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cbengtson
168 Posts |
 Posted - 02/20/2008 : 3:11:14 PM
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Has anyone had any positive experiences with this company? Bad experiences? There are some pretty harsh words (and some good things) out there on some websites and I want to hear about any experiences you personally had with this company.
They want $10,000 for an application fee and $15,000 for Phase II. I'm not sure if this is a lot of money for a $20mm loan or a tiny amount.
Thank you. |
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dkendall1979
10342 Posts |
Posted - 02/20/2008 : 3:13:29 PM
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Oh God no!
If this is in California, call me. If not, send me an email and I will put you with some real lenders. People that lend money for projects. As of yet, you haven't found one. |
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craigppls
696 Posts |
Posted - 02/20/2008 : 4:01:40 PM
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quote:
Originally posted by cbengtson
Has anyone had any positive experiences with this company? Bad experiences? There are some pretty harsh words (and some good things) out there on some websites and I want to hear about any experiences you personally had with this company.
They want $10,000 for an application fee and $15,000 for Phase II. I'm not sure if this is a lot of money for a $20mm loan or a tiny amount.
Thank you.
NEVER PAY ADVANCE FEES...geez |
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MIKCAM
64 Posts |
Posted - 02/20/2008 : 4:11:55 PM
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| Stay away from Remington Financial. They generate most of there money by charging upfront fees. They even charge a fee to issue an LOI. They are notorious and have had to change the name in which they do business at least once due to law suits. |
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wcaldrichjr
72 Posts |
Posted - 02/20/2008 : 4:12:42 PM
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| I have dealt with them and although I think they will do their best to find a loan for you they are conduit not the actual money and they will give you an LOI for anything to get you through the door. I had a 250 million dollar hotel deal I was working on and I got an LOI in like 2 days from them. Needless to say the investors, who were my associates, didn't think it was worth the paper it was written on. I dug deeper and came to find out there were some very unhappy people out there that had given 5-10k then more in phase II to get their loans turned down. Their AE's get paid like 25-50% (from an AE's mouth) of whatever up front fees they collect so you bet your a#* that they are out there collecting as much as they can. I have heard the same things about Kennedy Funding FYI since the owner turned it over to his kids so watch out there too. BUT, there are often due diligence fees involved with loans because commercial companies won't work for free on large projects that take a large chunk of time to review and disposition, so I disagree with Craig, BUT you have to be very careful who you are giving your money to and do your research first. |
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djones2008
41 Posts |
Posted - 02/20/2008 : 6:09:06 PM
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| They just took 10K from a friend of mine... Stay away from them |
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Quicksilver
4647 Posts |
Posted - 02/20/2008 : 6:53:47 PM
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| I knew somebody who worked there few years ago, their not there anymore. Stay away. Do they close deals, yes, they had a large project here by me close. Would I trust them, no way. |
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EMScommercial
5138 Posts |
Posted - 02/21/2008 : 12:19:43 PM
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Remington (and it's subsidiary Blue Stone) must close SOME loans.... but... they ARE famous for giving out LOI's immediately without ever looking at the scenario's details - asking for large, un returnable, up front costs.... spinning wheels and then in MANY cases coming up with some reason why not to do the deal....
In our database of over 300 lending sources, we have Remington/Blue Stone marked as 'do not use' along with about 20 others....
By the way beware of California Mortgage and Realty as well....
Have a nice day.... |
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