[oh2benc2]

Has anyone heard of Mariners Capital? I got an email from them today saying I am preapproved for a loan of $71,999. I did a web loan application for 2nd Mortgage/debt consolidation back in October 2005 and they are now writing to me. I live in a mobile home in a mobile home park, where I pay lot rent. This doesn't sound right to me. They have property value as $79999 for a 1972 single wide mobile home? When we biought the home the loan was $80.000 (bad credit etc) they say they will work with bad credit and low sscore 500 or less. Just wondering if anyone heard of these people. Thanks.

[imkimssister]

Hi Oh2benc2, I haven't heard of them but I wouldn't be too caught up in this 'preapproved' email. I get stuff like this all the time through emails and regular snail mail. I used to fall for it until my credit went to crap and I knew better. They send this type of 'preapprovement' to thousands of people. Most of the time, you're not really preapproved, they just bait you with that so you'll think you stand a chance and put in for it. Then thats when they take all of your information and blah blah blah....with me, they would come back and say sorry, but we can't, for whatever reason. and you're thinking, hey, i thought I was preapproved. but hey, everybody is preapproved, its just part of their marketing strategy.
Maybe someone else here has heard of mariners, and maybe they're an outstanding organization but I'm just explaining to you how most of this 'preapproved' stuff works. shirley

[oh2benc2]

Thanks Shirley - I know about pre-approved stuff - I get it in the mail all the time with credit cards - especially Capital One CC. I finally got tired of them and worote them a letter and opted out by phone - heard nothing more from them

[stella]

I haven't dealt with them. But checked BBB site and they are member of better business bureau. Probably they are contacting you on the basis of your online application. Ask your consumer protection office if this is a good company to deal with.

I got aloan thur marniers capital on my home i was hoping some can get the loan officer I had on my last loan to help me get a lower interset rate possible cash out william gunter email

email address removed as per forum rules - Mike

Yes, they are excellent to work with. I would call and speak to Steve Olson, the president there.
Very honest and fair.

Hello, my name is James Mathisrud and I am the Vice President and co-owner of Mariners Capital. I stumbled across this site and I just wanted to say thank you to the people listed below that had kind things to say about our company. We strive to be fair and ethical in all of our dealings. If anyone needs any help or has any questions, please visit our website at marinerscapital .com, fill out our appliication or call me directly. THank you again.

James

Dear James,
I have been a real estate agent for over thirty years and have never dealt with such a bad lending company as yours. We have been trying to get our transaction closed since 11/15/06 and your company as done everything to mess it up. Susan Trapp

[KYSIDE38]

Welcome Susan to the forums. Please register and join us here. Your knowledge can be very useful here. Best Wishes KYSIDE38

I am a loan processor who deals mainly with HARD MONEY. Hard Money loans are for people with very low credit scores or who are currently in, or recently been in foreclosure. These are very ugly loans...for a reason. It is a high risk investment for the investors who fund the loans and they need to be assured that they will get a return on their money, or the property will sell at fair market price if it has to go to auction. I have not yet worked with Mariners Capital, but found this site as I was looking for theirs since I have a borrower who fits. The reason they or any other hard money lender is taking a while to close a loan is not because they are doing everyhting they can to screw it up, it is becasue they are struggling to find an investor who wants to lend on the property...maybe the appraisal is not so hot. A lot of times the investor who is putting up the money will drop the value of the property from what the appraiser has. Maybe they are concerned with the borrowers ability to repay. Some people get put into loans they cannot afford, especially first time home buyers, and I can do everything to get them a loan, but it will be ugly and may just put them further in the hole. No lender, including Mariners Capital, enjoys putting homes in foreclosure, it is a long and expensive process and if the home does not sell at auction, that lender now owns the home and has to take over all mortgage payments associated with the property.
Another reason it can take a long time to close a hard money loan is issues on title, tax liens, abstracts of judgment and a previous company who did not record things properly can take a lot of time to clear up and many people in need of a hard money loan have some issues clouding their title as well.
Mariners Capital may not be hard moeny, but their niche is to help people get back to the lower rates by being a step in between hard money and a conventional loan.
As far as the BBB, any business can send in $25 and be part of the BBB. If nobody ever complains about them they will have glowing reviews from the BBB but may be a terrible company. The BBB is great for consumers who have been taken advantage of by a company who basically tells them they do not care. This entity can step in as the middle man and help the customer get their money back or simply get a response from the company. The fact that a company is part of the BBB does not prove that they are good or bad, they simply sent in their money and became a member.

I really need to talk to James Mathisrud about a recent transaction with your company. Please contact me at ***.
Bob Hartwiger

Email address removed for your safety. -JediJeff

MARINERS CAPITAL,