Hard Money Lender - Brookview Financial
Hi all,
has anyone dealt or heard of Brookview Financial. They are a rehab \ hard money lender that seems to have good terms. However they require $395.00 process application fee. They state it will be return or applied to your loan if your approved or not. I just want to make sure I am not giving away money. Thank you for your response.
Don't know these guys at all but no hard money lender I have dealt with which charged an up front fee has ever come through for me.
I hate to sound paranoid, but doesn't this just shound like one of those loan or credit card scams...send me money and I guarantee you will be approved. Only you never hear from them again.
I had another hard money lender who wanted a $500 up front fee (why...I asked...no good answer). I understand paying points and higher interest, but not an "application" fee.
Whether you decide to go with them, or not is up to you, but I would want to know why they are charging an up front fee..what is it for, why is ie being charged upfront and not as points on the loan, etc. Almost sounds like they are a broker and are collecting their fee up front.
John
Thanks for the response. Thats how I felt as well about the charge. I will call them and try to get a direct answer. Commercialking of John could you recommend me to a few you have dealt with. If you prefer I can PM you. Thanks for your time.
I have spoken to the brokers at Brookview before. I don't really know why they have the processing fee up-front. I've found other Hard Money Lenders that work the same as Brookview without the fee.
I have seen both sides to the application fee. I work with several hml that want third party fees up front and application fees. I can't blame them. How many people change their minds in midstream? Being a broker i have worked on many deals (conventional side) that when all is said and done the borrower changes his/her mind only to go with their local bank for 1/8 th less or the lender has convinced them they are giving them a no point deal.
Get some refrences check them out.. Remember it's their money they aren't in the lend to own business. They want to make sure they can dump the property in two months or less if they get stuck with it.
Go with you gut. I've started the process with a couple different lenders and after the third correspondence the tune changed and we moved on.
Robyn Thompson has mentioned Brookview as acceptable in her deals..
I use Brookview along with a couple of local hard money lenders. Brookview knows what they are doing, and will go a long way to set you up for success. They build a personal long term relationship with you. While I do use other hard money lenders, each lender has his own niche. I highly recommend Brookview. If you are talking to John McEwan, you can let him know I said he was good people.
Hello Bnorton,
i noticed you are about 30 miles from me and would like to talk to you about meeting any local REI clubs and more related to the current topic of local hm lenders/ other lenders used by local rehabbers for financing.
I was going to pm you an email and phone number to reach me at but it wont let me till i upgrade. so if you could email me at investor at(@) bstine. com
i will contact you sometime in the next few days
appreciate any help you can give me
bstine 8-) [ Edited by bstine on Date 08/14/2004 ]
Well this aggravates me. I posted a topic a couple months ago asking the EXACT same question about the EXACT same company only my topic was deleted and I got an email stating TCi doesn't allow advertising. I'm glad to see one of us got the question asked
Hmm
Depending on where the property is located, I have a lender that will only charge 4.5 pts, $337 in lenders fees, (no up front fees or lock-in fees), 15.25% interest rate, I/O for 12 months!!! Also, no down payment requirement.
If you can back up your assets you list on the app (statements will do for verification), then this is the lender for you.
to: investors_rehab
Is there anyway I can get the contact info for your HML? I like the idea of only 4.5 pts and I/O for 12 mos. Do they lend everywhere? Thanks for any help you can offer.
how about Wellington Lyman of UK? have anyone dealt with him? no fees and terms are 6 years at 4%. sounded good to me but am another newby. any info appreciated. have a happy new year!
Avoid them like the plague. I got hooked up with this company through a third party and wound up more than $2000 in the hole on a loan that I cancelled because it would not work for me. Not only would they not refund the "fees" but they no longer return phone calls. I think they are total scam artists. Save yourself a lot of grief.
See also http://www.thecreativeinvestor.com/ViewTopic65792-46-0.html Yet Another Mortgage Scam Artistby commercialking.
SCAM, Brookview will take your application fee and change their guidelines to make it as dificult as possible to fund a deal. They are now asking for 640 credit score, liquidity of 25K +, debt to income ratio at less then 40%. and guidelines on revolving debt.
WHAT KIND OF HARD MONEY LENDING IS THIS? total bull if you ask me. Under these terms I might as well go to a conventional lender. Its obvious they are making their money on application fees and pushing their seminars. Save yourself from their scam and stay away, they fund very few investors.
call the city codcode .CHECK THE ZONING CODE OR calling the city co
You definately want to call the city/county building inspector dept. to let you know the proper dimensions and code that you need to follow.
A local licensed plumber would know.
From experience, the stove would require 3/4". The dryer is OK with the 1/2".
If you are not going to be calling inspectors and you assume all your risk (I am not a licensed plumber in any state !!!) you may be OK to run the 1/2" to the stove since both stove and dryer are used occasionally only.
Make sure you have a drip leg on each connection and use stainless steel flexible lines for the final connection as the others will corrode.