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All Forum Posts by: Greg Downey

Greg Downey has started 20 posts and replied 353 times.

Post: LoanBidz lending reviews

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178
Quote from @Jason Wray:

Kathy,

When you use those websites you are getting stuck with a small list of lenders that sign up on their website and services. So essentially whom ever is paying them or they single out is the lender you get stuck with and it may not be the best one. It's the same thing when you put your info on sites like Zillow, or Redfin looking for a home.

You are only going to get the realtors or lenders who are signed up with the website. That does not mean you are getting the best one unfortunately. It's a very lucrative business to start a website and drive traffic to then turn around and sell the leads to realtors or lenders. There are thousands of websites out there that are disguised as helping the public find the best of the best but at the end of the day its simply taking your info and selling it to a 3rd party as a lead.

If you are trying to buy a home or an investment property and you have good to excellent credit you should always use an FDIC Bank or Credit Union. A lender is the middle man who will sell your loan to the big banks and in most cases charge you points and higher fee's to support the branch and loan officers commissions.

If you are trying to compare fee's or rates this forum is great for helping with that type of question.  Just keep in mind each persons situation is completely different and small things can make a big difference in rates, fee's points, terms, etc. 

But in terms of the company you asked about a quick search shows there are a lot of people that are not happy with the service.


 I'll assume the best of Jason's response as lumping Loanbidz in with large, impersonal lenders. I get it, and in those cases, Jason would be absolutely correct. 

I will address the absolute that he did throw out as they are simply incorrect. We don't have ANY lenders that pay to receive loans. I'm aware of this model just as Jason is BUT it isn't the model that we follow. Our one and only goal is to get the best loan placement for our clients no matter what lender it is. 

As you can see from our teams response on this thread, we are VERY engaged with our company and clients EVERY client matters, so you can understand when someone speaks poorly of our shop, especially when incorrect, they take it pretty personally.

Second, you mentioned "a lot of people" who are not happy with our service. I don't know if you are referencing our 4.7 star rating on Google or 4.8 on BP or our 74 NPS rating over the ~1,200 loans we closed last year, but our customers are pretty clear, Loanbidz customers are very well taken care of. 

Again, happy to assume the best out of that response, but I hope that this can clarify some of the things that were simply incorrect. 

As a side note, FDIC insurance protects depositor money, not debt. That shouldn't necessarily be a differentiator when choosing a lender, as evidenced by the boom of the DSCR lending industry....non of which are FDIC insured. (yes, some of the Non-QM lenders that do DSCR have FDIC-insured deposits BUT the large, private lenders that have thrived in DSCR over the last few years are not FDIC-insured lenders).

Post: DSCR Long Term Refinance for 92K Value Property

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

TOTALLY get it. Frustrating situations, unfortunately, are a part of this industry. We'll do our best to get you funded!

Post: DSCR Long Term Refinance for 92K Value Property

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

@Tahsin Ishtiaque, I'm actually somewhat familiar with this specific transaction. I'm happy to speak with you directly. My contact information is in my signature line. I certainly won't throw out any information beyond what you have put out in the forum already. I simply want to respond when someone is saying something negative about my company publicly. I think my response will also be educational for anyone who happens to read as well.

Information specific to how your payments are being made was brought to light after this loan was submitted to underwrite. There is no way that we reasonably would have known that level of detail before this loan made it to a full underwrite AND senior level review (which most loans do not even require senior level review, again this was a very unique situation). 

Notwithstanding, our team was able to put another loan option in front of you for these sub-$100k properties. Our understanding was, until we saw this post, that we were moving forward with that option. If that option isn't the best fit for you, then we have no problem not moving forward, especially if you think that you can improve the property value to over $100k. In which case we would be able to put some other options in front of you as well. 

No hard feelings as I certainly understand how frustrating real estate can be sometimes. We're happy to help with the current option that we have for you or these same deals in a different form. 

Again, feel free to reach out directly. 

Post: Low credit score. Need to refi out of hardmoney

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

We might be able to help with a FICO down to 600. There are VERY few options below 600 but it might be worth a call if you are in a half way decent equity position. Feel free to reach out. Contact information is in my signature line.

Post: Mobile Home Park Lender - NC

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

Tyler,

We have two loan programs that can work with MHPs. The only major issue is location. If they are rural/ruralish we don't really have much. Otherwise, drop me a DM!

Greg

Post: Looking for an alternative. Lender

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

@Thomas Hairston, we have one rehab loan program that will cover debt and equity up to 100% of the deal. This is ONLY for experienced borrowers. Feel free to reach out if you are interested.

Post: dscr lender for cash out refi - 2 properties ready now, 10 properties in pipeline

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

@Raju Charlotte, we certainly can help out with this. We don't work for free, but I'm confident that our fees are very reasonable AND we'll be very upfront about everything. Feel free to reach out!

Post: Looking for good reliable hard money lenders

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

@Earl White, Our shop is in 40 states and does quite a bit of work in Charlotte and NC in general. Happy to chat if you need some help. Feel free to reach out!

Post: need a recommendation of Hard Money Lender DC metro (better to have 10% down option)

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

@Liming Zhang, we have a rehab program that allows for 10% down even with now experience. Feel free to reach out!

Post: Need lender for 29 condos

Greg DowneyPosted
  • Lender
  • Springfield, MO
  • Posts 378
  • Votes 178

@Rodolphe Brun, happy to take a look at this whether these are warrantable or not. Feel free to reach out!