A lender with its headquarters in Austin, Streamline Funding asserts that it can provide real estate investments with short-term loans in a timely manner. They provide services to real estate developers, flippers, and investors.
Their ratings, on the other hand, give the impression that the organization is out to exploit its customers by engaging in predatory behavior. They were the subject of a legal challenge in 2011 for engaging in such acts, and ever since then, they have developed a reputation among their customers for engaging in such actions.
The following analysis will provide you with an extensive summary of this lending company situated in Texas.
About Streamline Funding
Austin, Texas is home to Streamline Funding, which is a hard-money company.
The business was started in 2010, and in August of last year, a request was made for it to be closed down. It says that the most successful real estate buyers in Texas trust this company. The company offers residential bridge loans, loans to fix up and sell, building loans, loans to buy land, and infill multi-unit loans.
But they don’t say any of this on their website. This is a big red flag because it shows that the company is trying hard to hide any information about the people who work there.
In a time when businesses are supposed to be open and honest, Streamline Funding hides the names and faces of its experts. If you want to know anything about the people who work at the company, you’ll have to talk to them. Austin, Texas is home to Streamline Funding, which is a hard-money company. Their address is 9050 N Capital of Texas Hwy, Building 3, Suite 130, Austin, TX 78759, US. The office is open from 9 am to 6 pm, and the number to call is 512-250-8575.
The business was started in 2010, and in August of last year, a request was made for it to be closed down. It says that the most successful real estate buyers in Texas trust this company. The company offers residential bridge loans, loans to fix up and sell, building loans, loans to buy land, and infill multi-unit loans.
But they don’t say any of this on their website. This is a big red flag because it shows that the company is trying hard to hide any information about the people who work there.
In a time when businesses are supposed to be open and honest, Streamline Funding hides the names and faces of its experts. If you want to know anything about the people who work at the company, you’ll have to talk to them.
The “About” page of the company has nothing but filler.
Why is it a huge warning sign? Because it means you can’t find out about the skills or knowledge of the “specialists” who work at this company.
They could give you a fake name, which you couldn’t check. After all, only crooks and con artists need to hide who they are.
Horrible Streamline Funding Lawsuit: 17 Claims Against These Scammers
Another huge red flag is a lawsuit this company faced in 2011. A couple had filed a lawsuit against Streamline Funding Inc and several other companies for issuing an illegal loan to them which they couldn’t pay because of their income.
The claim said that Streamline Funding and Washington Mutual Bank worked together to give out the illegal loan. Even though the court threw out the claims against the bank and the other defendants, it let the plaintiff attack Streamline for its shady business practices.
Delayed the Deal Through Incompetence then Tried to Extort Money out of the Client
The reviewer had been asked by Streamline Funding (or should I say Noble Capital Texas?) to get a hard money loan. They told the reviewer that their project was a little small for the company, but that a $3.6 million loan with a 7.5% down payment would be accepted quickly.
The company also told the reviewer that they would only have to pay interest on the money they had already used and that they would be out of business in two weeks. All of this seemed like a great deal, so the writer only used them.
But because of the type of job they were working on, they needed the loan quickly and in a timely way. A few days before the close, the lender suddenly asked them a lot of questions. Then, their project was given a bad rating, and at the last minute, Streamline sent them a new term sheet.
When the reviewer called the appraisal company, they told them that the evaluation had just been done and that Streamline Funding had left out a lot of important information.
The reviewer says that after they talked to the inspector about the problem, their estimate was $2 million more than what Streamline had sent them.
But Streamline Funding stuck to what it said it would do and asked for twice the down payment it had said it would need. Within 48 hours of the deadline, they started to demand that the reviewer also put the land up as collateral for the loan.
The reviewer says they got lucky with a rival and didn’t have to go with this lender’s terrible deal.
Botched the Loan and Turned it to Noble Capital
Fred says that Streamline gave his loan to Noble Capital, but Noble Capital wouldn’t give Fred his last payment. He had to spend his own money to finish his project, which put him in a bad financial situation. His project was taken back by the bank, and the case was in court for a year. He says it’s a bad company that you should stay away from if you want to stay in business.
I guess Streamline gave Noble Capital their loans because they knew they were going to be passed up soon. Their customers were the only ones who lost out because of it.
Streamline Funding Lies and Misleads Clients
Tyron says that Streamline Funding was the worst hard money lender he has ever worked with. They told him lies and led him astray. He also says that he wouldn’t recommend this loan to his worst enemy.
There were more complaints about this company, so I guess that’s why they let Noble Capital take them over.
Conclusion
Streamline Funding is a dangerous investor. It tricks clients into giving in to their ridiculous demands by threatening to give them a good deal first.
Because of the many bad reviews and customer complaints, this company is now changing its name and calling itself a part of Noble Capital. Beware!!
You can also read: https://www.repdigger.com/loan-ranger-capital-unmasking/
