Equity 1 Loans - Bakersfield, California

Martin D. 6.

I have had two loans from Equity 1. They have got me out of a bind when I needed it. Yes rates are high but that was my choice, and his Mr Cook's business. No prepayment penalty so when I was able to payoff early there was no fuss even though Mr Cook looses out on interest.
Mr Cook is not rude, only straight forward and to the point. I perfer to have someone be up front with me instead of sugar coating it. Only to have a rude awakening later.

Colleen K.

Dan is a very nice man and works with you. I was ready to sign loan docs in February when I realized that there was a prepayment penalty from 2nd leinholder, and Dan understood that I didn't want to pay that additional cost of $1800.00. We agreed to to wait until August which at that time there will no longer be the prepayment penalty. Thank you Dan. I will call you in August! Highly recommend his services!

Larry E.

This is a public message to all potential clients of Equity 1 Loans and existing clients. The following is a blurb copied from an email from an attorney...
"the loan funds for owner occupied property must be for a business need and not for a personal, family or household use.
Examples include a loan to expand your business or a loan to put a business office in your residence. Which is not the case for loans made by this lender.

If you have checked around, you have undoubtedly found that most hard money lenders will not do owner occupied loans. Why is that? Mostly, it is because the lending requirements set forth by the Truth In Lending Act, Regulation Z, Real Estate Settlement Procedures Act and Regulation X are stricter on owner occupied loans than non-owner occupied loans.There are some who think that it is illegal to do a hard money loan on owner occupied properties. At the other end of the spectrum, there are others who think anything goes because it is hard money. Clearly, neither of these are correct.

In reality, there are a lot of misconceptions about lending laws that cause people to have incorrect ideas of what can and can’t be done.
The truth is that it is legal to do these loans but there are many limitations on what can be done and how much can be charged in fees. Not to mention the business need provision mentioned earlier.

Among the requirements that pertain specifically to owner occupied loans are the following:

1) Income must be verified through a third party source to show a borrowers Ability To Repay which
2) If the loan qualifies as a “high-cost loan”, property taxes and hazard insurance must be collected (impounded) for at least the first year of the loan. (Only the borrower can cancel the impound account, not the lender.) Any loan above prime rates is federally considered a high cost loan. 17% definitely qualifies. Therefore this lender Dan Cook Jr. and Equity 1 Loans must by law take pmi through impound which he does not and he did not have a lease or business intent or plan filed with his docs for an owner occupied property. He also did not verify income via third party, also a violation. These loans are fraudulent."

Any one who has a loan with Equity 1 should contact an attorney outside of Bakersfield and show them this information to act on your behalf.

a S.

RUN AWAY! AS FAST AS YOU CAN NOW! UNFAIR RIDICULOUSLY HIGH RATES YOU CAN DO BETTER ALMOST ANYWHERE YOU GO !

EIGHTEEN PERCENT REALLY ? PAYMENTS DUE EVERY 2 WEEKS
WHAT A BAD JOKE !!

LMAO I HAVE A CREDIT CARD WITH LOWER RATES THAN THAT -

Michelle L.

Dan is a very kind man and very understanding. He helps people when no one else will.

Guillermo V. V.

They've been very fair with me for many years.

Stephanie Y.

Very rude

camotlan R.

recomiendo este prestamista son muy amables y mur respetuoso me ayudaron con mi préstamo para tener mi casa de mis sueños