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GreggWood
3 Posts |
 Posted - 03/26/2008 : 7:28:08 PM
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| Metro Funding has taken advantage of a client of mine. They strung us along for months with high hopes, LOI's terms sheets and site inspections. We paid $23,500 upfront, and 3 months of processing. They could not finad anything wrong with the loan. However I don't believe they intend on funding anything other than their pet projects. Even their site inspectors (who were not qualified to do much) could not find much wrong. But they said that you could not find a buyer of commercial land across from a new super Wal Mart in this market. So they said they could not access the value if they coulnd not say it could be sold. Watch out for their games. Don't trust them. Time is more valuable than money. |
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omegafunding
279 Posts |
Posted - 04/02/2008 : 10:26:21 AM
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Sorry to hear that. We get request from Metro to place loans with them. After running into them years ago I knew to stay away. They advertise all closing costs paid at closing. It is misleading. They charge outrageous processing fees and appraisal fees. If you want some real sources for funding let us know.
Ben
Omega Funding, Inc
720-279-4345
www.omegafund.com
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EMScommercial
5138 Posts |
Posted - 04/02/2008 : 4:17:07 PM
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Gregg..... we have closed loans through Metro..... but they ARE expensive... that's for sure..... we use them as sort of the avenue of last resort due to this fact....
Just as Ben's company - Omega - is a broker.... so are we....
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 325+ 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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EMScommercial
5138 Posts |
Posted - 04/04/2008 : 1:11:59 PM
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| gregg... btw... i just busted joe (adler?) from metro on here last night about fees... he claimed that metro didn't charge fees up front.... total lie... i told him that he needed to be honest.... if a company charges fees... say so.... know what i mean? |
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mortgagemessiah
8003 Posts |
Posted - 04/09/2008 : 06:07:34 AM
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| I know Scrooge McDuck had issues with them |
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