real company?

Question

Has anyone had dealings with a company called Befunded out of Marietta GA... I am not sure if they are legit.. Thanks

J Scott · Answer

Completely agree...though my big point was that if a company has been scamming people for 14 years, there would certainly be more information about it on the web...which there doesn't seem to be...

Ann Bellamy · Answer

You're right @Chris Martin, I didn't look at the company per se.

Chris Martin · Answer

I made this comment in the context of this thread and this company, which takes applications, performs MLO activities and caters to residential customers. Their website references Score Funding, which does not hold a valid license per an NMLS search. Indeed, Ann, the poster (Douglas) may be applying for a commercial loan.

These are my comments and observations and are for entertainment only, not an endorsement for or against any parties.

Ann Bellamy · Answer

If you broker only commercial loans, you don't need a broker license.

Chris Martin · Answer

Quick ways to check:

#1. website - Is it clear who they are and who to contact? Clear who the entity is that runs the website? The bottom of the main page says 'BEfunded Equity Network'. There is also a http://www.befunded.org that looks to be a placement service.

#2. GA secretary of state corporations search - The company exists as BEFUNDED, LLC. The address matches the website nad the name matches as well. They haven't paid 2012 annual report fees... just this year though, so not a big deal.

#3. BBB - The BBB gives Befunded an 'F' based on lack of information.

Red flags for me: their website says "When the www.befunded.com website began in 1998, a small group of mortgage professionals banded together... but the company has only existed since 9/10/2008. Also on their FAQ they allude to themselves as "Score Funding", not Befunded.

Now the ultimate red flag. Look up 'Score Funding' on GA Department of Banjing & Finance website. In RED it says:

21758 Broker - Broker license EXPIRED 01-01-2010

How can a loan broker company run with an expired license in this day and age?

Will Barnard · Answer

And at $10 per year, having a domain name for two decades does not amount to much. I have never heard of thjem either, but I am also not in GA. Perhaps another can chime in.

J Scott · Answer

I invest in and around Marietta, and I've never heard of them.  That said, they've had their domain name registered since the late 90's, so they're not a fly-by-night company by any means, but that certainly doesn't make them legit...

real company?

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