The first deal I did with these guys my closing cost changed by $8,700 the day of closing, which I found out when I got to the closing. My second deal they gave me a hard time because I then qualified for their 90% acquisition, 100% rehab program. So to avoid giving that program, my account manager Robbie said their lending practice had changed and in order to get the 90/100 it was based off 75% of the ARV. That was implemented between 10/17- 7/18. Because of that, my closing cost went from $18,500 to $38k.
Instead of walking away, I moved forward and pulled monies from my personal account to do the deal because we were doing a deal for a first time homeowner couple who had been renting the property for 15 years and were ready to buy the house but the property wasn't FHA ready and I gave the husband "MY WORD."
We bought, rehabbed, and sold back to them in 120 days. Time to do next deal, our scores were a little low (because we paid our Lender on time and not our personal bills), but my account manager Robbie (who was my 4th in two years with these guys) stated " NO PROBLEM," just add another qualified Guarantor to the corporation and continue flipping. Cool. I found the next deal, put down $5,000 in seller's escrow, added family member to corp, paid a $350 application fee to Lending Home (after triple checking with Lending Home regarding Guarantor seasoning). Needless to say, uninformed Robbie once again comes back after the fact to tell me that Guarantor has to be on Corporate docs for at least six months. As you know we forfeited our $5k, and Robbie never offered to refund our $350 app fee.
When doing business with these guys you are not building a repor, nor relationship, and every deal done with them you are treated like a new client, what is told to you at one stage of proceeding to close "WILL CHANGE" by the time you're ready to close. Why is it that companies that operate with such a manner thrive? Go elsewhere to do your deal - Lima One Capital (Cory Blaine), or LYNX Capital (Dan Swain). Personal and professional. They may not be the largest, but they are the best!
Bottom Line: No, I would not recommend this to a friend
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