All Forum Posts by: Chinita Webb

@Joe G. @Michelle Lin @Raj Konda

Hi Everyone - I did use these guys successfully and closed a deal back in Jan.  Terms were about as they initially stated, although most items are negotiable.  I used them to fund a bunch of misc projects across various properties: roof, siding, painting etc and had the flexibility to use the funds as I needed.

A few points:

- Interest rate goes off of your credit.  They knocked a few points off when I said I had to think about it.

- No pre-pay penalty but the "48 month lockout" is a form of pre-pay.  I negotiated that to 24 months.

- Documentation fee can be negotiated.

$1,462.50 Reimbursable Servicing Fee - this is supposed to be refundable as long as you don't miss any payments.
$4,550.00 Optional Limited Personal Guaranty - this is waived if you assign them for your life insurance policy for the amount of the loan.  Since I had a $1M policy, assigning them $65k was pretty straight forward.

Loan closed pretty quickly, funded to my checking account the next day after closing, doesn't report to personal credit.

So hope that helps!

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