Freedom Fund Lending w/Josh Cantwell
Hello fellow real estate enthusiasts. I came across this company who says they do "asset-based" lending, meaning that they provide loans based solely on the property and not the borrowers credit history. They claim to fund the purchase and complete rehab, including closing costs, upfront. They charge 6 puts at close and a 16% interest only payments. The initial loan period is 6 months, with a possible 6 month extension, for a small fee of course.
I have done rehabs before and the 6 month window for a purchase, rehab, and prepare for sale is feasible, so Im trying to see what the "catch" is. I have done a little research on Josh Cantrell and his other seminars, so it seems legit, but I figured I would bring it up on this forum since there are so many people in this community who have proven to be very knowledgeable about what works and who are scam artists.
Josh Cantwell here... I wanted to respond to all the posts on this thread and address your questions regarding my company Freeland Lending and our education products from Strategic Real Estate Coach. Let me start by just saying I’m an active investor, flip a couple big profit deals every month and I’ve raised over $11,000,000 in new private money in the past 12 months. I’m registered with the SEC and I only teach what I do. Plain and simple.
I own Freeland Ventures. Freeland Lending is an “asset based lender” that focuses mostly on the asset first and then financial criteria 2nd in our underwriting process. It is a $385 x’s 3 cost for a program of mine like $40k Flips or Freedom Funding where you go through 5-7 weeks of live training classes on how to find deals, structure funding using our funding, raise your own private money (to eliminate the middle man, me, and save yourself $$), find qualified contractors, outsource improvements, etc. If you're new to real estate investing, why would you NOT invest in the education to do it right? with our training you have lifetime access to these membership sites, the recorded classes, all our contracts and docs, our deal genie which assesses your potential deals and tells if you if it's going to be profitable or not and best of all, our funding. What else could a beginner ask for?!
We also provide coaching on every deal a client/ student submits to our deal genie from one of my personal coaches and loan officers who review each deal and say “if it’s a deal or no deal”. Takes the risk away.
I am still currently flipping 2-3 houses a month in my market of Northeast Ohio and I only teach what I do. I make a fine living off of just doing that alone, my programs aren't a scam to steal your money, I love to teach what I do and help others be successful. I’ve had over 5,000 investor go through the training and we have a 96% satisfaction rate and the metrics to prove it.
Yes, our "entry level" rate is 6 + 16, but we go as low as 2 pts and 12% for a strong borrower with a down payment and experience. 6 pt and 16% is just the entry point and this assumes very little financial information is given and the borrower, my client and student, puts down ZERO. So let me ask you… what other lender is going to provide no money down funding and do it based on the asset with very little financial criteria from the borrower? Is it fair that a ZERO down borrower with little skin in the game and little financial criteria get more expensive money??? Of course it is. Is it fair that someone with good credit, down payment and experience can get funding as low as 2 pts and 12% on an investment loan?
My members have access to different terms based on their relationship with us and their level of experience in the industry. For example, as Sean mentioned above, a high level member's rate is 3 + 13 (and we’ve done lots of loans at opts and 12%) and NO profit share. We have options to protect you, ourselves and our private investors if something doesn't go as planned. If you successfully get some good deals under your belt, your rates get better, your confidence increases and you can go out and raise your own private money and not need us anymore which is what the goal is. Our high level students still use our funding because they have multiple deals going at once.
So that’s the truth about what we do.
Don’t believe everything you hear from other people who only know half the story.
Hope we can help all of you reach your goals.
@Josh Cantwell so glad to see you jump in, I hundred percent believe education is very important. Just wondering what are your thoughts on the recent developments within the company? That should also help people decide.
@Josh Cantwell I am interested in using your lending, but am not interested in signing up for the course. You mention on your video that this is a possibility if you have experience. Is it? I have bought, sold and held multiple deals over a 15 year investing period, would this constitute as credible experience?
I am a buy hold investor, and am looking for a lender to scale. I understand that you take 30% of the deal whth no money down. This is fair but.... what are the steps where I can refinance and buy your position out? Can you provide an example?
Josh Cantwell
I just saw your webinar and unfortunately, I don't have $385 to spend each month for your course. :(
It's looks like a good one too!
I listened to your webinar and found it interested and somewhat promising, as I am always seeking funding. I understand the cost of the money, but as an experienced investor the idea of spending $1000 for the course is a turn off.
I just saw the webinar tonight. So I'm resurrecting this thread. Has anyone else had success stories with Freedom Lending? I've read the entire thread and only saw one "success" story.
6 points, 16% AND 30% of the deal?
How would the typical flipper make any money using this financing?
I realize that even a small portion of something is better than nothing. But this is not worth it....at all...find another way people...there are lots of options....
Good luck,
Michelle
Hello Mike B. I am also have stumbled on this Freedom Funding with Josh Cantwell , the rate and terms are a high but in his webinar he identifies a discount if you are an experience investor. The catch is that according to his webinar today that he wants 30% of your net profit at the end of your rehab, which its a little much but considering this as a risk factor return it might be okay. I am a member of Do Hard Money which offers 100% financing , I had to pay $2000 to join , their rates and points are high but if you have no funds that is always an option. Any feed back is greatly appreciated to share...Ed C. in Maryland
@Julie Doke I was glad AND Proud to read your post here because your situation then, is my situation NOW!! I was even more proud that you were a woman & with a lil hard work & the right tools, were able to prove the NaySayers wrong about Josh!! Then your update comment about their unprofessionalism made me EVEN Prouder because it showed that not all companies are as professional as we'd like them to be, but given the right tools we should STILL be able to get the job done... or as I always say... Get'er Done(Trucker Talk)! And you did! Congrats to you honey!
So Julie my question is; were there OTHER fees charged to you other than the course fee? I ask because I have been calling the sales # to get some answers and No One has returned my call yet(in a wk)! So in my haste to get answers, I googled his name of course and a VERY RECENT(10/9/2016) rip off report popped up! She accused them of charging her another $388 + $97 a month, in other fees! The Freeland Lending website states; "Up Front Out Of Pocket Loan Expenses: Borrower must pay for their own appraisal $375 – $600 & Borrower must pay for FREELAND LENDING Approval Team walk thru / pictures and Videos $250 – $400" (copied & Pasted), then somewhere else I read that there is a $2500 fee charged in with all other loan fees at the end. As long as they are charged in with the loan amount; I'm STILL not scared!
Coincidentally, the person in that RO report was from Ocoee, Florida, like 8 miles from where I am snow birding now! I am originally a Jersey Girl, born & raised, only moved out of state twice; to Fort Meade Maryland & now here! I know the good, the bad AND the ugly of Jersey! I lived everywhere from West Orange(1 of the richest towns, the good!) to Mount Holly(the good) to both Newark & East Orange(the bad & ugly at times)! so I have no doubt in my capabilities of finding that diamond in the rough! Hey Teddy Slack Jr. did!!
After reading the posts here, I am STILL ready to do the easy payment plan & find the perfect spread that they wouldn't be prepared to turn down, but these are NOT my only questions! These post here make sense, I have no problem with the 'starting spread of 6/16/30% to get my foot in the door with a few(or more) NJ properties(I am from there & know the spread could be phenomenal!) & ONE RO report hasn't swayed, nor does it scare me from my future!! However, I would at least like someone to return my call!
Gotta go... The REI webinar about Josh is starting & I need all the info I can find until I get a call back!
Thanks Jeromy and everyone else who responded here. I am a Woodland Hills ,CA newbie! And I have heard that it is best to start in your own backyard (area) so for me it is very scary because prices in Los Angeles, Ventura and Orange counties are so high to begin with. I looked at a property today in Simi Valley that's a 3 bd, 2 ba that is a short sale that is listed for $445,000 and it is a total wreck! I could probably get it from the bank for $400,000 but I'm not sure but I think the rehab would probably cost at least $100,000 to $125,000! I was very tempted to sign up with Josh Cantwell today but to be honest I can't even pay the $1000 upfront and they offered a deal where I could pay $395 for 3 months and yesterday was the last day that was being offered and I felt like such a loser because I didn't take advantage of that but after doing my due diligence I think I made the right decision not to sign up with him because I don't think it's right for someone like me with no experience to expect to be able to do rehabs this way in CA. I think I need to find houses that need only cosmetic fixes to be able to buy and flip in CA. Am I right or wrong?
I have no relationship with this company. They are soliciting me!
I have the course bought it listened to it, had what I thought would be a great deal, then come to find out they dont lend in AZ, one of the hottest markets there is, in more ways than one, and I just lost the deal. They didnt bother to mention that when I got the proof of funds letter, or when my realtor spoke to their office. There suggestion was to buy something in another state where they provide funding, like that is going to work for someone starting out. I bought this in good faith and the information is good, takes forever to get thru it all, but to spend months going thru the course and then to find out I cant use their funding, what a waste of time and money
Thanks everyone for the information. I am so new to funding its not even funny. This program sounds like I have the solution to it all. Then I read this and was filled with doubt.. I have a Multi- Million Deal in San Francisco and stopped dead with no down payment.. no private money lenders. I joined another program called Fortune Builders and they teach you alot from the ground up. I am finding deals but they are just passing by. I am working a Job and This Program to my best ability. No Money of my own sounds pretty good o Finance a deal. As long as their is meat on the bone for all I am good with 30% The only hitch is I tried to call their number and its a totally different company!
I just jumped off a Josh Cantwell webinar. He sounds so carnival barker-ish or snake oil salesman-ish that I couldn't bear to listen to the end. I followed my instinct, and I'm glad I did. As an experienced rehabber, I know there's better money than his so-called Freedom Funding. If one has no money for rehab, that's a different story, but 6/16/30 for six months is outrageous. A homeowner would have to practically GIVE his property to you for you to make any money.