Midwest Corp Hard Money Company

[Melba Chambers]

Has anyone every used Midwest Corporate Credit company for their loans? If so, how did you like them?

[Tom Shallcross]

@Melba Chambers - I have used them.  My opinion has been "Meh."  They are just a broker and use First American Commercial Organization.  Good service, but they're not really in-charge of the loan, and can just escalate to FACO for you.   

They qualified me for an upper tier program (maybe they tell everyone that :))  so rates/points were competitive, but they can't close in 2 weeks (they can, but you can't bank on it, they make you write contracts for 3 weeks).  

They require both an appraisal and and inspector to go through before close and underwrite super conservative on the ARV. For example we sold a property for 585k that they originally maxed out ARV 500k during their appraisal. Another one we sold 340k and their upfront max ARV came back 275k. So although they quoted me 90% of purchase/rehab, they only do 75% of those ARV, so I come out of pocket for the difference in those scenarios.