All Forum Posts by: Emmanuel Sasu

Im sad to see that the post i started two years ago is still getting traction.... and the claims that being made continue to get and more outrageous!! this feels like something we are going to be watching on an episode of "american greed" when this **** all hits the fan somewhere down the line!!!

@Sheyi Okuwa  10k additional to pay the day after closing?  on top of your original closing cost you paid the day before? what were your closing costs? does 10k seem realistic for taxes? Is that the yearly property taxes for that property?

@Dave Nowak I've never heard of paying any non refundable fees other than ordering your appraisal, inspections, or Earnest Money Deposit which should be credited back to you at closing.  It is standard  to be charged a fee for your Draw inspections before they release the construction funds held in escrow.

@Bobbe Erlinger are you still with Sherman Bridge? Are you able to address any of this

I know that this topic has been posted before,  I was following that initial discussion, however the results were minimal, and perhaps someone may know of new options that have become available between then and now. 

I have been looking for reasonable lending options to continue building my rental portfolio past 10 conventional loans. The only options I have found have either had interest rates of upwards of 8%-11% .... short term 3 to 5 year Arms,  or if they are at a reasonable rate....  require a minimum loan amounts of $100,000- $150,000. Most of my success building my rental portfolio has come in areas of purchase prices between $70,000 - $100,000 so I would prefer not to have to force myself to spend more money on property just to meet a minimum loan amount if 100k after 25% down payment.

It has been suggested to Refi my current 10 conventional loans into a blanket or portfolio loan which would free up my 10 conventional and  then start the process all over again, but if  all of my current interest rates are between $ 4.5 % and 5.125% .... I cant see why I would want to refinance & decrease my cash flow by refinancing to significantly higher rates. 

Am i being completely unrealistic in searching for a long term 20- 30 year Fixed loan product at a reasonable rate? Let me know if i'm dreaming or I just haven't located the right people yet........  Just Fishing for lender options and suggestions for strategies that I may not be considering. Any advice or suggestions are greatly appreciated.

I failed to provide an update on the final details of my refinance after I actually closed. Mr. Bobbe erlinger worked to help get the two loans closed and also credited the greater portion of money I spent in high interest back to me at closing. I was pleased with the communication once mr. Erlinger got involved and I can say that he did do everything in his power to resolve the situation. It was an extremely stressful and bumpy road, but at the end of it all I successfully refinanced, and was adequately reimbursed so now I am a happy man.

I wish SBL the best .....

Sherman Bridge Lending-User Beware

False promises, bait and switch hidden fees and spiked interest rates.

Name of their game-- keep you locked in the hard money as long as possible.

I've been using Sherman Bridge for the last 3 years to acquire property. I've watched this company go down the drain and their level of service diminish year after year. Being a repeat customer I would have expected to be treated as a priority, but instead i continue to be placed on the backburner. I am currently in the process of refinancing 2 properties that i purchased in November 2015. It is now approaching March 2016 and I continue to be trapped in the high interest hard money while they drag thier feet on allowing me to refinance my loans. This is not the first time this has happened!!

Sherman Bridge's Landlord program is supposed to allow you to purchase a property quickly, and then start your refinance into a 30 year fixed conventional loan as soon as you complete your renovation. Let me be the one to tell you YOU WILL NOT GET REFINANCED in a timely fashion. I have always completed my renovations within 30 days, and submitted all documents quickly, however when it comes time to refinance they have absolutely NO urgency in preparing the file. At this point I am convinced this is being done intentionally to collect money on fees and higher interest when the loan matures after the 90 day mark.

No matter how quickly you provide them your salary and Bank statements, or other required documents, you will still be waiting weeks and weeks to recieve an update And then when they take their sweet time and you've been stuck in hard money they will not take responsibility for the delays and remove the penalties!! It will you who is stuck dealing with the 14.99% spiked interest and other associated loan maturity fees for holding the loan too long.

Over the last year, I've also watched the fees increased on draw inspections, apprasials and all the earlier incentives taken away.

I am fed up with Working with this company and plan to take my business elsewhere if I can ever finish refinancing the current loans I have with them.

If you want to use this company be prepared to be slapped with unexpected hidden fees, and spiked interest rates.

I am sure There are several far better hard money lenders out there providing quality service to their customers.

 Hello @Aristotle Kumpis 

I think everyone here could benefit from the specific lender you are speaking of. I am approaching my 8th conventional loan and just like Brandon I am trying to put in place a strategy for continuing to build my portfolio with financing after I reach 10. Would you mind giving a contact number, email or any information to who this lender is? Do they lend in Texas?