockets and I know they fund. I was just talking to my friend about two days ago, and she said they had funded not only SFH but also a Hotel for her and a Mariana. So I would believe by that they are willing to look at about anything.
Professional · Oakland, TN · Member since 2015 · 1 post · 0 votes
11y
I am also considering using Jordan Capital Finance. I realize this post is a few months old so I was wondering Jason, if you ended up using them? I am just a little uneasy about sending someone enough information to steal my identity if I can't meet them in person.
Vendor · Dallas, TX · Member since 2015 · 2 posts · 0 votes
11y
Hello Jason and Edward,
Jordan Capital Finance is a very well capitalized organization that is rapidly growing across the country. We are owned by Garrison Investment Group (garrisoninv.com). I support the company as SVP of business development.
Jason, I live in Dallas if you ever want to get together to discuss. And Edward, I am happy to fly out to Tennessee if want to meet in person.
Real Estate Investor · Kaneohe, HI · Member since 2015 · 106 posts · 19 votes
11y
Jordan Capital Finance has treated me poorly as an investor for the past three months. They have cost me extra money on deals due to their delays and they have cost me significant issues in getting "paperwork" into their processors. Their underwriters do not make decisions. Their representatives tell tall tales that your "loan" will be done soon.
DO NOT DEAL WITH THESE PEOPLE--buyer be very aware.
I am also considering using Jordan Capital Finance. I realize this post is a few months old so I was wondering Jason, if you ended up using them? I am just a little uneasy about sending someone enough information to steal my identity if I can't meet them in person.
any updates on jordan capital? Jason, did you get any funding from them?
Real Estate Investor · Chicago, IL · Member since 2015 · 1 post · 0 votes
10y
Beware!! One of the worst companies I have ever dealt with. Extremely disorganized and unprofessional. They charge interest on the money they hold back for construction before you ever get it and then make it very difficult to get access to the money they have alloted for construction making it impossible to finish projects in a timely manner. Had a very detailed construction budget that was provided to them. The construction inspectpr not only showed up with the wrong budget but marked things as incomplete that were clearly complete. Then had to provide all of the support for the purchases and work that was completed only along with pictures that the inspector "forgot" to take. Only after all of that they still didn't fund the amount requested for money that we were already paying a high interest rate for. This was not a stand alone instance but happened again and again. Additionally, they promise quick turn around times but takes them forever to get anything done. They promised 3-4 day turn around. After one inspector forgot to take pictures, they fired another and then the third inspector missed a section it has taken over a month to get our construction draw. I would stay away, they are extremely disorganized.
Investor · Lexington, KY · Member since 2015 · 139 posts · 100 votes
10y
Also extremely disappointed with this company. We were strung along for 2 months advised more than once we were ready to close only to have them ask for additional documentation on or after closing dates. To say the communication was poor would be an understatement, they have no interest in meeting you closing dates...whenever they get around to it. We had high hopes of this being a good partner to help us scale our business but were very disappointed. I'd look elsewhere, and I surely wouldn't put something under contract and then go to them.
Investor · Austin, TX · Member since 2014 · 144 posts · 85 votes
10y
We used them on our last deal. I can't say that everything went extremely smooth, there were some bumps along the road to getting all the initial paperwork through their underwriting and some issues with the appraisal being ordered. But, after it was all said and done, they did make some efforts to get everything closed and I'm willing to work with them again. Their fees were much less than I've seen around, and they have been honest albeit a little slow. Regarding another posters experience with the inspections, AFAIK, those inspectors are not apart of the company so it should not reflect on JCF. I was very pleased with my inspectors, and the draws came in a reasonable time.
I may update this post after we close on our next deal.
Investor · NorCal · Member since 2015 · 281 posts · 240 votes
10y
Dwell Finance does similar loans, I recently applied with them and it was a terrible experience! STAY AWAY from Dwell Finance. They let you first talk to a salesman who guarantees he can do the loan and just cares about getting paid upfront for the appraisal. After the appraisal was done I got put to a processor who told me they can't do the loan for me. After long hours of restructuring the deal they promised they can do it now. After many weeks of phone calls it fell apart again. Nobody in their company knows anything. They're all new employees and if it's not in their book they don't know how to do it. I lost weeks in time, endless hours of emails, leaving voice-mails and waiting for responses. Wasted money on appraisal when they could or would not be able to do the financing to begin with. They told me I should just "count it at a loss" Lost $580. NEVER AGAIN!!!! Should have checked Dwell Finance reviews first...
Investor · Hercules, CA · Member since 2015 · 208 posts · 47 votes
10y
It's an understatement when I say it's been a frustrating process with this company. I applied for their rehab LOC back in July, provided all the documents they requested in a timely manner, paid for an appraisal, and nothing. I was told the LOC was approved months ago and after multiple follow ups by phone and email, I finally received a response that I have to re-submit all my information all over again with no specific reason why. It's been a complete waste of time. I requested an appraisal refund a couple months ago and am still waiting for it.
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
10y
@Leo B., I am sorry to hear of your difficulties with Jordan. I explored financing some of my rentals with Bob Green (he is here on BP) ~6 months ago. Communication was poor and delayed multiple times for various odd reasons, vacations, etc. I was told multiple times that I was approved which was odd because I knew they didn't even look at my credit (I monitor my credit). Eventually I was instructed to send in money for the appraisals. That was the first time I saw that I was sending money to Jordan Capital Finance. I tried to research the company but found little about them--what I found was not convincing. I did not send in the funds and never heard anything more from them.
Flipper · Newark, NJ · Member since 2014 · 22 posts · 8 votes
10y
Im currently sitting on an application package from them and debating whether or not to bother filling it out. It doesn't seem like folks have had that great of an experience which makes me a little leery. I like the sound of their LOC Product but not at the cost of my time and patience.
Investor · Valparaiso, IN · Member since 2015 · 1 post · 1 vote
10y
I have done two rehab loans with them 2015 (paid cash for the property and then financed via LOC). It was expensive, but pretty straight forward and simple. I had hopes... They did deny a third property because they said it was in an area that didn't have much in the way of sales activity. Agree with the other posters that they seem disorganized and out of sorts. They told me I have an approved line of credit, but I don't have anything written confirming. I don't have a lot of confidence, so have tried to stay away as much as possible. They also said they now have "end loans" for rental property. I submitted the information about 4 months ago on a house they did the rehab loan for. The underwriter says (for the last 3 months) that I am all approved and ready for underwriting, but still nothing... I paid for the appraisal about 3 months ago and it has been completed. I am continuing to wait out of some morbid curiosity, but should just take it to another lender.
Investor · New York City, NY · Member since 2015 · 808 posts · 417 votes
10y
I need to write a full post on this at some point but the short of it is if you hear their name just do yourself a favor and run the other direction. yes they have a ton of money, yes they can fund and no they are not a scam but that is where the good news ends. They will tell you anything you want to hear to get you in the door esp on their BS line of credit product where they underwrite you and then force you to go through basically a full underwriting all over again when you want to close the loan where it will become clear they did not listen to a word you said as well as that they did not look at anything related to your properties beforehand. There are much better lenders out there and they have decent terms but not so good as to go through all that and wait almost 3 months (like I did) for a loan to go through before finding out they can't do the loan on the terms they said they could. Luckily I had my own money and other sources of funds but if I hadn't I would had a major problem in choosing this lender. I have been in finance for over 10 years and this is easily one of the most unethical firms I ever dealt with.
Feel free to contact me if you have any questions.
Also, if you see any products on here that advertise 5x your assets, income etc. that is them. It is a BS line of credit that gets you nothing except an approval to go through a long, painful underwriting that needs to approve you all over again despite what they tell you (all lies).
Investor · Bridgeport, CT · Member since 2016 · 24 posts · 4 votes
10y
I was talking to some one from Jordan capitol finance, they told me that I would have to pay a $500 non refundable application processing fee, or I could pay $1000 but I would get the $1000 after closing my first deal . does this sound right?
Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
10y
@Alsee Mccray, have you read through the other responses on this thread? If so, read the last one again. A fee structure like you mention is highly unusual. If you send in the $1,000 and do not get approved for the loan you will lose it. If you decide to go forward, please let us know your experience.
Investor · Philadelphia, PA · Member since 2013 · 20 posts · 9 votes
9y
Does anybody here have experience with Colony Capital? They offer a similar LOC but starting at $1,000,000. If anyone has used these guys I would love to know.
Investor · Chicago, IL · Member since 2016 · 160 posts · 41 votes
9y
I was thinking to apply for a rehab loan for a 3 unit building and then refi out after 6-9 months. The person I was talking to at JCF told me they provide short term loan for 9 months.
After reading all these bad experiences from folks here I am really starting to think whether I should apply with them or not...most likely I will stay away.
Investor · Philadelphia, PA · Member since 2016 · 34 posts · 4 votes
9y
Just leaving my experience as well to add to the bunch. Finance of America has acquired Jordan Capital Finance and it is now called Finance of America Commercial. The experience I have is pretty identical to those listed above. Terrible customer service, unresponsive, they will take months to close and though they could eventually fund, you will likely lose the deal in the meantime. Just don't do it... you would be much better off finding a different lender. I have however had a great experience with Direct Mortgage Loan Company in Philadelphia if you are looking for a company that works in that area.