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Hard Money Lending & Private Mortgage Lending- How it Works

Private Hard Money Lending explained. The first in a series of short videos about hard money investing, borrowing and brokering from Trent ...

Sindeo shutdown shows why mortgage industry is hard to disrupt

Eric Boyenga, whose South Bay real estate firm had a marketing partnership with Sindeo, had more than 20 clients who got mortgages through Sindeo. “The technology behind it was great. They had really top talent,” Boyenga said. But “the whole tech industry is tightening a bit. All you hear about is Google, Amazon, Facebook and Apple. If you look at the startups, investors wanted to see a higher return, faster.” With Sindeo, “they weren’t seeing what they were looking for.”

Getting a mortgage is a time-consuming process that involves shopping for a loan; choosing from various rates and terms; filling out an application; submitting pay stubs, tax returns and financial statements; waiting for approval; and, finally, closing the loan.

It is highly regulated by federal and state governments and requires coordination with appraisers, title companies, county recorders’ offices and investors, who buy most loans.

Mortgage-tech companies are attempting to save people time and money by letting them shop and apply online and either upload their documentation or give the mortgage company permission to pull it directly from employers, financial institutions and the IRS. But it’s still a Herculean task.

Jared Kushner's firm given $285 million Deutsche Bank loan just a month before Election Day

The Deutsche Bank loan capped what Kushner Cos. viewed as a triumph: It had purchased four mostly empty retail floors of the former New York Times building in 2015, recruited tenants to fill the space and got the Deutsche Bank loan in a refinancing deal that gave Kushner's company $74 million more than it paid for the property.

The White House, in response to questions from The Post, said in a statement that Kushner "will recuse from any particular matter involving specific parties in which Deutsche Bank is a party." Kushner and Deutsche Bank declined to comment.

Deutsche Bank loans to Trump and his family members have come under scrutiny. As Trump's biggest lender, the bank supplied funds to him when other banks balked at the risk. As of last year, Trump's companies had about $364 million in outstanding debts to the bank.

Democrats from the House Financial Services Committee wrote on March 10 that they were concerned about the "integrity" of a reported Justice Department investigation into the Russian money-laundering matter "given the President's ongoing conflicts of interest with Deutsche Bank," citing "the suspicious ties between President Trump's inner circle and the Russian government." The Justice Department did not respond to a question about whether it is following up on the money-laundering settlement that Deutsche Bank reached with New York state regulators in December.