MIG Funding

they give alot of info, but there is no address, i called never reached anyone. and it sounds a little to good to be true. no one returned my calls. the company seems like MLM, and i had my share of those. but im not saying the company is a fraud, im gonna just wait and if anyone on DG has success with. also jimmybtx keep me in mind when you add indiana and kentucky to your list.

I was on their website. Is it routine for HML's to ask for a $995 loan fee upfront? This is new to me and the 100% financing sounds too good to be true. And the loan fee....I'm just not sure.

Hello:
I did not catch the $995.00 fee, that is interesting, also illegal and is a huge red flag.

Almost all HM lenders charge fees upfront for the purpose of loan related costs such as title, appraisal, etc.

Some HM lenders will charge what is called a commitment fee. A commitment from a HM lender is their commitment to do the deal and if something should happen where they have to pull that commitment or you decide the deal is not for you, then that fee is returned to you.

One of the commercial HM lenders I have worked with in the past charged a $10,000.00 commitment fee, and I know that is steep, but when it gets you the money and you stand to make tens of thousands or hundreds of thousands, it is easy to do.

Hello:
The $199.00 fee to become a broker. No questions asked, just pay it and off your running.

When I started in this business, I paid for seven days of hotel and travel to Los Angeles to sit in a training class for a week, where I learned for free how to do the loan business.

I do not put much faith behind pay a fee and call yourself a broker. This business takes alot of knowledge which comes from training and learning in the field, not saying I broker loans, go to this website to get the deal done.

Now I am not making fun of what someone chooses to do, all I am saying is that there needs to be training before you begin doing business.

The 995 was a loan commitment fee, that they said you would get back at closing. Without having references of people who have done business with them, I wouldn't feel comfortable forking over the 995 just to get the ball rolling.

site and looked at the rehab loans. 4-8 points??? 8.5% - 19% interest??? I can see up to 15%, but 19% That's crazy! I'm looking at a higher end property and need 750K. That would be 30-60K JUST in points (which they called the commitment fee for them) then the interest! I'm only looking to make 120K on the deal, that would be more than 1/2 the profit right there. Better to do a JV at that rate! I haven't used them, but the points and rates are killer! Make sure you look at points when you consider any loan.

I don't understand why people won't take the time to do there due diligence on HMLs right in there own town or state? Check them out, ask them how to pre qualify, what are their rates and terms. How long to get the loan after you have the property under contract? Contact the local REI club for referrals. A lot of HMLs require that you have up to 6 months of your monthly interest payment in the bank as part of qualifying.
One last thing, never pay any fee, I don't care what it is called, up front for a HML!! There are to many lenders out there that don't charge a fee so why in the world would you. They charge points and interest period, thats how they make there money. Remember, NO FEES UP FRONT PERIOD!

This is what I have learned from working with actual HMLs!

TIP: Work on finding PRIVATE money lenders in the mean time!

Take action and learn!
Michael Mangham
MD Home Acquisitions LLC

find something better to do with time

Tammy, never knock until you try it!!!

I think your opinion is a little different than ours.
Seeing that you happen to be a product buyer for $897 and a student of the PMBP, or better known as the Private Money Blue Print ( great awesome product by the way)you are learning the other side of the coin in lending. the sad fact is that 60% of people needing money for RE Investing, do not have the time, the web knowledge to set up a site like yours, or the success demand mentality to achieve goals. They just need a loan, and most of the time they have messed up and signed a contract prior to finding the money.

I think and maybe I am wrong you may have applied for funding with us at one time? Maybe not?

As to the cost of money? I think you missed something. YES, IT IS NOT CHEAP!!!
YES to the following:
4-8 points to close a loan, rolled into the loan.
rates from 9.0%-24% annual, that means 0.75% to 2.0% a month interest only payments.
so depending on how long you have the loan, depicts the actual interest rate you will pay for the money.keep it 12 months and sink your ship and profits, however we never give loans past 9 months, so????

If you can not flip a property in 6 months or less with our loans, then PLEASE DO NOT TAKE ONE, they will cost you much, and yes eat into the profit, do it right and you will have success.

Now Tammy, I encourage anyone who can learn to raise private capitol themselves to do so, so not take our loans, it will cost you more than if you do it yourself, agreed. likely to get the funds from 6-15% annual return to your investor. if you do not have the education to do it correct and stay SEC compliant, and stay out of hot water, then come to us, or any hard money lender.

If you want to learn how we have raised well over 25 Million in private funds, and our investors are happy with returns, and we have only had 3 bad loans in 2 years, contact me I will be glad to share what I can to be of help!

I like your style!!! We need more people that have what you have LOTSA SPUNK!!!
I think you may like a book that was given to me by Hubert Humphry of WLG.

No Glass ceiling, Just BLUE Sky!!! by marcy bahoviack???

If you ever want to raise capitol for us? Keep me posted!!!

You will continue to be great as long as GOD and his 10% come first!
See you at the TOP!!!

This Page on this site explains how to get $250k to $450k for real estate deals without credit Amazing!

http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

Hello all I am new to this site and could not believe there was talk about MIG. The reason I say this is because I have been trying to close a deal with them for months and have found out how hard it is to receive any information on my deal with them. There is times where no one will contact me for weeks and Michael Mackay just recently tells me everything is fine but will not tell me when they will fund and when we can close. This deal started in March and still waiting on information trying to keep my end buyers motivated this long. I do not know if I will use them again.

I don't know anything about these guys because I use real hard money lenders that have references!! They can close in a matter of DAYS. Did you catch that? DAYS! No fee up front (NEVER pay any up front fee to a HML!)

Find your HMLs at your local REI clubs and go to public trustee auctions. Ask about who people are using! Alot of the times you will meet someone right at the meeting or auction. Network is the key word!

Get out and NETWORK! Good luck!

Michael Mangham
MD Home Acquisitions LLC

http://www.mdhomeacquisitions.com Sellers site
http://www.mdhacq.com Sellers site
http://www.mdhomea.com Sellers site
http://www.mdhomeacquisitionsbargainhouses.com
Buyers site
http://www.mdhomeacquisitionshousehunter.com
Bird dog, door knocker Site

Well I had the opportunity to speak with Michael Mackay about my deal and the process. He explained to me that the reason they could not tell me anything was because my end buyer was the client which is understandable. Now everything is over with I find out that my end buyer was causing alot of the confusion with my deal because he did not want to pay for appraisals and just argued with them about the process. I have to say that Michael Mackay stayed on the phone with me for more than an hour helping me understand the process and what needs to be done to complete a deal so this would not happen to me again. One thing I did not know that he explained and I want to share with all is to get money down from your c buyer before allowing him to lock your deal up on contract. This will show you how serious your buyer is in completing this transaction. After finding out about the process and how my end buyer caused alot of problems that I was not aware I would have to say I would try MIG funding for my next wholesale deal and make sure I have a true investor that is serious and see how it goes. But as I say on to the next one.

This link is broken.....

This Page on this site explains how to get $250k to $450k for real estate deals without credit Amazing!

http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

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