Fairfield Financial

Apr 5th, 2022

BORROWERS BEWARE! This company has a F rating with the Better Business Bureau (bbb.org). Their lending practices are unethical and unfair. If you proceed with these people be very careful.
May 14th, 2021

Since there is only one review for Fairfield, and it's a one star review from someone who doesn't seem to understand hard money lending, I've decided to finally write a review. I've worked with Fairfield for more than 10 years - mostly I've been a borrower, but I have also invested as a lender with them a couple of times. I have a great relationship with the principal loan officer. People interested in working with a hard money lender need to understand what a hard/private money lender is: it is an institution which pools money from private investors to lend to borrowers who need loans in situations where traditional lending is not possible (such as fix and flip/rehab projects which traditional lenders will not finance) - as such, hard money lenders charge higher rates. The investors collect the higher rate interest payments; the lending institution (Fairfield) makes it's money on points/closing costs and funding fees, just like any lender. Any fees are listed on the company's fee schedule; all other costs/interest, etc., are outlined in the promissory note because all of those costs are collected by the investor who provided the loan for the borrower - they are not collected by Fairfield. As far as hard money lending goes, Fairfield has been one of the better institutions I've worked with. But again, my main point here is that borrowers need to understand all aspects of hard money lending before utilizing hard money. The person who left the one star review clearly did not understand this. I'd also like to point out that Fairfield currently has an "A" rating with the BBB - there was a complaint filed years ago which may have giving it an "F" rating at the time the 1 star review was given, and I read that complaint - it is once again from someone who does not understand hard money lending and who also failed to fully read and understand the promissory note, and Fairfield did counter that review with the pertinent info, and that complaint is listed as resolved.
Sep 27th, 2021