Purpose Funding

SHADY People, Shady Company

Their constant lies and empty promises of getting things done were a road to nowhere and it ended up costing us our dream home.

Forget the money we lost on inspections and approvals…they left us hanging. No apology.

They drag it out until you feel you’re going to give up and then they present you a higher interest rate AND higher closing costs and expect you to just cave since you’ve been waiting so long to begin with.

I wasn’t going to fall for it. Very unprofessional and straight out LIARS, never will recommend them to anyone.

The seller ended up cancelling because of THEIR delays and excuses over 2 months.

What’s worst? They blamed me for NOT understanding the buying process? Really? That’s why I have my AGENT and he thought they were CRAZY!

Including his fellow agents who he asked for advise from.

I can’t believe a company would do people wrong like that.

How do they sleep at night? I hope they’re having a nice holiday, while I’m left without a home.

Going by other reviews, they’ve done it before and will do it again.

And it scares me that they have ALL of my information, never bothered to return anything back to us. SHADY people, shady company. NEVER AGAIN!

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7 reviews on Purpose Funding

  1. Wish there was a negative rating.

    Wish there was a negative rating. I’m working up a lawsuit..that’s how bad they lied to me.

  2. Going by other reviews, they've done it before and will do it again.

    Their constant lies and empty promises of getting things done were a road to nowhere and it ended up costing us our dream home. Forget the money we lost on inspections and approvals…they left us hanging. No apology. They drag it out until you feel you’re going to give up and then they present you a higher interest rate AND higher closing costs and expect you to just cave since you’ve been waiting so long to begin with.

    I wasn’t going to fall for it. Very unprofessional and straight out LIARS, never will recommend them to anyone. The seller ended up cancelling because of THEIR delays and excuses over 2 months. What’s worst? They blamed me for NOT understanding the buying process?!?!? Really? That’s why I have my AGENT and he thought they were CRAZY!!

    Including his fellow agents who he asked for advise from. I can’t believe a company would do people wrong like that. How do they sleep at night? I hope they’re having a nice holiday, while I’m left without a home. Going by other reviews, they’ve done it before and will do it again.

  3. DON'T WASTE YOUR TIME!!!

    This company is worthless! After hearing an advertisement about them being a family owned company we thought we couldn’t go wrong. We spoke with their representative, Milford, which was very nice but struggles with English.

    Like the others said, every thing is sweet and simple at first but they did absolutely nothing but waste our time. We started with them in April, and when we called or e-mailed for updates he kept telling us he would have an answer tomorrow but just never called us back.

    We would call/e-mail again and he would give no information, no status update, just kept PROMISING that he would have an update the next day and would NEVER call when he said he would.

  4. If you want to save money, go elsewhere.

    Purpose Funding wouldn’t give a written quote. I provided all of the needed financial stats (my FICO score, Loan to Value, my salary, etc.). They told me and I quote, “It’s not about rate and cost.” Seriously, rate and cost don’t matter???

    What matters is, “who do you like and who do you trust”. If you want a “friend” or someone wants you “feel” they are trustworthy, go with Purpose Funding (ask for Roland). If you want to save money, go elsewhere.

  5. Unless you want to lose your home, do not use this company for a home loan, ever!

    This company is a corrupt organization, don’t believe what they want to sell you – its a scam. Do your research. The only “purpose” is screwing the consumer with the concept of “no-cost, rebate loans”. Its marketed as a serial refinancing program in which the consumer is used for PF self-enrichment, through capturing of high YSP’s, at higher than prevailing market interest rates,

    leaving the consumer holding the debt service forever. The loans are sold by inexperienced “loan servicers, like Sean McElligot and Dan Walters” who are not brokers, and are not licensed professionals. The consumer is falsely led to believe that they can achieve an “effectively lower loan rate” provided they remain in the program until the firm decides to get them into a more favorable loan at their discretion.

    Unfortunately, that never happens, and in a declining market, it becomes impossible. Thus the consumer is strapped with a huge monthly payment that is unsustainable and eventually forces them into foreclosure. This company has violated truth in lending laws, and fails to disclose vital information to their customers,

    pressuring them into making bad refinancing decisions in which there is no benefit to the borrower, and from which they can never recover. They fail to disclose that subsequent refinancing will not be possible for some under the banking industry’s combined loan to value limitations and restrictions.

    They also double dip their wick by forcing the consumer to use their own escrow and title service (illegal) and load up their HUD-1 with numerous junk fees, which add-up to thousands of dollars in closing costs. Unless you want to lose your home, do not use this company for a home loan, ever!

  6. Never Again

    Steven F – I agree with you completely!!! I actually just wrote my disagreeable review on another link because this company is listed with two different address. Oh nothing surprises me from these people! It also wouldn’t surprise me to learn that “Tiffany P” works at or is a family member/friend of this company because – hello!

    Real reviews include more than just sales pitch. To verify SF’s experience, here is the review I posted: Bad! Dishonest! Arrogant! That’s my warning based on my first hand knowledge. I first considered Purpose Funding because they were a “family owned” business. A mom and pop shop if it were and in my naive mind I fantasized that that meant honesty.

    NO SUCH LUCK. What I found was several less than qualified “yes men” looking to please and convince me that I could have the world! (Or at least the modest loan I sought.) After checking and double checking myself I realized – they weren’t – completely “honest” that is! I did not feel that they crossed all their t’s or dotted all their i’s and it would be me that paid for their big promises – no delivery performance.

    Listen, with so many well-known options that have public track records, why would anyone want to risk losing big money or their big dream? If it were me, and I’m just speaking for me – if there is ANY doubt, MOVE ON!

    Why risk it? It’s really common practice for companies to have someone “rebuke” a bad review, and provide a few good ones for themselves. Glowing reviews – especially those lacking real depth scream “trumped up” to me! It’s the people that got screwed and took the time to warn me that registers because that burn goes deep and is real. I only wish there was a warning before I wasted a thought on Purpose Funding.

    Luckily I am currently a home owner…I did NOT use Purpose Funding to secure my dream and when DITECH gave me a pre-approval, it was followed up with an actual loan! By the way, Yelp should have a “zero” rating because I wouldn’t even give this company 1 measly star.

  7. Never Again

    We used purpose funding awhile back and will go with them again in the near future.

La Paz Road 27651
Laguna Niguel 92677 CA US
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Reviews:7
Reported Loss :4553 $
Severity of Scam :High
Reported by : Anonymous
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