Do NO use LONGHORN INVESTMENTS OF DALLAS

My name is Paul Hart and I do NOT recommend doing business with Longhorn III Investments. I bought an investment property in Dallas to fix and flip in January of 2014 and used Longhorn for financing. It turned out that their appraisal to me was $37,000 HIGHER than my buyer's appraisal was for. $37,000! Michael Hoffman of Longhorn tried to shirk their responsibility by saying Longhorn didn't actually do the appraisal. Well of course they didn't,but, Longhorn Investments, like any lender, APPROVES every appraiser and appraisal they lend on. If anyone would like to see 7 pages of back and forth emails between Michael Hoffman and me just email me at paulghart@***.com and I'd be happy to email them to you. Because of them I lost $37,000 in profit and my credit has been ruined. In addition, I should have done more shopping around because Longhorn's costs, from all their junk fees to their overall costs are definitely on the high end..Avoid them..
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ID
#666531 Review #666531 is a subjective opinion of poster.
Location
Fort Worth, Texas
Cons
  • Appraisal did not represent the true value of the property
Reason of review
Pricing issue

Longhorn Iii Investments - Property Loan Review from Overland Park, Kansas

I used Longhorn Investments fire a short term loan to buy an investment property. Their appraisal was for $212,000. After being on the market for 7 months in this HOT Dallas market I am having to sell for $175,000. Their Appraisal was obviously flawed. They are also very expensive and have a lot of fees. I am going to have to sue then in order to get what should have been a decent profit. I would not recommend them for obvious reasons. There are several other hard money lenders in the DFW area that charge lower interest rates, have longer terms and much less fees.
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ID
#550035 Review #550035 is a subjective opinion of poster.
Location
Overland Park, Kansas

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