All Forum Posts by: Dan Liston
Dan Liston has started 1 posts and replied 5 times.
Last week I finished foreclosing on four properties. It took three years and I lost over $200,000 on those deals alone!! 100% of the deals I've done with Safeguard have had late payments and/or major issues. I’ve seen many other complaints about them around the internet. I have been a Real Estate investor for about 35 years and have never experienced such incompetence. In fact, the title companies and attorneys I've dealt with during the foreclosure process were also surprised by their incompetence. The worst part is, during 4+ years of problems, I’ve continuously tried to give them the benefit of the doubt and hoped they would learn from their mistakes. Unfortunately, they do not learn and appear to bury their heads in the sand. It's honestly a very sad situation and I am convinced they are simply in way over their heads.
Post: Anyone fund a note with Safeguard Capital Partners?
- Posts 5
- Votes 5
Quote from @Chris Seveney:
Quote from @Dan Liston:
Quote from @Chris Seveney:
Daniel,
My foreclosure attorney voiced the same concern about Safeguard. He said that he had never seen investor notes this poorly constructed to limit the rights of the investor. It is truly a nightmare investing with them.
So what can be learned from this? I am curious how many investors had an attorney review the agreement, the note and reviewed the asset/property? This is extremely unfortunate and I think the name does not match their product, but there will be many others out there that do the same - so what can we take and learn from this as well?
Good question, Chris. I agree with Greg, one lesson is to do everything yourself. Another lesson is to research companies online and in forums like this before you do business with them and if you decide to do business with someone, dip your toe in the water slowly and continue to research the company after you start working with them, because things can change quickly.
1. Were these originally performing loans that went non performing?
2. What was the LTV on these assets?
3. Who was servicing these loans?
4. Were you able to review the collateral and review who the borrower was?
Reason I ask is in note investing it is actually usually pretty difficult to lose money consistently, thus the questions.
1. Yes.
2. 50% - 60%
3. Safeguard Capital Partners with Zimple Money.
4. Yes.
Technically, I have not lost money yet. I don't have time to keep going back and forth here; you are welcome to contact me directly for additional details. Summary: 7 loans outstanding: 4 in foreclosure, 1 in default - trying to develop a plan before I begin foreclosing, 1 current, but has needed multiple payoff extensions, 1 current with no issues. Possibly lower returns than projected because of statutorily mandated interest rates following court judgements. Many hundreds of wasted hours, that if included, would wipe out a significant amount of earnings.
1. Yes.
2. 50% - 60%
3. Safeguard Capital Partners with Zimple Money.
4. Yes.
Update 2/6/25: I had to foreclose on four properties from Safeguard Capital and lost over $200,000. The process took over three years from when the borrower stopped making payments. 100% of their deals have had late payments and/or major issues. I've never experienced such incompetence. I've tried to give them the benefit of the doubt, but they do not learn from their mistakes and simply bury their heads in the sand. It's shocking, sad and definitely frustrating.
100% of their deals have had late payments and/or other major issues.
100% of their deals have had late payments and/or other major issues.
100% of their deals have had late payments and/or other major issues.
100% of their deals have had late payments and/or other major issues.
Post: Anyone fund a note with Safeguard Capital Partners?
- Posts 5
- Votes 5
1. Yes.
2. 50% - 60%
3. Safeguard Capital Partners with Zimple Money.
4. Yes.
Technically, I have not lost money yet. I don't have time to keep going back and forth here; you are welcome to contact me directly for additional details. Summary: 7 loans outstanding: 4 in foreclosure, 1 in default - trying to develop a plan before I begin foreclosing, 1 current, but has needed multiple payoff extensions, 1 current with no issues. Possibly lower returns than projected because of statutorily mandated interest rates following court judgements. Many hundreds of wasted hours, that if included, would wipe out a significant amount of earnings.
Post: Anyone fund a note with Safeguard Capital Partners?
- Posts 5
- Votes 5
Quote from @Chris Seveney:
Daniel,
My foreclosure attorney voiced the same concern about Safeguard. He said that he had never seen investor notes this poorly constructed to limit the rights of the investor. It is truly a nightmare investing with them.
So what can be learned from this? I am curious how many investors had an attorney review the agreement, the note and reviewed the asset/property? This is extremely unfortunate and I think the name does not match their product, but there will be many others out there that do the same - so what can we take and learn from this as well?
Good question, Chris. I agree with Greg, one lesson is to do everything yourself. Another lesson is to research companies online and in forums like this before you do business with them and if you decide to do business with someone, dip your toe in the water slowly and continue to research the company after you start working with them, because things can change quickly.
Post: Anyone fund a note with Safeguard Capital Partners?
- Posts 5
- Votes 5
I have worked with Safeguard Capital Partners as a lender for about 5 years and it has been a complete nightmare. Not only horrible investments, but a complete waste of money and time. I have seven loans outstanding with them and have been forced to foreclose on four of them. The attorneys and title companies I've been forced to deal with during the foreclosure process have also told me they are shocked by Safeguard's incompetence.