Equity 1 Loans
5405 Stockdale Highway, Bakersfield, California, United States
About the Equity 1 Loans
Equity 1 Loans is a trusted finance institution located at 5405 Stockdale Highway in Bakersfield, California. As a direct lender with over 30 years of experience in the Bakersfield area, we offer a hassle-free process with no middlemen or loan committees involved. When you work with us, you work directly with the lender.
Whether you are looking to purchase your first home or invest in a property, we provide financing options for all our listings. We are a Private Money Lender, ensuring quick response time and loans in just 5 days after receiving a clean title report.
Contact Dan Cook for a free appraisal and quote, available in both English and Spanish. Call our office at 661-398-9382, or reach Dan directly at 661-330-2222. You can also fax us at 661-398-9384 for any inquiries or assistance.
Visit our website to view our current listings and explore financing options for your property purchase. Trust Equity 1 Loans for honesty, answers, problem-solving, and appraisal services - all provided free of charge with no obligation on your part.
Photos of Equity 1 Loans
5405 Stockdale Hwy #108, Bakersfield, CA 93309, United States
Opening hours of Equity 1 Loans
Monday:
08:30 - 17:00
Tuesday:
08:30 - 17:00
Wednesday:
08:30 - 17:00
Thursday:
08:30 - 17:00
Friday:
08:30 - 17:00
Saturday:
Day off
Sunday:
Day off
Reviews of Equity 1 Loans
"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."
"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!"
"Dan is a very kind man and very understanding. He helps people when no one else will."
"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."
"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 -"
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