Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated 21 days ago, 11/13/2024
Finance International Group, LLC
Hello ~ anybody familiar with the above outfit? I'm thinking of doing a loan with them but it sounds too good to be true and you know what they say about that. I'd love to hear if anyones had any personal experience with them. Thanks!
@Kathy Merkh
Look up to see if they have a nmls number under nmls consumer access
What terms are they offering? If it’s too good to be true then it is.
- Chris Seveney
@Chris Seveney thank you. I did check and they do have one. They're offering 5% for 20 years, no pre-payment penalty and the only cost is $2,100. I got a letter and it just didn't seem professional in that there were grammar errors, etc. so it made me leery. I was just hoping there was someone that had personal experience with them.
@Kathy Merkh I would say it's a scam. Normal mortgage rates are in the high 6's now, for a personal residence, and higher for an investment property. I don't see why anyone would led at 5%. There should be no upfront fees for the loan, other than an appraisal.
Their website is also full of typos and grammar errors.
@Kathy Merkh
I would run from them.
What I recommend people do is tell the lender ok great I am going to want to use my own title company to close this so funds would go to them. That is where they will be like umm no (because they are a scam).
- Chris Seveney
Do they have any reviews? If they have an NMLS number, I highly doubt they would try to scam you, as they would lose their license if they did. I would ask more questions about the terms and qualifications. Is the rate with a heavy buydown? Are they a broker or a direct lender? Do they keep the loans or sell them off?
- Erik Estrada
- [email protected]
- 818-269-7983
And as others have posted, make sure you are using a good title an escrow company to facilitate this. Don't pay any upfront fees unless it's a credit report or an appraisal.
- Erik Estrada
- [email protected]
- 818-269-7983
Thank you all. They have reviews but on their website and clearly all are good. They apparently don't use title and I do have one. I'll have to ask those questions - he gave me 5% for 20 yrs and a one time up front fee of $2,100. Gave me the monthly payment and I checked it against a mortgage calculator and it's exactly what that said. I just get a feeling in my gut that something's off. Think I'll steer clear......thanks again!
- Lender
- Los Angeles, CA
- 2,126
- Votes |
- 1,655
- Posts
Sorry @Kathy Merkh, but you are not going to get an investment loan at 5% for 20 years. DSCR loans are not that low and regular hard money loans will be in the double digits. Anyone can get 4.3% now in a 100% treasury fund (was 5% until recently), virtually risk-free. Why would they offer you 5% for 20 years? This is a $2100 upfront money grab from what appears to be a payday loan company. When you tell them they will only get paid when the loan closes, they will disappear.
If required, the only money you should ever send to the lender is for a credit check. Appraisal fees should go to the appraiser, not to the lender.
Legitimate real estate lenders always use neutral title, escrow, and closing attorneys, as appropriate for your region. Never pay an upfront fee.
You didn’t mention your state but understand that with little exception, an NMLS registration is only required for consumer-purpose loans. Yours appears to be a business-purpose (investment) loan. If the lender doesn’t make consumer-purpose loans, they will not need an NMLS number. For example, we only make business-purpose loans and are not registered on the NMLS. Don’t use that in your criteria. On the other hand, several states require a license to make business-purpose loans. Make sure you know the rules in the state where the property is located.
“We have range of product for your loan solutions”
“You nееd a loan tо new business expand еxіѕtіng.’’
Huh? I’m the last person who should complain about grammar, but these are yellow flags, at best.