All Forum Posts by: Alex Correa

I had submitted the loan. paid the $249 app fee. 3 days after app fee was paid I was told they are not currently doing any funding but would refund my $249.00. My problem is that if they aren't doing an funding why keep the site open, why accept the application. I spoke to a rep numerous times just hours before submitting just to make sure I understood their process and not once did they mention they weren't currently funding. Getting my $249 back has been challenging as well. First I was told that it couldn't be put back on the card and would have to be mailed out. I provided address to mail. Then when I inquired about mailing a week and a half later I was told they couldn't mail out a check and it was put back on my card. Going on 20th day and still no refund. I did speak to a rep two days ago who told me I should just file a dispute with my credit card provider. Not sure if anyone ever funded a loan with them but this experience will not have me coming back. 

I wasn't suggesting to do that. It was just my borrowers scenario. Another issue you could be running into is loan amount. If it's smaller loan amount banker maybe just didn't want to do loan. 

@Rosie GiacosaI just had a borrower who I had to put in a Hard money loan in a condo he has rented in Hialeah because his banker told him something similar.

@Michael Cavicchi Thanks for input. I was able to find a private hml who financed 50% of project. I am not a fan of RCN. Taxes, Credit score driven, bank statements. Sounds like a lot of paperwork for a 10-12% loan. Especially when there are so many options that would lend at same interest rate and no documentation.

I am a hard money lender myself and we would do 65-70% ARV. I have never seen a lender go as high as 90%. If the lender is financing 100% of project realistically why wouldn't they do it on their own. You will have better luck luck looking for a partner rather than a lender. Now assuming you put 20% down on a deal you can get it back just have to wait past the seasoning period and value is there.

@Samuel Carmichael

The seller recieved 100k for property. 80k from your HML and 20k from you. HML does not have your 20k, His loan to you was for 80k which would be your payoff on a rate and term refinance. Receiveng the 20k back is a cash out refi.

I don't post alot so not sure if I am in the right forum for this.

I am looking for an HML in the East Haven, CT area. If someone could refer a few names.

@Micah Starbuck The 20k you can scratch off by being cash offer you will burn in 2 closings. If you have the time to get the 203k done I just do that. 

Commercial makes it that much more difficult. 

@Account Closed Can you share on what happened after the submission? Did they end up funding the transaction and did were there any speedbumps along the way.