All Forum Posts by: Alex Grullon

Definitely want to see what everyone's opinion is on this topic... Do you think it would be smarter to do a 4 year intrest only loan as opposed to a 30 year fixed since rates are high. I could use the cashflow to purchase more properties during the down turn.. this is on properties I'm currently rehabbing. Mind you I'm 31 years old and I'm playing the long game.. the properties are located in cincinnati, ohio to give everyone the full scope!!

1 Vote

thank you already have. https://www.biggerpockets.com/... This is the lender I am talking about please stay away, still have not received funds.

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https://www.biggerpockets.com/...This is the lender I have been having Issues with.. Still have not received funds and he is completely unresponsive

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https://infinitycapitalfinance... https://www.biggerpockets.com/... This has been one of my worst experience dealing with any lender.. This man is as pathetic as they come. I gave him 3 deals to close on in the same month, communication was okay.. once we closed on my deals getting in contact with him took 3 days for a 5 word response. he has yet to found 2 of the 3 properties. we scheduled the inspection which took a week to get him to respond to the draw inspections and we are now on my 4th week with 0 funds and no response from this scumbag. practically begging him to do the right thing, Through text cause he has not picked up his phone once. I will be looking to shut down his company and license but in the meantime would hate to have this low life hurt someone else financially. He must likely wont respond to this but I hope he does if anyone can tag his BP page in the link

2 Votes

I'm dealing with the owner of the company I will post his company all over BP don't worry someone like him should never be allowed to be in business.

0 Votes

Cincinnati, Ohio

Quote from @Wayne Brooks:

Quote from @Alex Grullon:

Quote from @Greg Scott:

Put the next monthly payment into a separate bank account ("escrow account") instead of paying them. Let them know you will be doing since they are holding on to your money.

Okay, even if our contract states they can take over the property if the payments are neglected past 30 days

These guys sound shaky. No matter what your note/loan agreement says, they can’t “take over the property in 30 days”….state foreclosure proceedings can not be circumvented, regardless of what’s in your agreement.

They are extremely shaky.. I've been trying to get them on the phone and I can't.. I can only text them.. the note buyer is a big company call alphaflow so I don't think it's them just think the lender is tarrable.

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Quote from @Greg Scott:

Put the next monthly payment into a separate bank account ("escrow account") instead of paying them. Let them know you will be doing since they are holding on to your money.

Okay, even if our contract states they can take over the property if the payments are neglected past 30 days

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Hey everyone, I've been having issues with my hard money lender in completing the draw funds on my rehab loan it's been over 3 weeks since I've been able to collect funds from my inspection that was completed and also now setting up the inspection for the draw request has been ignored since last Friday. Wanted to know what I can do. Thank you in advance this company should be out of business they never pick up there phone and hardly ever respond to emails or text messages. This has been a first for me ever dealing with something like this.

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I've been having issues with my hard money lender in completing the draw funds on my rehab loan and also setting up the inspection for the draw request. Wanted to know what I can do. Thank you in advance

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Cincinnati, Ohio

Quote from @Don Konipol:

Quote from @Alex Grullon:

Hey Guys and Girls,

I have been having issues with the draws from my hard money lender. My draw request was monday of last week property was inspected Thursday of last week and submitted to the lender Friday of last week. I've yet to get the draw funds and the excuse is they are having issues with there note buyer. Has anyone ran into this or is there anything I can do legally? Thank you

The hard money lender is obviously not a lender, but a broker. Further, the construction funds were either not escrowed and the note holder hasn’t come up with the draw funds, or were escrowed and the note holder hasn’t agreed to release the funds. It appears that the “lender” is servicing the note but has no authority or no funds to fulfill the draw request.

This is a situation where it behooves a borrower to have looked beyond the terms of interest rate and loan to value to see if an escrow account had been established and who has authority to release money from the repair escrow.

However, you may not be without recourse. If no repair escrow was established and you are paying interest on the entire face amount of the loan, you may have an actionable complaint in some states and or a usury charge as interest can be recalculated on the loan amount less the amount with held for repairs IF a repair escrow with funds held in a seperate identifiable account was not established.

Thank you for the information.

0 Votes

All Forum Posts by: Alex Grullon

Alex Grullon has started 27 posts and replied 70 times.

Post: Increased intrest rates!!!

Post: Issues with lender on retrieving escrowed rehab funds

Post: I have been having issues with hard money lending draws

Post: Please Run from this Hard Money lender

Post: Issues with hard money lender

Post: Issues with lender on retrieving escrowed rehab funds

Post: Issues with lender on retrieving escrowed rehab funds

Post: Issues with lender on retrieving escrowed rehab funds

Post: Issues with hard money lender

Post: Issues with hard money lender