Has anybody herd of or done Busienss with financemyflip.com?

Question

Ryan Blake · Answer

@Jonah Bee What they are offering is a standard hard money loan. Any hard money company can offer what they are, possibly better. They are saying that they pay 2.5 points to whoever originates the loan (meaning they people they hire make the 2.5 points in profit for bringing you to the company) which means there is probably another 1 - 2 points that the company will charge so it makes money for themselves.

I would stay clear of these guys unless you know someone who has done business with them. Their site is just one page. I clicked around for a bit. Each link takes you to a different section all on the same page. Their pictures of closed deals and current deals are the exact same, which means they are probably bogus deals from public domain pictures.

Good luck!

Jonah Bee · Answer

Hello Mike I have a very good amount of experience as far as knowledge of the process from the regulatory, underwring, retail side, wholesale side, what’s a deal, what’s not a deal, putting the numbers together, finding sellers and attracting buyers, contracts and but when it comes to thelending it gets tricky because I know there are always creative ways of using other peoples money to fund.. so I’m open to hear new innovative ideas.. but somethings sound to good to be true but it’s posible.. I’ve been in the insdusty over 15 years.. very experienced Mike .. do you have something going on?

Mike Burkett · Answer

@Jonah Bee Jonah, how much experience do you have?

Jonah Bee · Answer

Yeah this is what they say they offered

Program Overview

We offer flexible bridge loans combined with gap funding with a simple and transparent application process, reliable funding, and predictable pricing to achieve 100% financing for your fix and flip real estate investment project.

The bridge loan, referred to as PRIME loan, is a short-term mortgage for real estate investors, who prefer to finance the purchase and/or rehabilitation of their investment property rather than buy fully in cash. The PRIME loan is the cornerstone delivering up to 90% of the cost for your fix and flip project.

GAP funding, or gap financing, is used in combination with the PRIME loan as an interim, unsecured loan to finance the additional 10%, or more, to cover down payments, closing costs and reserve requirements of the PRIME loan competing and closing your investment acquisition. It is the difference between the amount financed by the PRIME loan and the total cash required to close your deal.

PRIME Bridge Loan Program

We deliver fast, honest, simple lending for real estate investors. Whether you’re an experienced investor or a first-time borrower, we are here to help you.

1. Reliable - Up to 5 loans at once for Tier 1 and 2 borrowers, up to 3 loans at once for Tier 3 and 4 borrowers

2. Fast Close - Streamlined process to close your loan in 5 business days, appraisals required

3. Dedicated - You will have a dedicated team available and on call

4. Easy - Send us an address, PSA, and SOW for the property to submit an application

5. Transparent - Final terms delivered within days of full submission

Benefits

1. Premium Service

2. Dedicated team

3. Close in 5 business days

Qualifications

1. First-time investors welcome

2. Based on completed flips in last 12 months

3. No derogatory public records within the last 24 months

4. No felony convictions within the last 7 years

5. 600 minimum FICO

6. Down payment in liquid accounts

7. 20% of rehab and 6 months PITI in reserve accounts

Loan Terms

1. Purchase and refinance

2. Interest only payments

3. Minimum loan amount: $75,000

4. Maximum loan amount: $4,000,000

5. 12-month term with no prepayment penalty

Max Leverage

1. Up to 90% of cost

2. Up to 75% of after repair value (ARV) w/ holdback

3. Up to 100% rehab costs

Interest Rates

1. Rates as low as 8.50%

Eligible Properties

1. SFRs

2. 2-4plex

3. Condos

4. PUDs

Eligible Members

1. Corporations

2. General Partnerships

3. Limited Partnerships

4. Limited Liability Companies

5. Revocable Trusts

Membership Documentation (required upon membership application)

1. Signed credit authorization form

2. Bank Statements

3. Schedule of Real Estate Owned / List of Past Projects

4. Signed spousal consent (if guarantor is married/separated and living in a community property state)

5. Entity documents

6. Voided check (for ACH)

Property Documentation (required for each loan)

1. Property Address

2. Scope of work

3. Executed purchase and sale agreement

4. Requested loan amount (purchase and rehab)

5. Insurance / title contact information

6. Property access instructions

Eligible States

1. Alabama

2. California

3. Colorado

4. Florida

5. Georgia

6. Kentucky

7. New Jersey

8. Ohio

9. Oklahoma

10. Pennsylvania

11. Tennessee

12. Texas

13. Virginia

14. Wisconsin

Fees

1. Application Fee: $250

2. Service Fee: $1,250 + Appraisal

3. Draw Request: $250

Ryan Blake · Answer

@Jonah Bee The good news is there are a lot of places that will offer very similar deals. I work with a hard money lender out of Dallas (we don't loan in GA) and we offer 11 - 13% with 2 - 4 points up front for a loan that will cover up to 100% of purchase and rehab (the site said they only did 90%) with a LTV of 70 - 75% of ARV (meaning on a $100k ARV the most you could borrow for purchase and rehab would be $70k to $75k).

You can search the HML data base on BP or just do a google search but always do your due diligence in confirming their legitimacy. There should not be a fee up front. Don't pay the company anything until you are at the closing table. Some one was on here sharing their story yesterday about losing $700 in up front fees to a fake HML.

Jonah Bee · Answer

Blake thank you so much for your Due diligence that’s very solid work I really appreciate that thanks a lot!

Has anybody herd of or done Busienss with financemyflip.com?

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