44 Oak Capital (44Oak.com) is one of the worst out there!
My experience with 44oak.com was to get a refinance cash-out loan for nineteen (which was supposed to actually be Thirty-One, but they changed midstream on me) properties has been an absolute nightmare.
I don’t expect my rating to change anything, but because of how I’ve been treated, 44Oak.com (44 Oak Capital) has lost any future business from me.
First, I had to pay a crap-load of money up front as a "due diligence fee" because supposedly they were afraid I’d back out at some point and they would lose on the deal. In my opinion, this is straight-forward blackmail and unethical - should be illegal! I hesitantly paid the money and now they have me by the privates, taking all the sweet time as they want because they know I’m invested greatly in the deal. No matter how badly I get treated, they know I am stuck. I think this is a sick policy and I wish they could be prosecuted and put in jail.
Second, I was offered an opportunity to pay extra to expedite the appraisals. Any logical person would think, “If I expedite the appraisals, this will expedite the closing of the deal”. This was a mistake. Despite purchasing the expedited appraisals, the loan process was started in September and we are now in January, and still have not closed. This is despicable.
Third, I was quoted interest rates in the 6’s, which drew me to give them my business. However, they have pulled the ole’ bait and switch and now rates are coming to me in the 8’s, 9's, and 10's. And this, despite the fact that interest rates have been cut by the Fed! This is even more than appalling.
Fourth, even after paying a crap-load of money up front, I’m getting hit with three points on EACH property, which seems unusual considering the amount of business I am giving them. In addition, some loans have additional points paying down the rate – which should not even be an issue because I was quoted in the 6’s to start.
All in all, I am very disappointed in how this process has gone. Hindsight is 20/20, but I should have went with another financial service because I would have been closed already.
Do NOT use this company; you have been warned!