Discussion in 'Private & Conventional Lending Discussion' started by BerndFoll, Feb 4, 2015.
Does anyone know a hard money lender for Vegas?
I can give you a negative recommendation. Might be useful as there are not too many hard money lenders who lend in Las Vegas.
I was about to get a hard money loan on a Vegas property, and found one. However, my experience was very bad, and we did not complete the deal.
The lender that I was working with was "Calpac Capital Advisors", point of contact were Ryan Young and Joshua Pukini. I strongly advise against working with them.
In their initial email, there the terms were 2% fee and 65% LTV.
This was later reversed, due to the location of the property (Las Vegas; mind you, in one of the best school districts there, 89129).
The terms were then 3 points and 55%. Interest rate was 9.95%, also one % higher than in their initial email.
In my initial phone call I had explicitly asked about 'no junk fees on top of the points' (and received a satisfactory response).
My mistake, I did not get a GFE. I had never seen a hard money lender ask for ~2% origination fee on top of the points. He was really talking about 5% fees!
My main beef with these guys is not so much the 2 points (bait and switch email), 3 points, or 5 points if you add it together. There were other issues.
- they require full appraisal, ok, I paid $425 (and I was denied a copy of the appraisal later on. Not sure if that was legal.)
- I sent them the 1003 loan application on 1/26/2013, the appraisal was paid on 1/30/ and performed on 1/31/2013.
- the lender opened escrow around 2/25/ (!) and I received loan disclosure documents that were dated 2/28/2013. I think I received them early in March, we were looking to close this loan mid-March.
I was not going to pay 5 points for the speedy 45 day escrow. I told him that too much time had passed, I had already raised the necessary funds from another source, but I was still going to do the loan since both sides had invested in it. They were not going to budge on their 5 points. Of course, they call it 3 points and ~$750 for loan document preparation, $500 processing fee, site inspection fee etc etc
Yes, they supposedly sent someone out there to verify the house was there and he supposedly went inside and talked with my tenant.. keep in mind, the licensed appraiser had just done a full appraisal with interior photos.
Hopefully you can find someone better.
And learn from my mistake. Get a good-faith-estimate in writing. Verbal over the phone is not good enough for some lenders. (It has been good enough for everyone else I've done business with.)
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