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Originally posted by todoforu

I need to know if any brokeroutpostians have had success with this company. I submitted 5 files with them over 10 days ago, and I have not receive any response.

The contact name there is Sandi.

If you have any experience with them, Good,Bad, "Unknown", please send me any email.

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Originally posted by clebaron

elkton guy keeps responding to my hard money posts... when i say yeah okay lets look at something they dont respond. they just copy and paste responces. i got the identicle responce on 2 seperate scenarios. emailed them twice as well as forwarded a 1003 and credit report. nothing. thats ****ty biz

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Originally posted by todoforu

I need to know if any brokeroutpostians have had success with this company. I submitted 5 files with them over 10 days ago, and I have not receive any response.

The contact name there is Sandi.

If you have any experience with them, Good,Bad, "Unknown", please send me any email.

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Originally posted by todoforu

I need to know if any brokeroutpostians have had success with this company. I submitted 5 files with them over 10 days ago, and I have not receive any response.

The contact name there is Sandi.

If you have any experience with them, Good,Bad, "Unknown", please send me any email.

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Originally posted by number22

How did you make out with Morgan financial, I'd like to know???

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Originally posted by number22

todoforyou you hit the nail right on the head the LTV would have to be around 50% for them to even start the deal. I just hate the approval with the jacked up value.

I had 3 deals that just fell through, I wish they would explain things better and in more detail.

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Originally posted by EMScommercial

I am not here to bash anyone else on here.... all i can do is speak in a positive way about what my company can or can not do....

The ONLY way that we make a living is CLOSING loans and not wasting time.....

Typically speaking..... this is how a loan submission goes with Eclipse Mortgage Services.....

Our typical process looks like this:

Day 1. loan submission comes in either via website, email, phone or fax. The submission is logged and assigned to an account manager
Day 2. account manager sends out an introductory email which includes documents we need. If the submission info is complete enough we can write an executive summary. If not, we will ask for clarification
Day 3. assuming we have enough info – we send out an executive summary to all the lending sources in our database that match the loan’s criteria.
Day 4 – 5. account manager accumulates quotes and prepares a quote letter for client. Quote letter, broker contract, good faith and ncnd sent to client as soon as possible!

Now it’s up to the client to pick which quote they like and get us back the above noted docs so that we can get the preferred lending source to write up the LOI for the client.

Once the LOI has been accepted - depending on the property type.... the closing can happen in weeks!!!!

We communicate - ALOT.... you won't go 10 days without hearing from us.... that's for SURE!

Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 300+ entries as of today (lenders, banks, private money, hedge funds, insurance companies, etc.)).

Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....

** We issue a mutual NCND to protect both sides!! **

Remember... We only get paid when the thing funds!

Thanks!

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Originally posted by todoforu

I need to know if any brokeroutpostians have had success with this company. I submitted 5 files with them over 10 days ago, and I have not receive any response.

The contact name there is Sandi.

If you have any experience with them, Good,Bad, "Unknown", please send me any email.

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Originally posted by GWallace

Todoforu,

If you start getting that weird feeling like when you were about to be dumped by your girlfriend or that your soon-to-be ex-wife is cheating on you, after you've submitted a loan to a so-called Lender, then you probably don't need them to answer. Follow your instincts.

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Originally posted by moneyluck

http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=203037

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Originally posted by number22

todoforyou what you're doing is taking foreclosure deals and sending them to people that in some cases promise the moon the sun and the stars. If they close 3 out of 25 deals that's a great close ratio.

I've done this before, it's a beauty contest, they are going to cherry pick and close the best of the best. They are not going to tell you that.

You didn't know that, but now you do. The majority of the people out here are honest and advertise with caution, then there's the other group that just puts an over the top ad out there just to get apps, and they pick through the best and the rest they will throw away.

Look at who your sending loans to Tom and John@Morgan, and look at their ads and do your (due dilligence)you won't find much on either one. You had turn downs for a reason.

They never stood a chance from the beginning, you did not know that at the time.

Coffee and Kendall are doing their due dillgence before they send something out. If the website looks funky or has limted information you may have problem, when you google the lender and you get limited information you may have a problem.

The hard work is the home work you should be doing on a company.

Don't feel bad, I to have been burned even after doing my due dilligence, but I knew at that point it was a long long shot and sent it in anyway just to give them a chance to see if they could do it. So I was not disappointed when it got turned down.

You sent 5 files to Elkton and then asked if anyone has ever used them. I called them on Friday and they told me they were swamped with over 50 files per AE and had a back log.

The majority of ads and lenders are upfront and truthful a few are not, some by design some because they don't have a clue.

In this climate anyone who can do a foreclosure bailout is hero, and will be swamped.

Due dillgence, due dillgence, due dilligence.

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Originally posted by kjake41

Tom,
the problem isn't that you will or won't answer on HERE,,,the problem is that you don't contact the people that are begging you to respond in some form,,,email, phone,,passenger pigeon,,you are a stone wall,,i talked to your office 3 times today,,,the 3rd time i begged the young lady that answered the phone to put me in touch with ANY warm boby..she apologized but said nobody was home. So don't come on here whining how misunderstood, put-upon, beleagured (looks like i'm on a roll) HERE,,,just have the class to call your client (that would be ME dummy) and say,,,"sorry, i'm really just too busy to take your loans". Now call me naive, but in my 10 yrs this is my
1ST, first, first ever, FIRST EVER time an AE from ANYWHERE said don't call me anymore!
F**kin Amazin!

P.S. IF, and at this point I really mean IF, there is any lender, broker, medicine-man
that can do an EQUITY-BASED 60% LTV RESIDENTIAL loan, in ANY form, please contact me and you will find the most cooperative, expedient, humble L.O. in North America waiting,,,

Thanks in Advance,

Ken

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Originally posted by apostle007

Allright, i'll take a moment to respond , once again, We are all, working on every file as quickly as we can. We have, over 120 files here at this moment, did i solicit all this "No" i did not, typicially i respond to one post on one loan then the same broker sends me all their deals they can't get done anywhere else. As far as fifi's loans go, they are all bottom of the barrell loans i had them about 15 days
during which ,we have had 2 weekends and 2 holidays all of them are under 110k. i spoke, at length with fifi last saturday for over 30 minutes about these files ,i am doing my best to get them done .

As you are all aware, this market is like nothing we have seen, my investors are cherry picking the hell out of loans and taking forever to get fundings, also they are running out of money, left and right
i work with over 70 brokers, i am on the phone all day long , i work 10 to 12 hours a day 6 to 7 days a week !!! I am not sure how much more we can do, Also when i am getting over 50 calls a day from brokers ,one i cant answer them all and 2 i then can't get on the phone with my investors to sell these loans ! because im talking to brokers all day! is any of this making sense??? i hope so, as to one gentleman above i have one loan of his he is the broker and the borrower well guess what folks he has four forclosures on his credit and is in foreclosure now!!!! We are trying to help (him purchase another house), but for god sakes the way he carry's on, one would think he gave me a gold balls deal at 30 ltv!!!!! Please, if any of you have somewhee else to go don't let me hold you up. In the hard money world we deal with private investors not institutions therefore we are at the mercy of the investors ,christ, one day they will say the want a deal and then 2 days later they won't!!! then i have to start allover again, or they will say they want a deal and then something better comes along in the meantime, and they decide they like it better !!!! Also the usuary laws in every state are changing almost monthly try doing a owner occ hard money in new york !!! you'll see what i mean!! try funding land anywhere right now !!

anyway, enough ranting, we are still doing loans and believe it or not., frankly i don't care anymore we do manage to get deals funding albeit not to the speed of everyones standards that we all used to back in the day. I need to get back to your files now , so this will be my last reply , i, unlike others, apparently can't spend all day on here, so good bye and good luck!!!!

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Originally posted by todoforu

I need to know if any brokeroutpostians have had success with this company. I submitted 5 files with them over 10 days ago, and I have not receive any response.

The contact name there is Sandi.

If you have any experience with them, Good,Bad, "Unknown", please send me any email.

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Originally posted by crowefoote

Here is my experience with Elkton,
Tom is a nice enough guy and "talks the talk" but that's about it. In reality they're just brokers like everyone else. Of the 3 deals I sent them, Tom had an investor who was "hot on the deal" or he "really likes your deal, he just needs more information" ZERO closed. More specifically, TWO of them he referred to sources that I already had and had already seen the deal, and he strung us along for a couple of weeks on #3 until finally referring it to ANOTHER BROKER after admitting that his guy wouldn't do it. (BTW, by "admitting" I mean he slipped it in the conversation on a conference call with my borrower and the new broker)

The only reason that I sent them any deals is because they claim to be "direct to the check writer" for hard money. Not once did I see any proof of that.

Like I said, they're all very nice people over there, I just think that they have a habit of "over promising".

I almost forgot...they have an excellent answering service (translation: CALL SCREENING) that insures that they will NEVER pick up your call after they get your deal!!

GOOD LUCK!!

quote:

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Originally posted by todoforu

I need to know if any brokeroutpostians have had success with this company. I submitted 5 files with them over 10 days ago, and I have not receive any response.

The contact name there is Sandi.

If you have any experience with them, Good,Bad, "Unknown", please send me any email.

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