Has anyone used Stacksource.com?

Question

I Came across Stacksource.com here on Biggerpockets and was wondering if anyone has any reviews after using this site for a commercial loan?

After visiting the website, the idea of commercial lending online seems like a great idea and a new space to be ventured. I didn’t see any forums from members that have used the service, google search didn’t bring up much, and only a few videos on you-tube with the co-founder Tim Milazzo.

I read a few articles on larger investors using StackSource but I’m looking to hear from small and medium size multi-family investors on their thoughts on the site.

Thank you!

Alberto M. · Answer

@Greg Szymbor

Hey Greg, I have personally used StackSource.

Last year we found a multi family portfolio in South Florida and sent an offer. We got it under contract and started looking for financing.

We had one lender that had used in the past and went ahead and applied for financing. Long story short they were able to help us but wanted for us to sign PGs (personal guarantee).

We didn’t feel comfortable doing that so one day I went on Google and type: commercial loans. One of the first options was StackSource, so I click on it and read about them; I had a friend told me about it so felt confident to applying.

The application was very user friendly and simple process. Right after applying I got a loan officer assigned to my case, Andrew Bouton.

He gave me a call and we went over the deal. What I liked the most about them was the fact that I told him every detail on what we were looking for and what we didn’t want. They never tried to sell me something or offer me different options, Andrew went ahead and found all the banks or lenders that met my exact criteria.

He not only sent me the lenders contact info but was very on top of the application, talking to the lender and offering support throughout the way.

We were able to secure a loan with the exact terms we were looking for and were very satisfied with the experience.

My only negative comment is that I found their fee quite high (1% of the financing amount). The good part is that they won’t charge you a dollar if the loan doesn’t close.

I would totally recommend using them, I am in fact currently in conversations with Andrew for a new loan. Just make sure to include their fees in your cash flows and financials so that if doesn’t lower your protected returns.

Hope it helps!

Jerry Agbon · Answer

Hi Greg, I used them last year to fund the purchase of my 36 unit apartment complex. Stating from my personal experience; they are very hands on, since they are web based, I wasn't sure of what to expect, but I was pleasantly surprised to see how hands on my assigned loan officer was.

He called me after I've filed out the initial application form, wanting to know more about what I'm actually looking for, the conversation was laid back, but very helpful to me, and he was always a phone call away if I have any question. Andrew was also my assigned loan officer. Looking back now at the situation I was in then, and the complexity of my loan type, I'm glad I had him to help walk me through the process.

If you don't mind paying the 1% flat fee they charge at closing, I'll recommend giving them a try.  Does the quality of service they provide warrants the 1% fee? To that I'll say a resounding Yes!

Hope this helps. I wish you the best in your venture.

Alma Mills · Answer

I have used stacksource and they were great.   Huber Bongolan was my broker and he is so on top of everything.   Very cordial, organized, and knowledgeable.   I have know him for years and have given his info to my brother and friends.

BTW the guy is an eagle scout like I am.  :)

Jeff Johnson · Answer

I am also curious, but for smaller properties. I am looking at a few 5 plexus in the Midwest. The first one is only $135k. For that one I was quoted a $7500.00 fee. Now hoping to find something similar that doesn't charge so much. I did like that the broker expressed they would not drag my credit through the mud trying to find lenders. Another question, does anyone know another service familiar to StackSource.com?

Justin Rank · Answer

Just came across this post and stacksource.com. I'm just curious has anybody else had any success with them? I have a 6 unit under contract and clear to close with my regional lender, but am also looking hard for a bigger building. My current lender is a 5 year/25 am/3.75 with 25% down and a 1/2 point origination. I saw stack source was 1 percent origination, what other terms are you guys seeing from the platform? Anyone know how many funding sources they are working with, the site looks pretty slick!

Gregory DeRosso · Answer

I'm in the process of using them now for a cash out refi. So far they have been great. I was assigned Lucy and she has been cordial and friendly so far. I'm in the process of reading the finer print but so far nothing surprising for the 1% fee. I actually came across them because I was disgusted by a rate and points this "commercial refi specialist" was giving me. I hoppe don BP and found them through there.

Terrance Lovelady · Answer

Hi Greg -  I was just researching the same thing. Were you able to get any more color on StackSouce?

Has anyone used Stacksource.com?

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