I have been looking for solid asset-based lenders (I left my job last year to focus on real estate so I can't get conventional financing). I recently received a call from a rep at Spectrum REI (www.spectrumrei.com). Their rates and terms for their 30 year fixed products seem attractive (80% LTV, 5-7%, and 2 points). However, their website is pretty sparse and the only thing I found when I googled them was a negative review on another forum. Has anyone worked with Spectrum REI. Would greatly appreciate any feedback good or bad.
Thank you in advance!
I didn't get any feedback, but figured I'd update this in case someone is looking in the future.
I took a deal I needed to be funded to Spectrum REI. I asked them for their NMLS number, references, and sample recent deals funded. They said they would get back to me with those, but I haven't heard anything since. Nothing conclusive, but definitely suspicious IMO.