Builders Capital 39th Ave, Puyallup, Washington

Builders Capital Reviews

4.4 stars based on 31 reviews

Featured Comments:

• M

  Mayme Behr

  5.0

  Our first loan on our project with Builders Capital. Bryan and Renee were awesome! They were very helpful and knowledgeable which made the whole process go very smooth. Renee was very prompt in answering all our questions. Our first draw was a success and getting ready for our second draw. Builders Capital and their team are exceptional.

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  Response from the owner

  Thank you for the kind words! We appreciate the opportunity to work with you.

• J

  Joseph Fleischaker

  1.0

  UPDATE: I have to delete my positive review after dealing with them for a while now: So my first loan with them was ok. I would give them 4 stars due to the very easy draw process. BUT at the last moment when we were about to close the loan, they changed the terms on us and told us that we had to come in with more money because their day one loan to value was too high. My lender contact Kendra never mentioned a day one LTV cap when we signed the loan offer. We were not happy. Our 2nd loan that was a bridge loan to construction loan. Again we used Kendra as our contact. And again she did a bait and switch on us. It was relatively big loan and there was a large construction hold back amount of which a substantial amount was for soft costs, architecture engineering permits etc. Again, she never mentioned that we can’t draw on the loan until we get building permits. We didn’t find this out until a week before we were closing and I had already removed all my contingencies and we could not go to another lender in time to close, which meant I have to come out of pocket $120,000 to fund all the design and permitting costs which we were not expecting to have to do. Additionally, we built in an interest reserve in this loan and we were very surprised to find out (after we closed the loan) that they don’t allow use of the interest reserve until there is building permits in hand. In fact, I have an email from our transaction coordinator Callie confirming that we didn’t have to pay the interest payments due and they would be taken from the reserve. So add another $40,000 in funds we were not expecting to fund. 0 stars on this loan. And then comes the third loan. We had a signed agreement to fund with them with full approval from the committee (according to Kendra) and we were just awaiting building permits. The loan the value was substantially low (something like 60%). Once we sent them proof of the permits I got an email from a man named Brian Ruff who is new to the company and is Kendra’s boss. He said that the loan was never approved at committee and they are not planning on funding this loan because they don’t like the location. -1 Stars on this loan. Needless to say, unless they change their bait and switch practices, I will be going with another lender on my future deals.

• e

  edward zuyev

  1.0

  Review I had a very bad experience with Builders Capital. Their advertisement on their website was far from reality. Within 6 weeks time they changed their percentage from 7% to 10%, and their closing costs went up from $17,000 to $34,000. With a days notice they moved the closing date back by 2 weeks with an explanation that they recently got a new employee. In the end, I received a rejection letter because I “didn’t have enough experience in the field of work”. Now I have to start all over again, get a new appraisal that will take 4-6 weeks time. I do not recommend working with these guys.

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