Pinecrest Capital LLC - Anyone Experience??

Question

Anyone have experience with Pinecrest Capital LLC and John Remington?  I've searched them online, and came across a LinkedIn profile - which states the company has been in business since 2004, but it only shows that his "experience" is 1 month (started Jan 2019) but the post says he is the owner.  Thinking another scam.  More of a hard Money Lender scenario, but with Private Money characteristics.  100% financing (including rehab), 5%, 6mos - 25 years terms (6 month deferment on payments) and $1520 up front for origination fees and insurance.  Requires submittal of property proposal.

Jay Hinrichs · Answer

absolute scam

now not to be a smart guy.

but U have to realize that those terms do not exist out side of owner occ first mortgages.  there is no money unless your uncle or close friend wanted to lend to you under market.. I mean prime rate is 5.5.. banks which are the lowest priced lenders for commerical loans are at 1 and 6.5    so you have 100% financing which does not happen on the internet.. rates way below reality and you send off your 1520 and its gone.

Google  American Greeds website then watch the episode on Remington financial they were the mother of all pump and dump due diligence schemes.. but now its on social media with those that simply dont really understand ( and why would they if they are new to this) what reality is vis a vi rates and terms on flip loans or portfolio loans.

Scott Rose · Answer

Unfortunately, already had some "experience" with gurus - they like to come to Hawaii (for some reason).  I have been spending most of my time evaluating properties in the mainland due to the high cost of things here.  Maybe I should look more local for a bit.  Connected with a lot of people on island through BP, but haven't had a chance to meet in person yet. I know there are opportunities here, just a bit overwhelmed with the intimidation.  Thinking that meeting some local HML face to face will help my learning curve.  Thanks again @Jay Hinrichs for the comments.  Let me know when you get a chance to come out.  Definitely owe you a Mai Tai for the advice and education.

Cassie Chun · Answer

@Greg Gaudet

Scott Rose · Answer

@Jay Hinrichs - you can imagine how much headache you have saved me!!!!  Excited to keep learning through the community. Rather it be via a Forum than my bank account.

Jay Hinrichs · Answer

keep in mind while I love BP  those are paid adds and its not BPs responsibility to vette these guys or gals as it were.. so just treat every lender with the same thought process of verifying if they are real then if their program works for you.. and if its Oahu we know dollars are going to be higher ..  But you will get people that never post and will hit you on the PM part of BP and offer you money.. and those you need to be super careful with.. I have run into at least 6 or 7 that contact me.. and well they don't get very far as you can imagine. but they try.

Michael Borger · Answer

I'll 2nd Conventus as being a good lender to work with for Hawaii. I've done a few transactions with them.

Scott Rose · Answer

Jay, let me know when you plan to be in town. Hopefully I'm not traveling at that time.

Jay Hinrichs · Answer

my bizz partner lives in Kahala and they have a family condo at Nauru towers by ala moana mall you can find us there a few times a year!!

also I always thought the big island with some of the sub 200k SFRs would be good you don't have heating systems or airconditoning to worry about like on the mainland. just an idea.

Jay Hinrichs · Answer

Scott I was tinkering with starting a HML company in Honolulu one of my business partners there has a family foundation and a ton of contacts.. so I was researching licensing ( I am NMLS registered and Oregon state licensed but in active ).

So no license needed in Hawaii for commercial purpose loans.. then I wanted to scout the local HML for rate shopping.

and of course my partner there knows a few as well and a few lawyers.. so I know there are at least 3 locals there lending.

I then was talking with Conventus about Oregon as I was contemplating brokering some loans for them.. and mention to Keith the owner he should check out Honolulu and sure enough he has done some deals there ..

then you have the others that promise to fund if you buy their educational system or material there are numerous guru type companies that do this.. however the bar is set so high that finding that unicorn is pretty darn tough.. so they make their money selling you information more than they do lending

Scott Rose · Answer

Thanks again @Jay Hinrichs.  Really appreciate the details provided instead of a simple "stay away" or "run" comment.  Knowing what is/should be normal helps not get back into the back/forth down another rabbit hole.  Been looking through the HML via the Bigger Pockets resources also, but never know if my inquiry opens the flood gates for other entities to reach out to me directly to really know who is legit.

Pinecrest Capital LLC - Anyone Experience??

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