CalCap Financial?

[Kira Reinhart]

Has anyone heard of CalCap Financial out of Pasadena? I'm looking for a HML for a no-brainer fix and flip, and CalCap Financial has reached out to me. All seemed fine until the red flag of them asking for an upfront fee to be wired to them. I've fallen for that once before and was taken for some money, so I won't do that again. Just wondering if anyone out there has done a deal with them.

[Mark Mozilo]

Kira:

My name is Mark Mozilo. I'm one of the owners of Calcap. We recently introduced a $500 refundable fee to reduce the number of loans being pulled from our company through no fault of ours. 

This $500 fee would go towards any closing costs(i.e. Appraisal,escrow,etc) when loan closes with Calcap. If Calcap were to deny your loan, prior to ordering of any 3rd party services, we would gladly refund your money. 

The intent was never to take your money and keep it for doing nothing. We just felt if the customer had a little "skin in the game" they would be less inclined to pull a loan that we were currently working on. 

I apologize that my group did not explain the intent of the fee in more detail, but I would be more than happy to discuss with you tomorrow. 

Sincerely 

Mark Mozilo