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Updated 21 days ago, 11/13/2024

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21
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7
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Kathy Merkh
Pro Member
  • Investor
  • Medford Lakes, NJ
7
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21
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Finance International Group, LLC

Kathy Merkh
Pro Member
  • Investor
  • Medford Lakes, NJ
Posted

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
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    Chris Seveney
    Lender
    Pro Member
    • Investor
    • Virginia
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    Chris Seveney
    Lender
    Pro Member
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    • Virginia
    ModeratorReplied

    @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
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    7e investments
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    Kathy Merkh
    Pro Member
    • Investor
    • Medford Lakes, NJ
    7
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    21
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    Kathy Merkh
    Pro Member
    • Investor
    • Medford Lakes, NJ
    Replied

    @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
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    Tom S.
    • Real Estate Investor
    • Burlington, VT
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    Tom S.
    • Real Estate Investor
    • Burlington, VT
    Replied

    @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.

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    Chris Seveney
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    Chris Seveney
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    ModeratorReplied

    @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
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    Erik Estrada
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    Erik Estrada
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    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? 

    business profile image
    LuxePrivate Investments LLC
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    32 Reviews

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    Erik Estrada
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    Erik Estrada
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    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. 

    business profile image
    LuxePrivate Investments LLC
    5.0 stars
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    Kathy Merkh
    Pro Member
    • Investor
    • Medford Lakes, NJ
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    Kathy Merkh
    Pro Member
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    • Medford Lakes, NJ
    Replied

    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!

  • Kathy Merkh
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    Jacob Sherman
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    • 12 Penns Trail Suite 138 Newtown, PA 18940
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    Jacob Sherman
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    • 12 Penns Trail Suite 138 Newtown, PA 18940
    Replied

    What type of loan are you in the market for ? 

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    Jeff S.#5 Private Lending & Conventional Mortgage Advice Contributor
    • Lender
    • Los Angeles, CA
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    Jeff S.#5 Private Lending & Conventional Mortgage Advice Contributor
    • Lender
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    Replied

    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.

    User Stats

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    Kathy Merkh
    Pro Member
    • Investor
    • Medford Lakes, NJ
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    Kathy Merkh
    Pro Member
    • Investor
    • Medford Lakes, NJ
    Replied

    @Jeff S. thank you.

  • Kathy Merkh