Report: #1124450

Complaint Review: Funding Edge - Boerne Texas

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Ripoff Report is Xcentric Ventures

Submitted: Tue, February 18, 2014
Updated: Fri, December 11, 2020
Reported By: Jimmy — Sikeston Missouri

Author Not Confirmed

Why?

Funding Edge Boerne, Texas USA

Phone:
Web: www.fundingedge.com
Category: Mortgage Companies

Funding Edge Leon Hubbard all in Boern, Tx 78006 Mortgage fraud and deception Boerne Texas

*Consumer Comment: Great Company (FundingEdge)

*UPDATE Employee ..inside information: Property Value did NOT support the Loan Amount Requested

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Funding Edge advertizes to have guranteed funding low amount of documentation. None of this is true. First you must pay large up front fee. Then you will be over run with the amount of documentation needed.

They have no money to loan themselves but they make it sound that everything is possible and no loan is a big deal. however they will not do a thing until you wire transfer money into their bank account.

At the pointo they have your money you will be given an unbeleivable laundry list of things to do. The low docs claim could not be further from the truth.

When they find someone they will be looking for someone who also will want an up front fee of which I have to assume they get a portion.

Assuming they provide an offer for funding the interest will be in the teen's with a huge amount of points and maybe a 1 year loan.

Stay away from these bottom feeders.

This report was posted on Ripoff Report on 02/18/2014 10:58 AM and is a permanent record located here: https://www.ripoffreport.com/report/funding-edge-ripoff-report/boerne-texs-leon-hubbrd-ll-tx-1124450. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 Consumer Comment

Great Company (FundingEdge)

AUTHOR: Ivy Jones - ()

SUBMITTED: Wednesday, January 28, 2015

POSTED: Wednesday, January 28, 2015

I have been satisfied each time I have an experience with this company. They treat me well and do their job right.

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#1 UPDATE Employee ..inside information

Property Value did NOT support the Loan Amount Requested

AUTHOR: Leon Hubbard (Funding Coordinator) - ()

SUBMITTED: Wednesday, February 19, 2014

POSTED: Wednesday, February 19, 2014

Funding Edge is a consulting company and we fund through investors, private funds and some conventional sources. We have been providing loans for 16 years and specialize in alternative financing where banks and others have failed.

Regarding this complaint:

We spent a lot of time working to help this client and we were able to get him approved through one of our investors/lenders subject to a valuation of the property. Our lender ordered a property valuation and it came back considerably lower than what the borrower had stated on the application. We reached out to the borrower to help with additional “comparable sales” in area and he referred us to his realtor. Even his realtor was not able to provide anything that could support the value the borrower was indicating. His realtor referred us to another realtor that was VERY Familiar with the property and they stated a value less than the lender's valuation.

Note: This was a development property and even the borrower had issues selling lots at his listed prices / value. The development had almost 50 lots available for sale since 2001 (13-years), only 14 lots had been sold during this time and the last sale was in 2010. We could NOT find any comparable sales that would support his value!

We did everything we could to help this borrower, but the value of the property would not support the loan that he requested.

For Questions or Inquires please contact us at 830-331-4030.

Thanks

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