Latra Investments and Atlas Financial Legitimate or Scam?

Question

So in my search for financing on three cash out refis or a possible HELOC in GA, and need for commercial funding in a multifamily deal in FL recently I have come across Latra Investments and Jeremy Richardson at Atlas Financial, offering a variety of loan programs to suit all of my needs, competitive rates.

I found Latra investments responding to a Craigslist post advertising private money lenders (red flag) and a man and a woman spoke to me on the phone late at night about my deals and how they find private money and private lenders, we got into some basic details and said that we should wait until I had the commercial property under contract to proceed. Their website is here: http://latrainvestments.com/

Jeremy Richardson at Atlas financial cold called me saying he saw me on a list of buyers looking for private funding on myhousedeals.com. I did put my information on there looking for private funds. On the phone I gave him the addresses and financials of the properties that I wanted to cash out on over the phone and told him I was looking at cashing out to purchase an expensive multifamily property. I received pre-approval bridge funding letters for my 3 properties with rates, monthly payments, and an invite to a loan funding portal that is requesting my last 2 months of bank statements.  The email claims they can close in 10-14 days and includes a video ad that they made.

https://www.atlasfinancialllc.com/

Nothing on scam reports, it's hard to even find latra investments with a google search. Are these lenders legit or has anyone used them before? Thanks for the help in advance.

Jeri Artal · Answer

Hi.  My name is J.J. Artal, and my husband, Scott, and I own Latra Investments.  We are a young company offering wholesaling and private money brokering.  Being young does not make us a scam.  We have been very well trained and have invested much of our time and money to place ourselves in a legitimate business offering services to flippers and investors.  Advertising on CL (since rehabbers look there for properties, and it's a free advertising) is one of the most commonly suggested methods of finding investors you can serve.

Since investing is an asset-based business, putting your deal under contract is always the first suggestion.  We would never ask for money up front, and you should be concerned of anyone who does.  We are new, so we answer calls until 9pm CST every night, growing a business.  I pride myself on follow-up that is diligent, professional, and personal.  We have prayed on this business for a long time.  Our website will tell you that we are Christian-based and service-driven.

We are actually HERE on bigger pockets.  We are on connected investors, linkedin, instagram, facebook, and we have our own website.  We are educated through multiple real estate systems.  As I type this, we are 1000s of miles from home where we have flown specifically to invest time being mentored by a very well known multi-million dollar investor.

While I am disheartened that our over-the-top service just seemed to make you leery, I applaud your due diligence in seeking information about us, John.  I hope there is some way that we can develop better trust with you in the future.  We are highly transparent.  If there is anything you would like to know, or want references on our behalf, please ask.

Bob Woelfel · Answer

@John Pettas why don't you call some traditional lenders in the markets you work and see what they have to offer.

@Jeri Artal I applaud you for jumping on here and giving a little background about you and your company.  I think it helps provide some perspective.  I will say though that some of the comments in general are consistent with some of things people are seeing and that are going on in the market.  There are a lot of shady lending stories about bait and switch interest rates and getting upfront fees only to have nothing to show for it, etc.  Many of the folks that have been in this business a long time don't understand the infatuation with all the online lenders and "easy" money simply because it's not hard to find a lender in your own market with a little networking and effort.  I would tend to argue that it's a much safer play that way as well, especially for a newer investor.  May I also say that the "Christian-based" language is all well and good, but just doesn't hold a lot of weight to some people.   While I'm sure it's well intentioned and I'm not questioning you there are plenty of examples out there of people who said that but ultimately were not good people.

I do think you handled this thread the right way though.  May I suggest that you look at upgrading your account so you can provide a little more information about your company (name, logo, contact info, etc.) on your profile and signature lines.  This will help lend some credibility to your business.  I see this isn't the only thread about your business, but I have yet to read the others.  Getting more active on this site should also help your case.  Best of luck.

Jeri Artal · Answer

@John Pettas I would have responded sooner, but I have not been well. However I am healing up and always here to help. Please reach out whenever you are in need, or with any questions you may have.

@Bob Woelfel Thanks for your advice, it is our intent to broaden our profile shortly. Your response to our Christian base is not surprising, we expected that feedback from some. It just is who we are. :)

With so many lenders doing so many different niches and having so many different time and quantity parameters, some find going through a broker just easier and it helps them escalate quicker. Not every lender fits every scenario and since I work with more than 100 lenders (and there just really is no good way for one individual to reach out to every one), the benefit of working with us is that I will scout out the BEST one for you, quickly. I don't know how others do their business, but I personally feel that is my job. I strive to offer a service that is difficult for people to provide for themselves. It's not for everyone, but those who work with us seem thankful for our attention to their specific needs and our insight. Just a little more info about us. Have a great day you guys!

Bob B. · Answer

SCAM.  There isn't a need to look for $ on CL.  Only deal with Banks and Credit unions or licensed Mortgage Brokers.

Don't send them anything, especially money or personal info.

Joseph Littlejohn · Answer

Atlas Financial Lending are they scams ?

Joseph Littlejohn · Answer

Atlas finances lending are scams

Jeri Artal · Answer

I have not. But those numbers sound in the norm. We would be available to you as well (since you are posting your post right behind me, of course I'm going to put that out there ;). Please reach out to me if we can help you with anything.  Good luck to you.

Koob Moua · Answer

Did anyone here use Atlas financial LLC. Just curious because I spoke with Jeremy Richardson. Sounds legit and no cost up front with 9%-12% interest and 1-2 points. I looked up his business LLc in Florida and is registered to his name. Has anyone done business with this company?

John Pettas · Answer

@Jeri Artal I was impressed by the late evening phone call and have not had any lender do that, making me skeptical. I have lost a large sum of money after doing a real estate transaction from a craigslist ad, hence my increased apprehension. Thank you for the customer service provided. You finding this post on BiggerPockets and addressing it directly speaks volumes to me. I having nothing ill to say of your business or customer service provided, merely the method of our initial contact being craigslist makes me leery.

@Bob Woelfel I have proceeded with my conventional financing needs doing just what you suggested, I thought I needed some private money for a quick closing on a commercial deal when I contacted Latra investments.

@Jeri Artal I will certainly be open to discussing future deals with you both in the future seeing that you are here on Biggerpockets. Thanks for speaking up.

Jay Hinrichs · Answer

just google atlas financial  its a big time company..  this is what these guys are doing these days.

I had a thread were i outed one last week.. and they just knocked off a legit companies website.

I called the company talked to the owner they were just SHOCKED I said yup thats whats happening these days in the private lending world.. too good to be true suck those who dont really know better ripe a few grand out of them and move on.  He sent me a nice thank you note.

And yes you pitch for the Yankees and my jet will be on the ramp next week !!!

Latra Investments and Atlas Financial Legitimate or Scam?

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