Anyone heard of Genco Financial Services Company out of NJ?

17 Replies

I ran across them while looking online for hard money lenders. Their deal seems pretty reasonable, but I'm extremely paranoid about dealing with people over the internet. I was hoping someone could chime in. Thanks!

I am working with them right now and I can let you know how it goes. The only complaint I would as of right now is that I am having a hard time getting them to return my calls. They know I am under a time crunch and I just being told that he is really busy and he knows that this has to get done and he will get back to you. My closing date is this Friday, so I will let you know if it happens or not. 

@Cecilia Gonzalez

Thanks, I hope it goes well. Might not hurt to have a backup lender!

@Michael Noto

I'm looking at several local lenders, and one of them has agreed to finance my current project, however, this Genco lender is considerably cheaper. Since I don't have a relationship with either company right now, I'm trying to get them both on board, and then if they are both ready to close, it will be with the most reasonably priced. That sounds crappy on my part, but I've heard too many horror stories about last minute failures to launch over financing. I'm sure I'll get an earful over this...

Disclosure: customer

@Dean Weltman

Avoid Genco Financial. Ihave been working with them for the past three weeks and was suppose to close on my property today and he decides to tell me today that he is not funding my project because he does not feel comfortable with the property. He gave me some song and dance about some stuff the realtor told him about the area and it is not true. He was really bad with retruning phone calls and emails andwould always avoid me. Some now I have to start all over. I have a contract on a house which I am now going to be out the deposit I put on the house thanks to this guy. Go with your other company. Cheaper isn't always better! Good luck to you!!

Cecilia has your deal closed with GENCO Financial Services.  I just spoke with them today and yes they are very reasonable.  I got excited, but thought I better investigate them further.  I don't see anything on them when I Google them (red flags going up).  What has happened so far?  Dean have you done anything with them as of yet?

Disclosure: Past customer

@Donna Y Dillon

I did not close with them. The morning if my closing he called me and said he would not find my project. He felt it was not "in a good neighborhood" and I would not make enough money. Nothing like stringing me along for two and a half weeks and then telling me this. The house is in a low crime neighborhood, and we have gone with, dohardmoney.com as our lender. They are much better. We had to do other things that genco didn't ask for but in the long run it turn out to work better for us and this company is much better than working with a guy who thinks he knows everything! good luck!!

Thank you for your response Cecilia. I really don't see anything on them on the internet and am concerned to know if they are legitimate. Did you have to pay any money. I know they are asking for $300 to do an LLC and for achieving an extended line of credit. The address that they give is a building that offers office and staffing services for company's without the company stepping foot in their door. How much interest does dohardmoney.com ask for? What other things did they require that genco didn't?

@Cecilia Gonzalez

Thanks for getting back to me, so sorry it didn't work out for you. Here in Dallas there are a bunch of HMLs, buy you certainly pay for the convenience. Ultimately, I'm hoping to get a relationship with a bank for portfolio loans, or a private money lender. Looks like for now I'll have to stick to the HML until I make the necessary connections.

-Dean

Disclosure: Former customer

@Donna Y Dillon,

We already had are LLC which we had done through LegalZoom.com. The deal was better through LegalZoom anyway. Genco still was trying to push some of their other products which we were not interested in that would cost around $600. With dohardmoney.com we paid $650 for two evaluators to go out and evaluate the property to make sure it was worth the ARV that we were being told it was. The evaluators do their assessment and report back to the company and give them a value of the property and that is what they do the loan based on. So basically you are paying for the evaluators and their reports. The loan is 65%of the ARV. There are no other fees, the loan includes the repair costs, closing costs and there are no payments for 5 months, also no prepayment penalties. Hope this helps!

Disclosure: Former customer

@Dean Weltman

We had such a hard time finding a private lender and going through a bank was just not an option at this time. This was out best get at this time. After two really bad experiences we finally found a good one. Like they say, "third times a charm!" Good luck to you!!

LOL wasn't Genco the name of the Olive oil company in the Godfather.....im just saying

Originally posted by @Chris Adams :

LOL wasn't Genco the name of the Olive oil company in the Godfather.....im just saying

 Yes, and it was a front company for their shady business dealings... And I think it was located in NJ. Coincidence? I think not. Lol

Originally posted by @Dean Weltman :
Originally posted by @Chris Adams:

LOL wasn't Genco the name of the Olive oil company in the Godfather.....im just saying

 Yes, and it was a front company for their shady business dealings... And I think it was located in NJ. Coincidence? I think not. Lol

I think you're both right! I wish I would have remembered that at the time, I would have saved me a huge headache. 

here ya go.... A Middletown man was arrested last week after authorities say he used fraudulent documents to make financial transactions.

Christopher D. Biello, 43, was charged with theft by deception, impersonation, fraudulent use of a credit card, forgery and falsifying records, and remains in the Monmouth County jail on $275,000 cash-only bail.

Biello was arrested Thursday after a yearlong investigation found that he made fraudulent transactions in New Jersey and Wyoming, acting Monmouth County Prosecutor Christopher J. Gramiccioni said.

Biello offered to help a Keansburg man refinance, but actually took the man's credit cards,made fraudulent loan attempts using the man's identity, Gramiccioni said.Biello engaged in similar activities two other times.

Biello used fraudulent documents in a short sale 

thank for  the info.,  we need to be very careful, do the things the right ways.

@Chris Adams

LOL. I was literally going to look that up to see if it was. I have toyed with renaming my LLC to Immobiliare. My business partner doesn't know about these plans but... he may now.

@Kathleen Mroczka

Thanks for sharing! This guy had all my personal information from a loan application he had us fill out. So scary to think these people are out there. He sounded so honest and real. Then when it came to the closing date he decided that he wasn't going to fund us for a crazy reason.