Blue Gate Capital - are they legitimate?

[Randee Erickson]

I’ve been getting texts from Blue Gate Capital and was wondering if anyone has had any dealings with them. Are they legit?

[Jack Robinson]

Hi Randee, I can't say I have heard of Blue Gate Capital before. I always recommend getting on the phone with someone to vet their company before doing any business. On their website, Blue Capital advertise great rates, low fees and quick funding. Although this is what you want from a lender, being skeptical can save you many future headaches 

[Randee Erickson]

But talking to them won't really tell me if they are legit.  How do I research the company?  I'd really like to find someone here who has dealt with them :-)

[Issac San Miguel]

Quote from @Randee Erickson:

But talking to them won't really tell me if they are legit.  How do I research the company?  I'd really like to find someone here who has dealt with them :-)

Hey Randy, check out the American Association of Private lenders. Blue gate is not listed on their website.  It does not mean that they are not legit, but it is a concern. 

I always recommend checking out reviews as well. 

Let me know if you have any questions. 

[Stylianos Kalamaras]

I would recommend staying far away from that company. They just cost me a deal, and they are extremely unprofessional and unorganized, I'm not sure. how they are in business. I was supposed to close yesterday and they were asking me for documentation. I actually found out today that the founder of the company Zack had no intentions on funding my deal from about three weeks ago and was stringing my loan along until today. I have docs etc if you are interested in verification and proof that I have dealt with that company.

[Randee Erickson]

Wow!  Thanks for sharing. I wasn’t feeling good about anyone pursuing me to lend me money, but this cements even more why to stick with regular lenders when possible. 

[Eric Goldman]

anyone who is texting to solicit business seems off.

[Jay Hinrichs]

Quote from @Eric Goldman:

anyone who is texting to solicit business seems off.

Its worse than just being off.. 97% of those type of solicitations are from  scammers pretending to be lenders  you know pump and dump due diligence schemes quote super low rates tell you what you want to hear just need to send me 500.00 up front then another 1000..  in the meantime you lose your EM and they ghost you..  sadly its a stain on our industry right now.

[Jay Hinrichs]

Quote from @Issac San Miguel:

Quote from @Randee Erickson:

But talking to them won't really tell me if they are legit.  How do I research the company?  I'd really like to find someone here who has dealt with them :-)

Hey Randy, check out the American Association of Private lenders. Blue gate is not listed on their website.  It does not mean that they are not legit, but it is a concern. 

I always recommend checking out reviews as well. 

Let me know if you have any questions. 

I dont think being a member of  AAPL means anything.  they are a non accredited pay to play orginization.. while they do some nice meet ups and have basic info.. does not mean that any lender that pays to be a member is a better lender than the thousands of us that are not members.. I went to the Vegas gig one time.. Nice people but means nothing when it comes to lending.

[Stylianos Kalamaras]

Yes they are, they cost me $800 knowing they would not close my deal and waste my time, if I had any possible legal recourse I would take it they shouldn’t be allowed to operate it’s really sad. 

[Steven Goldman]

Quote from @Randee Erickson:

I’ve been getting texts from Blue Gate Capital and was wondering if anyone has had any dealings with them. Are they legit?

Hi Randee: Due diligence is important at every stage of the transaction. We recommend that you check reviews of the lender; Ask for references; If the lender is advertising something that is outside the normal metrics for the industry it is likely a bait and switch.  No NON-QM broker or lender should be collecting upfront fees for processing. I would avoid anyone who wants you to pay anything upfront other than an appraisal. The market is in a extreme state of flux due to interest rate volatility. I would check the internet for articles about any lender you are considering. Two of the biggest players in this space just folded. Sprout and FGMC. In this business its just not who you know but what you know. Good luck! https://www.prnewswire.com/new... https://nationalmortgageprofes...

[Jeff S.]

Quote from @Stylianos Kalamaras:

Yes they are, they cost me $800 knowing they would not close my deal and waste my time, if I had any possible legal recourse I would take it they shouldn’t be allowed to operate it’s really sad. 

Unfortunately, no one is "allowing" them to operate, @Stylianos Kalamaras. And real lenders don’t troll for business by texting. They are very likely based overseas. The cold truth is no one cares. Unless it can be established that they are scamming enormous sums, the police, FBI, attorney’s general, and the like, have bigger fish to fry and won’t lift a finger. I know. We’ve been victims ourselves and I’ve been told that directly by law enforcement.

We had a scammer create a very professional website using the exact name of our lending company. It included my real name, our real home address, and what was probably a Google voice number. When you called, and it seems many did, the scammer answered the phone using my name (though I understand with a heavy foreign accent). He scammed a lot of people out of a lot up-front of money. I found this out after several victims skipped traced me and called me at my real phone number.

A search of the scammer’s phone number indicated it was used on other fake websites to falsely represent other legit lenders, as well. I wrote about it here a few times.

These guys are very slick and convincing. Thinking you can identify scammers by speaking to them or reading reviews is naïve. Similarly, looking up deeds of trust, licenses, or other public loan documents, as is often recommended here, will only confirm that the company exists - not that you are speaking to a legitimate representative. It really is a minefield out there.

I know everyone likes the convenience of the web, and they are tired of hearing it, but this really is a business based on relationships, not online anonymity. My best advice is to meet your lenders face-to-face at real estate clubs, conferences, or other professional events. If they’ve been around for a while, the club organizers or others in the room will know them. I put my money where my mouth is on this.

We lend our own hard-earned money to local real estate investors. From day one, we’ve never loaned a dime to anyone we haven’t previously met and gotten to know at least a little. As a borrower, you should do the same.

Thinking back, your mom was probably smarter than you thought when she told you to stay away from strangers.

[Jay Hinrichs]

Quote from @Jeff S.:

Quote from @Stylianos Kalamaras:

Yes they are, they cost me $800 knowing they would not close my deal and waste my time, if I had any possible legal recourse I would take it they shouldn’t be allowed to operate it’s really sad. 

Unfortunately, no one is "allowing" them to operate, @Stylianos Kalamaras. And real lenders don’t troll for business by texting. They are very likely based overseas. The cold truth is no one cares. Unless it can be established that they are scamming enormous sums, the police, FBI, attorney’s general, and the like, have bigger fish to fry and won’t lift a finger. I know. We’ve been victims ourselves and I’ve been told that directly by law enforcement.

We had a scammer create a very professional website using the exact name of our lending company. It included my real name, our real home address, and what was probably a Google voice number. When you called, and it seems many did, the scammer answered the phone using my name (though I understand with a heavy foreign accent). He scammed a lot of people out of a lot of money. I found this out after several victims skipped traced me and called me at my real phone number.

A search of the scammer’s phone number indicated it was used on other fake websites to falsely represent other legit lenders, as well. I wrote about it here a few times.

These guys are very slick and convincing. Thinking you can identify scammers by speaking to them or reading reviews is naïve. Similarly, looking up deeds of trust, licenses, or other public loan documents, as is often recommended here, will only confirm that the company exists - not that you are speaking to a legitimate representative. It really is a minefield out there.

I know everyone likes the convenience of the web, and they are tired of hearing it, but this really is a business based on relationships, not online anonymity. My best advice is to meet your lenders face-to-face at real estate clubs, conferences, or other professional events. If they’ve been around for a while, the club organizers or others in the room will know them. I put my money where my mouth is on this.

We lend our own hard-earned money to local real estate investors. From day one, we’ve never loaned a dime to anyone we haven’t previously met and gotten to know at least a little. As a borrower, you should do the same.

Thinking back, your mom was probably smarter than you thought when she told you to stay away from strangers.

My dad always told me.  Real estate is belly to belly  

[Randee Erickson]

Agreed!

[Daniel Samandarov]

@Randee Erickson We are a very real company and we just saw this post as we are not active on bigger pockets. Also Ms.Erickson somehow you applied online to us for more information about our loan programs. We were not texting you blindly. You gave us your cell numbers, how else would we have attained it ? 

1. We did not charge Mr. Kalamaras any upfront fee's. One of our Main principles is that we do not take any upfront fees ever ! Mr. Kalamaras paid $800 directly to Appraiser. All of our Clients pay appraisal's Companies directly  

2. We had full expectations to fund his deal. We just needed pictures of the 3rd Apt Unit, which he said was not possible at the last moment. 

[Keith Williams]

Quote from @Stylianos Kalamaras:

I would recommend staying far away from that company. They just cost me a deal, and they are extremely unprofessional and unorganized, I'm not sure. how they are in business. I was supposed to close yesterday and they were asking me for documentation. I actually found out today that the founder of the company Zack had no intentions on funding my deal from about three weeks ago and was stringing my loan along until today. I have docs etc if you are interested in verification and proof that I have dealt with that company.

It is so unfortunate that I have to follow up what @Stylianos Kalamaras wrote concerning Blue Gate Capital. It’s incredible that his experience would be so similar to mine. I had been dealing with them for several months due to the development of plans for a property I own. Very similar to the previous testimony, the underwriting process was very unprofessional and unorganized. Forms they should have asked me for up front were asked for AFTER declaring my file as complete. These files were standardized forms that many other lenders in the past have given me up front or not long after the initial engagement. Not to mention, they weren’t aware of my entity information and other organizational details I’d previously sent (ie state formation, scope of work, etc.); easy stuff. Yet, they were asking questions as if they didn’t have them..for a long time. It was annoying.

I personally had two encounters with Zach. I will not attack his overall character as I don’t know him. But what I will say is that he is a disastrous relationship manager. I shared with my loan officer that I was “unimpressed” with the way underwriting was handling my file after declaring it complete. Zach proceeds to get on the phone to, I suppose, “get me together”, with their details as if I didn’t just experience their unorganized process. I very quickly had to reorient him to my reasons for dissatisfaction, to which he offered no remorse. I was over him then.

Underwriting was only supposed to take around 3 days. From 9/9 to 9/18, I struggled to get to funding with them. Zach called me and told me they were changing my loan because they were going to consider my loan a “new construction” as oppose to an existing structure rehab or even complex rehab (considerations I’ve experience with other lenders). He then proceed go down $50k on their original offering to me because of the scope, amount of money, and my (apparently) my newfound lack of “experience”. Mind you, they had my plans for months. It wasn’t an issue of “underwriting does review a file until it was complete”. Because one of my first questions dealt with the job’s complexity, to which I asked the loan officer to review with underwriting if this would be a problem. Zach’s tone was very, “this is not an issue on us, it’s your criteria that renders you in this position”. There was no mention or remorse for past declarations, which were pretty set in stone per the loan offer and his communication. I didn’t mind that they changed terms so much as the timeline in which they did it and then the way in which it was communicated. They completely wasted my time due to lack of knowledge and organization to my file; then changed their offer as if I had no other choice but to take it. Zach, specifically, does not demonstrate himself as an excellent businessman. I’m very glad things didn’t work out.

Lastly, Zach’s partner, Daniel, who seemed to be a more level-headed individual didn’t help matters any. Again, I’m not sure if these guys do this to everyone or if their customer service ability as partners is just terrible. Daniel attempted to get on the phone with me to “save” the deal and defend all of their processes as well. Again, NOT the way you handle client relationships. He may be a decent gentleman but at the end of the day his offer to take another look at my file was to add like 5% to their already 80% LTC offer. They knew this was not my ask or need. I shook my head the entire call until it concluded.

My experience was just bad. Bad customer service (from the partners), unprofessional client information management, ridiculously long underwriting, and I’ll add this..a low-key throwing of their loan officer under the bus for information “he did not know” or “must have been mistaken” about.

Stay away from these guys. There are thousands of lenders out there that deserve your business more than them. It’s unfortunate as their loan officer was stellar. But it’s scary to think that your hard earned money, reputation, and deals could be in jeopardy because of bad lenders. I expected much more.

Lesson learned. Stay away.

But the loan officer, he was amazing.

[Daniel Samandarov]

Quote from @Keith Williams:

Quote from @Stylianos Kalamaras:

I would recommend staying far away from that company. They just cost me a deal, and they are extremely unprofessional and unorganized, I'm not sure. how they are in business. I was supposed to close yesterday and they were asking me for documentation. I actually found out today that the founder of the company Zack had no intentions on funding my deal from about three weeks ago and was stringing my loan along until today. I have docs etc if you are interested in verification and proof that I have dealt with that company.

It is so unfortunate that I have to follow up what @Stylianos Kalamaras wrote concerning Blue Gate Capital. It’s incredible that his experience would be so similar to mine. I had been dealing with them for several months due to the development of plans for a property I own. Very similar to the previous testimony, the underwriting process was very unprofessional and unorganized. Forms they should have asked me for up front were asked for AFTER declaring my file as complete. These files were standardized forms that many other lenders in the past have given me up front or not long after the initial engagement. Not to mention, they weren’t aware of my entity information and other organizational details I’d previously sent (ie state formation, scope of work, etc.); easy stuff. Yet, they were asking questions as if they didn’t have them..for a long time. It was annoying.

I personally had two encounters with Zach. I will not attack his overall character as I don’t know him. But what I will say is that he is a disastrous relationship manager. I shared with my loan officer that I was “unimpressed” with the way underwriting was handling my file after declaring it complete. Zach proceeds to get on the phone to, I suppose, “get me together”, with their details as if I didn’t just experience their unorganized process. I very quickly had to reorient him to my reasons for dissatisfaction, to which he offered no remorse. I was over him then.

Underwriting was only supposed to take around 3 days. From 9/9 to 9/18, I struggled to get to funding with them. Zach called me and told me they were changing my loan because they were going to consider my loan a “new construction” as oppose to an existing structure rehab or even complex rehab (considerations I’ve experience with other lenders). He then proceed go down $50k on their original offering to me because of the scope, amount of money, and my (apparently) my newfound lack of “experience”. Mind you, they had my plans for months. It wasn’t an issue of “underwriting does review a file until it was complete”. Because one of my first questions dealt with the job’s complexity, to which I asked the loan officer to review with underwriting if this would be a problem. Zach’s tone was very, “this is not an issue on us, it’s your criteria that renders you in this position”. There was no mention or remorse for past declarations, which were pretty set in stone per the loan offer and his communication. I didn’t mind that they changed terms so much as the timeline in which they did it and then the way in which it was communicated. They completely wasted my time due to lack of knowledge and organization to my file; then changed their offer as if I had no other choice but to take it. Zach, specifically, does not demonstrate himself as an excellent businessman. I’m very glad things didn’t work out.

Lastly, Zach’s partner, Daniel, who seemed to be a more level-headed individual didn’t help matters any. Again, I’m not sure if these guys do this to everyone or if their customer service ability as partners is just terrible. Daniel attempted to get on the phone with me to “save” the deal and defend all of their processes as well. Again, NOT the way you handle client relationships. He may be a decent gentleman but at the end of the day his offer to take another look at my file was to add like 5% to their already 80% LTC offer. They knew this was not my ask or need. I shook my head the entire call until it concluded.

My experience was just bad. Bad customer service (from the partners), unprofessional client information management, ridiculously long underwriting, and I’ll add this..a low-key throwing of their loan officer under the bus for information “he did not know” or “must have been mistaken” about.

Stay away from these guys. There are thousands of lenders out there that deserve your business more than them. It’s unfortunate as their loan officer was stellar. But it’s scary to think that your hard earned money, reputation, and deals could be in jeopardy because of bad lenders. I expected much more.

Lesson learned. Stay away.

But the loan officer, he was amazing.

Dear Bigger Pockets Readers- We fund over 100++ Deals Monthly, we are NMLS Members and MERS Members ! We receive countless gifts and thank you cards from borrowers all over USA. We do everything 100% by the Book, and through an easy and proven process. Sometimes along the way when Borrower provide improper/erroneous Document sets, phibb about experience, property use case, the UW takes longer then they expect.

Dear Sir, who has Closed his Account already on bigger pockets. 

1. Our Underwrite takes 24-48 Hours, if we are provided with clean and correct documents. If the borrower themselves need weeks / months to get plans and permits for construction, and does not provide all docs in a timely fashion, we can only go as fast as the borrower provides what we need. 

2. Borrowers get a portal and links that we provide to upload all documents. We kept asking for documents because you did not complete or provide all docs needed. We use an Enterprise CRM System, and are very organized with our files. We declare files complete when a borrower submit's what we ask for. Then we review the submitted file items and come back with questions or ask for additional documents it is a normal process. The documents provided where not clear/ erroneous hence why we asked to additional docs

3. On a Fix and Flip Loan, Max LTC is 90%, 100%Rehab, 90% Property Purchase on Value. On a New Construction Loan, we can provide 100% of Rehab, but use the Land Value towards the overall equity. 

4. Once docs are submitted, and we have any changes in Loan Specifics it gets communicated within a 24 Hours. 

[Keith Williams]

Unfortunately, none of these idealistic procedures were disclosed or followed from the beginning of my journey. You’ve just proved my point that all you’re concerned with are your procedures at the cost of the customers actual experience. 

Like seriously, with as much due respect as I can provide to you in this situation, you guys need to evaluate what you actually do instead of what you think you’re doing. You’re still doing the same stuff I said in my original message. SMH. Choose to learn from this and just be better to those that come after…

[Jay Hinrichs]

Quote from @Daniel Samandarov:

Quote from @Keith Williams:

Quote from @Stylianos Kalamaras:

I would recommend staying far away from that company. They just cost me a deal, and they are extremely unprofessional and unorganized, I'm not sure. how they are in business. I was supposed to close yesterday and they were asking me for documentation. I actually found out today that the founder of the company Zack had no intentions on funding my deal from about three weeks ago and was stringing my loan along until today. I have docs etc if you are interested in verification and proof that I have dealt with that company.

It is so unfortunate that I have to follow up what @Stylianos Kalamaras wrote concerning Blue Gate Capital. It’s incredible that his experience would be so similar to mine. I had been dealing with them for several months due to the development of plans for a property I own. Very similar to the previous testimony, the underwriting process was very unprofessional and unorganized. Forms they should have asked me for up front were asked for AFTER declaring my file as complete. These files were standardized forms that many other lenders in the past have given me up front or not long after the initial engagement. Not to mention, they weren’t aware of my entity information and other organizational details I’d previously sent (ie state formation, scope of work, etc.); easy stuff. Yet, they were asking questions as if they didn’t have them..for a long time. It was annoying.

I personally had two encounters with Zach. I will not attack his overall character as I don’t know him. But what I will say is that he is a disastrous relationship manager. I shared with my loan officer that I was “unimpressed” with the way underwriting was handling my file after declaring it complete. Zach proceeds to get on the phone to, I suppose, “get me together”, with their details as if I didn’t just experience their unorganized process. I very quickly had to reorient him to my reasons for dissatisfaction, to which he offered no remorse. I was over him then.

Underwriting was only supposed to take around 3 days. From 9/9 to 9/18, I struggled to get to funding with them. Zach called me and told me they were changing my loan because they were going to consider my loan a “new construction” as oppose to an existing structure rehab or even complex rehab (considerations I’ve experience with other lenders). He then proceed go down $50k on their original offering to me because of the scope, amount of money, and my (apparently) my newfound lack of “experience”. Mind you, they had my plans for months. It wasn’t an issue of “underwriting does review a file until it was complete”. Because one of my first questions dealt with the job’s complexity, to which I asked the loan officer to review with underwriting if this would be a problem. Zach’s tone was very, “this is not an issue on us, it’s your criteria that renders you in this position”. There was no mention or remorse for past declarations, which were pretty set in stone per the loan offer and his communication. I didn’t mind that they changed terms so much as the timeline in which they did it and then the way in which it was communicated. They completely wasted my time due to lack of knowledge and organization to my file; then changed their offer as if I had no other choice but to take it. Zach, specifically, does not demonstrate himself as an excellent businessman. I’m very glad things didn’t work out.

Lastly, Zach’s partner, Daniel, who seemed to be a more level-headed individual didn’t help matters any. Again, I’m not sure if these guys do this to everyone or if their customer service ability as partners is just terrible. Daniel attempted to get on the phone with me to “save” the deal and defend all of their processes as well. Again, NOT the way you handle client relationships. He may be a decent gentleman but at the end of the day his offer to take another look at my file was to add like 5% to their already 80% LTC offer. They knew this was not my ask or need. I shook my head the entire call until it concluded.

My experience was just bad. Bad customer service (from the partners), unprofessional client information management, ridiculously long underwriting, and I’ll add this..a low-key throwing of their loan officer under the bus for information “he did not know” or “must have been mistaken” about.

Stay away from these guys. There are thousands of lenders out there that deserve your business more than them. It’s unfortunate as their loan officer was stellar. But it’s scary to think that your hard earned money, reputation, and deals could be in jeopardy because of bad lenders. I expected much more.

Lesson learned. Stay away.

But the loan officer, he was amazing.

Dear Bigger Pockets Readers- We fund over 100++ Deals Monthly, we are NMLS Members and MERS Members ! We receive countless gifts and thank you cards from borrowers all over USA. We do everything 100% by the Book, and through an easy and proven process. Sometimes along the way when Borrower provide improper/erroneous Document sets, phibb about experience, property use case, the UW takes longer then they expect.

Dear Sir, who has Closed his Account already on bigger pockets. 

1. Our Underwrite takes 24-48 Hours, if we are provided with clean and correct documents. If the borrower themselves need weeks / months to get plans and permits for construction, and does not provide all docs in a timely fashion, we can only go as fast as the borrower provides what we need. 

2. Borrowers get a portal and links that we provide to upload all documents. We kept asking for documents because you did not complete or provide all docs needed. We use an Enterprise CRM System, and are very organized with our files. We declare files complete when a borrower submit's what we ask for. Then we review the submitted file items and come back with questions or ask for additional documents it is a normal process. The documents provided where not clear/ erroneous hence why we asked to additional docs

3. On a Fix and Flip Loan, Max LTC is 90%, 100%Rehab, 90% Property Purchase on Value. On a New Construction Loan, we can provide 100% of Rehab, but use the Land Value towards the overall equity. 

4. Once docs are submitted, and we have any changes in Loan Specifics it gets communicated within a 24 Hours. 

 english is a little off  a company or a MLO is not a member of NMLS  NMLW is the federal registration for state licensed MLO's or lending companies..  membership is something like APPL which is just non regulated group of private investors working on best practices but there is no authority behind them like  state license or NMLS registration has .. NMLS is federal.  and very easy to go on line pop companies names in or the MLO name in the system to see if they are real.. if they pop up on that site then they are for sure real.  If not then you have your answer.

[Daniel Samandarov]

With all due respect you are a novice real estate investor that is upset and frustrated with the standard UW process and wants to blame us for your inability to provide docs and requested items correctly. We are not idealistic, we follow the same process that ever serious lender does. You spoke to 2 people Out of 25 Loan officers / Senior UW Team members. Everyone on the team is extremely concerned with providing excellent customer service, communicating as fast as possible, and being as transparent as possible.  As mentioned we Fund 100++ Deals Monthly and have thousands of Happy repeat borrowers. Many who started out as Novice beginners with fix and flips and now do large new construction and Multi family projects. 

[Stylianos Kalamaras]

Quote from @Daniel Samandarov:

With all due respect you are a novice real estate investor that is upset and frustrated with the standard UW process and wants to blame us for your inability to provide docs and requested items correctly. We are not idealistic, we follow the same process that ever serious lender does. You spoke to 2 people Out of 25 Loan officers / Senior UW Team members. Everyone on the team is extremely concerned with providing excellent customer service, communicating as fast as possible, and being as transparent as possible.  As mentioned we Fund 100++ Deals Monthly and have thousands of Happy repeat borrowers. Many who started out as Novice beginners with fix and flips and now do large new construction and Multi family projects. 

[Stylianos Kalamaras]

Quote from @Daniel Samandarov:

With all due respect you are a novice real estate investor that is upset and frustrated with the standard UW process and wants to blame us for your inability to provide docs and requested items correctly. We are not idealistic, we follow the same process that ever serious lender does. You spoke to 2 people Out of 25 Loan officers / Senior UW Team members. Everyone on the team is extremely concerned with providing excellent customer service, communicating as fast as possible, and being as transparent as possible.  As mentioned we Fund 100++ Deals Monthly and have thousands of Happy repeat borrowers. Many who started out as Novice beginners with fix and flips and now do large new construction and Multi family projects. 

I would just let this be David. Blue Gate Capital is the most unprofessional lending company I have dealt with, and your response to customer posts is ridiculous. Hopefully some entity can step in to stop the madness, it’s a shame that there is no regulation stopping your company from doing this…

[Mike Klarman]

Sometimes we do referral business and I need to work with a processor and loan officer of another company.  It shocks me sometimes how unorganized some outfits are.

We do lots of referral business with a private lender who gives FNs a 70% cashout on properties worth 178.500+.  It's a great deal and brings in lots of business for us.  95% of the FN investors are cashing out at 65% maybe 60%.  They were the most inept, un-alert, unorganized team I've ever seen.  The loan was a mess.  I handed in same docs multiple times, get no response, they'd pull forms out their a** before closing.  It took 60 days to close and they had a Loan Officer, Processor, Underwriter, and Case Manager on the loan.  I run all these FN cashouts for mine and we do on a slow month 3 and on a busy month 10 and my boss put me in charge of it.  They had 4 people on one loan and they were like the keystone cops.

This outfit is not a scam either.  It is a private hedge fund that invests in real estate, they just have a terrible process.

I know there is lots of talk out there about how to tell scammers from real outfits.

The scammer will concentrate on how to bilk money out of you

The Real Loan officer will concentrate on how to get the file in order for UW and get it closed.  If you have a good loan officer then you should have a fresh list of needs every time you send something in.  The loan officer should be asking you about the title company you are using for the title search and the closing.

The scammer is going to try and explain away some upfront fee of $300 to get the ball rolling.  He hasn't talked about a needs list, title, insurance, the process and timeline.  He's still trying to get you to put $300 on your credit card then they'll promise the kingdom of heaven.

Ask them for the addresses of their last deals.  If they do business then they should be closing deals monthly.  

But there is a difference between how a real loan officer will speak to you and how someone trying to pretend to be a loan officer will speak to you.

FEES YOU CAN EXPECT

Appraisal - this is not on the bank and it does not belong to the bank.  It belongs to you.  You're paying for it.  It will have a detail breakdown of comps and their values and a breakdown of the subject property.

Title Work - This is all on you.  You're looking 1,200 soup to nuts.  Title work and escrow.

Insurance - Also on you.  Need a binder and a paid receipt or confirmation that it will be escrowed prior to CTC.  800 - 2k depending on property and location.

CDA - This is an audit of the appraisal to check to make sure the value is there.  This is $95.

Hard Closing costs - This is legal, Underwriting fee, processing fee, wiring fees. Totals 1,500. But this goes on the HUD - you don't pay these early.

What scammers will do is ask for a portion of the downpayment or closing fees within days of contact.  If they're not willing to get on the phone with you and talk to you and talk business but also let you in on who they as a person then they a probably not worth a damn.

I talk to people all day long, only 10% are qualified to get started tomorrow.  The other 90% have work to do with their funds or their credit, but I still talk to them.  Give them strategies on how to get ready.

A scammer wants to get to money in his/her pocket as asap.  Trust you're gut. I'm great at reading people - that comes with playing millions of poker hands in my life - if my gut tells me things do not sound right then I pull away.

But a scammer has to expose himself/herself because they don't wanna hang around forever. Loan officers get paid after closing.   At closing my firm gets paid.  That takes a day sometimes.  Then my firm cuts me my share in a commission check that I may get 4 days after that.  I could get it wired but I avoid the wiring fees, they add up over the year.  But I got paid maybe 50 days after we had our first conversation and I probably juggled a few headaches for you to make the process as smooth as possible along the way.  Scammers will be out by then.

[Daniel Samandarov]

Quote from @Stylianos Kalamaras:

Yes they are, they cost me $800 knowing they would not close my deal and waste my time, if I had any possible legal recourse I would take it they shouldn’t be allowed to operate it’s really sad. 

 Blue Gate Capital Never Charges Any Upfront Fees, Our Clients Pay AMCs or Appraisal Companies Directly. Mr. Kalamaras, we were ready to close your file, we needed to change Title Companies as your Title Agency was refusing or could not add proper endorsements because of their Underwriting Insurance Carrier. 

[Daniel Samandarov]

Dear Readers, Blue Gate Capital Provides all Clients with 2 Ways to Understand ever single document Needed to Close a Loan. 

1. Clients Receive Direct Links to email and Cell Phone Numbers, and are always reminded by Email, SMS and calls from our Processing Team and you Account Executive. 
The process is very clear and easy. If you do not like using links or self uploading docs, Clients are also always capable of sending email to the Processing Team, or Account Executive. 

2. Clients have access to our Portal where they can transparently see documents requested, and where the file is in the Process

Blue Gate Capital Lending Parameters:
Credit: 620+ 
Experience: All Levels, 1st Times, Beginner Ok 

Loan Sizes: $50,000 - $50,000,0000

Fix & Flip: 90% Max Purchase Leverage, 100% Rehab Fund, Max 75%ARLTV - Rates Starting at 9.98% 

New Construction: 85% Max LTC, up to 75% Refi on Approved Plans

DSCR Loans: As Low as .80DSCR, Leverage as High as 80%

DSCR Rates: Starting at 6.98**** *** Base Rate, before pricing Adjustments: Experience, Credit, DSCR, Requested Leverage, Property Type

Purchase / Refi AirBnb - Vacation Rental Investment Property - YES ! WE DO IT 

NONE-DSCR Investment Property Loan ( Use As-IS LTV) - Max of 75% Leverage, None Leases needed, No Tenants Needed,

We have an Amazing Products and Excellent Team that has been funding loan for long long time.

[Stylianos Kalamaras]

Quote from @Daniel Samandarov:

Quote from @Stylianos Kalamaras:

Yes they are, they cost me $800 knowing they would not close my deal and waste my time, if I had any possible legal recourse I would take it they shouldn’t be allowed to operate it’s really sad. 

 Blue Gate Capital Never Charges Any Upfront Fees, Our Clients Pay AMCs or Appraisal Companies Directly. Mr. Kalamaras, we were ready to close your file, we needed to change Title Companies as your Title Agency was refusing or could not add proper endorsements because of their Underwriting Insurance Carrier. 

 Thats a complete lie. Your own agent I was working with was also frustrated with how your company was handling my loan and similar loans he was processing. Blue Gate Capital strung me along until very close to closing and almost cost me the deal. Stop. There was no issues with title. You had me run two appraisals that both came back good but because the rates were changing at the time you weren't certain you could sell it on the backend(this came directly from your agent, who happens to be a decent guy). Instead of being transparent about it, you had me spend a bunch of money on things I shouldn't have since there was no intent on closing the deal.