All Forum Posts by: Stewart VanValkenburg

I've got a flip lined up in Redmond Utah. My normal hard money guy said no because he doesn't do small towns. My second guy said the same. I called a dozen lenders yesterday and they said no because:

Small town.

Small amount (purchase price is 97k)

They don't deal with those kind of properties (Half the house is a mobile home on land, built in '72. The other half is a typical stick frame house built in addition.)

Too short of a timeframe. (closing this week)

Comps put mobile homes at 160k and regular homes at 200k. Aiming for 10k in renovations.

1700 sq ft 3 beds 2 baths

Anybody want to lend on that?

Honestly didn't try. Too many flags. Some similar phone numbers and such to other short term companies that other people said were scams.

Physical auctions. They require all cash to buy so the people there have money. They also know about real estate so less likely to charge you extra fees to get an appraisal or BPO because they can estimate the value themselves. Find an older one who'd rather sit back and get the interest than the higher return higher involvement of another flip.

Maybe you can elaborate a bit on how they will be a resource? Are you planning on hiring inspections in bulk for the loans you are doing across the country and you want a discount? Are you looking to inspectors to give you referrals? 

Was it this guy? He did the LinkedIn version of a friend request to me.

1st degree connection1stCEO/Owner Owens Financial

• Owens Financial Group
• Goethe University

San Francisco, California, United States Contact infowww.owensfinancialgroupllc.com

Ko, I called your company, they would take too long. Ammabelle, the unsecured loan wouldn't be high enough, they generally only go 2-3 months of income, I wish I made that much for that timeframe. 

As I said in the title I'm looking for something fast. I want to take out the cash in a duplex I own free and clear in Binghamton NY. It's worth 120-140k. I could get a DSCR loan but I've got a time crunch on the opportunity to the tune of a 10k discount if I can get it under a week. Looking to pull 80-100k out. All the people I've talked to require an appraisal, which is the main time eater on getting the loan. So do you know of anyone who would do a hard money, dscr, or bridge loan on this property and be able to close by Mar 15? I know some people will use a BPO or just run their own comps, but none of the 60+ people I've called so far will do that.

So it's another of the "send us our fees upfront" scammers? Surprising number of those out there.

So about 2 months ago I ran into a company called Rad Diversified LLC. Just close enough to Rad Diversified to mooch off of their brand. They have almost the same terms as seabury and the almost the same M.O. Terms seem too good to be true, they want 2 points up front to 'process the loan' before they send you any money. They don't use a gmail account, but aside from that my experience was the same as the rest of the posters here. I questioned the 2 points up front and they said that's how all the lenders do it and implied I was a novice for not knowing that. I told them I flat out wasn't going to do that, they said they had a trust company I could wire the money to instead. I asked if I could pick my trust company, I got a flat no. 3 days later they sent me the trust company's info, the phone number for the totally real sounding name of "Lawyers Escrowsan" is the same as Judith Knott's. So they've gotten a bit more elaborate. Found this thread by googling the phone number.

@Donald A Brownlee Jr. so what happened? Did you get a loan? Partner with someone? Just sold it as is to an investor?