Spectrum Funding Group Denver Colorado
Hey everyone I got a promotional email from this company regarding commercial funding. This does not seem legitimate. Below is what was said in their email to me. Can anyone comment on this lender as well as their commercial loan product.....
""""STATED INCOME COMMERCIAL LOANS
We have true stated income commercial loans
No Tax Returns
No W2’s
No Balloon
Easy Qualifying
We fund fast
30 YEAR LOAN & FULLY AMORTIZING
Up to 75% LTV
Rates start at 6.74%
True no income verification
Loan amounts to $5 million
Purchase or Refinance
NEW PROGRAM! 30 Year Stated for SFR 1- 4 units
Same terms as commercial program above
Full Doc Commercial Options as well!
We cooperate with Brokers
REFERRAL PROGRAM – Commercial loan referrals pay 20%"""
This all seems too good to be true. Especially the 30 year full amortizing loan. I thought commercial lenders never did this.
Your feedback and guidance will be appreciated.
Most Popular Reply
@Rich Hupper This is kinda crazy.. Just the very end where they pay referrals 20%?! lol.. We pay 1-2%. You'll never find a stated conventional commercial loan. Even HML's need the basic information, I believe this is just to get you in their system and then they'll charge you a $5k processing fee next. When you have a company like this that is going a different path than 90% of the lenders out there it's more than likely a scam.