Complaint Review: Hard Equity Financing

Regardless of your positive experience with Hard Equity Funding there are several consumers with negative experiences with the company and there is a Class Action Law Suit in progress!

Hard Money Experience GOOD!


I had worked with this company in the past & had prompt response on my requests for a hard money loan.


I worked with Steve Jacobs & David Errante. They tentativly
answered all of my questions on their programs & although they had
said they were busy & were tough to reach by phone, they always
returned my calls.

It was a fairly simple loan (485k residential
purchase) & the requirements were basic as it was based
on the equity in the property. There was an upfront due diligence
charge to underwrite the file but I know that is standard in the
industry & their charges were the lowest I could find. Especially
in this market there are many borrowers SHOPPING with no commitment to
close on the loan & it would help me get my client to closing with
some interest in the deal.

My borrower decided against the offer but for all of my future hard money deals, I'm sending over to them. They has an unbeatable hard money source with flexibility to work in this market.

As HR manager. I am notified of all of these complaints & it would be nice if they told the whole story.


In defense of HEF, these claims that came in were disputes between customers & HEF. Some even false statements which are outright untrue, as we have been in hard money finance for quite some time now, I feel Hard Money have been given a bad rap. Most over asking high risk borrower to pay for their own research.


All conventional lender do as well, just it may be a pay at the door appraisal, inspection, credit report fee, ect.


Our borrowers are no A paper loans, these are borrowers with bad , high debt, high LTV, foreclosures, Bankruptcy, ect.


I do not think there is a lender out their that would even touch any of these cases and all the risk a hard lender goes out on.


It is only common sense to ask customers to cover their exspenses.



All loan requests that come in are subject to conditions of verifying the value. All of which have a professional analysis on the value completed.




During our process of review, it is common to request additional or
supporting information on the file. Usually we are in contact with
customers on a weekly basis, brokers, even more so.




Yes we will order an appraisal or a BPO & if the value is overpriced, we will correct it.




What lender would give a loan based on inflated values.




The above mention customer, had 5 SFR's & at the time of the value review, they came in substantially lower. Altogether $80,000 lost in value.




We were unable to continue to complete her loan based on these losses of value & a refund was issued promptly.




In fact, we issued twice a refund since the customer lost the first one issued.




I
regret she had a problem with HEF, but
it would also have been nice if she told the complete story.






Also, aside from issuing your multiple replacement checks of the

course of several weeks, we on top of that issued you an additional

credit of more than what was agreed since you feel your file was

mistreated.





I can tell you clearly sir, the file was underwritten & when

the value came in, it was not acceptable. I understand you have a lot

of money tied up into these vacant SFR's. All of them being vacant is a

huge overhead exspense, especially in this economy. You were requesting

a cash out on them but our review of the value & the current values

trends in the area were unacceptable for your request.





We cannot give you a loan for more than what a property is worth

& based on the value reports, that is what you wanted. This is why

your file was declined.



We did issued you refund towards your out of pockets costs with us.

We even issued you more than what was agreed since you feel your file

was mishandled.




But why are you emailing us these bloggs that you are writing?





Why are there comments from other pages copied & pasted into your comments?





Why cant you simply call us? I do not know what more you would like

sir as we have extended you our greatest length of courtesy &

professionalism.


COMMENT FROM THE PRESIDENT:



If you are persistent to continue stating libel statements about us

& identifying yourself as the persons of those statements, we will

keep a record & you may find yourself being served a lawsuit for

slander.

I can tell you clearly sir, the file was underwritten & when

the value came in, it was not acceptable. I understand you have a lot

of money tied up into these vacant SFR's. All of them being vacant is a

huge overhead exspense, especially in this economy. You were requesting

a cash out on them but our review of the value & the current values

trends in the area were unacceptable for your request.



We cannot give you a loan for more than what a property is worth

& based on the value reports, that is what you wanted. This is why

your file was declined.



We did issued you refund towards your out of pockets costs with us.

We even issued you more than what was agreed since you feel your file

was mishandled.




But why are you emailing us these bloggs that you are writing?





Why are there comments from other pages copied & pasted into your comments?


Why cant you simply call us? I do not know what more you would like

sir as we have extended you our greatest length of courtesy &

professionalism.



COMMENT FROM THE PRESIDENT:

If you are persistent to continue stating libel statements about us

& identifying yourself as the persons of those statements, we will

keep a record & you may find yourself being served a lawsuit for

slander.