Wholesaler · Grand Rapids, MI · Member since 2012 · 16 posts · 3 votes
I have been looking everywhere for hard money/private loans in Michigan (Grand Rapids area not Detroit) and have only come across one so far. Has anyone used Brookview Financial and if so what were your experiences?
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
14y
I haven't used them, but spent a good bit of time talking to them, and going through the approval process a year or two ago. Nothing they said indicated that they weren't on the up-and-up, but the fact that they wanted upfront fees before they would review and approve my first loan was something I wasn't willing to do.
Also, they told me that based on my financial profile that they'd be able to fund quite a few deal simultaneously (which was what I needed at the time), but the further through the process, the more they seemed to want to hedge and fund fewer projects. The reasons they gave were valid (they wanted a solid relationship before they started funding 10-20 loans at a time, but the fact that they lied about it upfront was off-putting.
Ultimately, I didn't want to commit time and money to a lender before I ever had a deal approved. Personally, I'd recommend finding a local HML or private lenders (that's the road I ended up going down) before considering a national lender.
Commercial Loan Officer · Southern Maine, ME · Member since 2009 · 782 posts · 415 votes
14y
I don't have any direct experience with them, but I think I'd spend some more time looking for a different lender.
Only reason I say this is that I believe if you spend some time developing contacts that you'll be able to find a residential HML who won't charge upfront fees.
Personally, there's just too much negative press on the web regarding them charging fees for my comfort.
If it helps, I'll send you the contact info for a HML lender in MI that may be able to help you. I'm not affiliated with them in any way and am not looking for compensation. Just happy to help if I can.
Brooklyn, NY · Member since 2012 · 2 posts · 0 votes
14y
Yea i'm looking into HML as well and Brookview is a company that seems to fit my needs but i'm not to excited about the upfront fee's. I've done a lot of research and they do seem legit but I think i'm going to spend a few more days looking for a HML company that doesn't charge up front fees.
Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes
14y
I use Recasa and have been very happy with them. Have looked at Brookview but Recasa's program just seemed better. They still have an upfront fee though. But their interest rate is good 9.5% and their terms are better (no money down and 9 month term of the loan). They're also extremely responsive as are their key people - in the office and the field.
My only issue is that they aren't as keen on the multiple loans. I have 8 conventional loans right now and 10 commercial and they're hesitant with having 2 deals out with me at once. If they can't, I might have to use Brookview as a secondary source.
High Point, NC · Member since 2017 · 108 posts · 19 votes
8y
I have come across Brookview Financial, Inc. out of Hamden, Connecticut. But I am unsure if they have any relation to Brookview Financial Services out of Cleveland, Ohio. The one out of OH is suppose to be a scam but the one in CT is suppose to be a legitimate business and it's BBB accredited with a A+ and no complaints(HERE). Brookview Financial, Inc. charges an upfront fee($195 processing fee ($295 if submitted after seven (7) days of signing up for an account) plus a 1% fee for activation based on the amount of your preliminary approval and 1-2% for closing cost(includes third party costs such as appraisal, BPO (Broker Price Opinion) and document preparation). They also require a 15% reserve(loan amount). Right now they're offering $500 off the processing costs (appraisals, etc.) in celebration of their. 25 year Silver Anniversary. Here are their Residential Investor General Program Guidelines:
General Program Guidelines *One- to Four-Family Purchase and Rehab Financing
Credit Score
No Minimum
Points
Typically range from 2.5% to 4.5%Pay NO Points at Closing (financed in the deal)!
Interest Rate
Typically range from 9.99% to 12.99%Make NO interest payments for SIX MONTHS (financed in the deal)!
Maximum LTV %
Up to 75% (based on After-Repaired Value)
Loan Amount
Typically includes funding of purchase price, rehab costs, points, six interest payments and processing fees; subject to Maximum LTV (see above)
Minimum Borrower Reserve
Minimum 15% of loan amount funded by borrower at closing
*Terms are subject to our standard underwriting criteria and due diligence. Terms vary based upon borrower’s experience, financial condition, deal size, and other considerations, and are subject to change.
Considering this I'm unsure of the validity of the company because of the upfront cost . The guidelines are an investors dream but seem too lenient unless they are actually trying to help investors, specifically beginners. Please update this post with any other findings and reputable lenders who aren't trying to scam others.
Wallingford, CT · Member since 2018 · 1 post · 0 votes
8y
I've been a real estate investor and realtor/broker for past 15 years and formally the President of ALLREIA (Alliance Real Estate Investors Assoc). I have done business with Brookview Financial in Hamden, CT since 2007. I've found them to be a very reputable and professional company who looks to assist the novice and seasonal real estate investor in pursuit of their goals and business endeavors. Brookview Financial in Hamden believes in building relationship with the customers. When I found myself in trouble on a rehab-flip project, they personally assisted me out of that rehab. I have also referred some of my clients to their company. I hope this offers some insight on Brookview Financial in Hamden for other investors looking for a hard money lender.