Soquel mortgage broker proposes sharp cut in interest rates to give borrowers hope

For 17 years, mortgage broker Ty Ebright made a living by matching lenders with longtime homeowners who encountered financial difficulties and couldn't get bank loans. Full Story
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Ty Ebright

Santa Cruz, CA

#21 Nov 11, 2008
Sent to Lenders -
"Proposed Note Modification for Loan TE XXXXX
For the Property Located at XXXXX
$190,000 Loan Amount

By a previous ballot, you have agreed to lower the interest rate from 12% per annum to 8% per annum, for the next 24 months.

I am now recommending that the Note on this property be modified to a pay rate of 8% per annum and an interest rate of 3% per annum, for the next 12 months.

This change would be effective as of Oct. 1, 2008. The first payment due under this reduced interest rate will be due on Nov. 1, 2008. This reduction in interest rates will expire on 11/1/2009. At the expiration of the 3% interest rate reduction, the interest will be adjusted to 8% per annum for the next 12 months.

For the next 12 months, the monthly payment on loan TE XXXXX will be equal to $1,266.66 per month. All payments, in excess of $475.00, will be credited towards principal repayment.

All other terms and conditions of the note to remain in force with no other modifications.

The Borrower has approved this modification.

This office is not charging a fee for this modification.

Yours truly, Ty Ebright"
50s local wrote:
<quoted text> That is simply miraculous. Can you post the term sheet or note with any addendums on that? With the borrower, property and lender blacked out of course...
Lisa

Oakland, CA

#22 Nov 11, 2008
Ty, you really aren't going to sway the opinions of people who hide behind the anonymity of a blog post and don't know what they are talking about.

Just try and let it roll off your back. I don't know you personally, but I am always amazed at how quickly people are to trash anyone in the real estate/lending industry on here. And I agree with the poster who wondered why none of this ever seems to be directed at Wall Street or mismanaged corporations.
Ty Ebright

Santa Cruz, CA

#23 Nov 12, 2008
Thanks for the thought. Let me know if you would like to see the report I sent to the Lenders in early 2007 about Wall St. actions. They are the root cause of this mess.
Lisa wrote:
Ty, you really aren't going to sway the opinions of people who hide behind the anonymity of a blog post and don't know what they are talking about.
Just try and let it roll off your back. I don't know you personally, but I am always amazed at how quickly people are to trash anyone in the real estate/lending industry on here. And I agree with the poster who wondered why none of this ever seems to be directed at Wall Street or mismanaged corporations.
HomelessEbrightA ftershock

San Francisco, CA

#24 Nov 13, 2008
Danny, You are right on the button in your statements about Ty Ebright, The Strategic Predatory Lender. He is the Ephifany of Predatory Lenders, strategizing in a RICO fashion with proven efficency, bigger payloads of 100% return on principle investment in 2 years including delivery of the security upon foreclosure with minimal legal impact due to financially disabled victims while hiding behind his broker license.(He is bad news for the victim (borrower). Hopefully soon to be victim/borrowers read this before it's too late. The local homeless shelters are full.
Danny Chenoweth wrote:
This guy was one of the worst predatory lenders in town. He was using Santa Cruz as a place to hustle investors into backing his "hard money" central valley loans that no bank would have ever touched. Take anything this guy says with a grain of salt. Everything is a new scam to create a transaction fee. I feel sorry for the people who trusted him with their money, & even worse for the homeowners that he preyed on.
50s Local

Lihue, HI

#25 Nov 14, 2008
Ty Ebright wrote:
Sent to Lenders -
"Proposed Note Modification for Loan TE XXXXX
For the Property Located at XXXXX
$190,000 Loan Amount
By a previous ballot, you have agreed to lower the interest rate from 12% per annum to 8% per annum, for the next 24 months.
I am now recommending that the Note on this property be modified to a pay rate of 8% per annum and an interest rate of 3% per annum, for the next 12 months.
This change would be effective as of Oct. 1, 2008. The first payment due under this reduced interest rate will be due on Nov. 1, 2008. This reduction in interest rates will expire on 11/1/2009. At the expiration of the 3% interest rate reduction, the interest will be adjusted to 8% per annum for the next 12 months.
For the next 12 months, the monthly payment on loan TE XXXXX will be equal to $1,266.66 per month. All payments, in excess of $475.00, will be credited towards principal repayment.
All other terms and conditions of the note to remain in force with no other modifications.
The Borrower has approved this modification.
This office is not charging a fee for this modification.
Yours truly, Ty Ebright"
<quoted text>
That's a proposal for forebearance Ty, not an actual note/dot done and processed. Are you proposing mods to existing lenders?
Ty Ebright

Santa Cruz, CA

#26 Nov 19, 2008
This is a note modification on an existing note.
50s Local wrote:
<quoted text> That's a proposal for forebearance Ty, not an actual note/dot done and processed. Are you proposing mods to existing lenders?
Informed Observer

Hayward, CA

#27 Nov 14, 2009
An elderly family member of mine invested with Ebright. The loans are a joke. The propeties selected are bizarre. The appraisals look faked-up. A power of attorney was signed by this elderly woman and hundreds of thousands of dollars appear lost forever. This Ebright needs to be stopped.
Hands on experience

United States

#28 Dec 15, 2009
Ebright is a crook. He can't be trusted as he attempted to rip me off (and failed miserably). Anyone who is considering investing with him should seriously think twice and conduct a solid search of this man's past dealings.
Jamo

Nanaimo, Canada

#29 Nov 29, 2010
Ty. Can you arrange financing for the following situation: Desire to put in an offer on a San Lorenzo Valley home in the $100,000-125,000 range.
Will have $45,000 to $50,000 cash from sale of home in British Columbia. Will need to finance the rest at a reasonable interest rate, and can put in a contingent offer - or just prequalify for when sale of Canada property consumates.

Situation is:(1) healthy female 70-year-old,(2) recent bankruptcy (discharged) from property development loss 10 years ago and NO current debts,(3) Social Security income of $760 month,(4) Additional income of $2500+ a month from business interests.

I appreciate your feedback and suggestions.
Sy R

Shingle Springs, CA

#30 Nov 1, 2012
Ty Ebright wrote:
Danny, I have never met you or, heard your name, but I welcome you to come to our office any time to review our procedures and our track record. I can also provide you with hundreds of Borrowers and Lenders who will sing our praises. I welcome your visit so you can better understand the world of private lending. A large part of our loans are in Santa Cruz and very few are in the central valley.
<quoted text>
I have done Bz with Mr. Ebright and it was in order and profitable.
Richard Wright

South Jordan, UT

#31 Feb 12, 2013
Thanks for this. It seems like mortgage brokers from Vancouver are really pushing these new rates. Good to see it moving along. http://www.ralainvestments.com

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