We applied for a short-term loan with LendingHome.com in July 2017. The first person we spoke to, Selby Cohen, quoted us 10% interest and $3000 in closing costs for a loan secured by a home we own free and clear. While this quote seemed high, it met our needs for a short-term loan to purchase a manufactured home to put on a lot we also own free and clear.
Shortly after interacting with Selby, our application was turned over to Jason Crouse for processing. Jason seemed quite pleasant at first. Lending Home required us to use their appraiser, even though the loan amount was about 54% loan to value ratio. This appraisal cost us over $800, high for this area.
Anyway, as we were getting ready to sign our loan documents, Jason said the interest rate would be 11% instead of 10%. He claimed we were never quoted 10%. He finally talked to management and supposedly had our origination fee lowered to $2500. When we went to sign the loan documents, there was an additional "servicing" fee of $749 that he had never mentioned to us. He only agreed to reimburse us $225 AFTER signing with a promise of a refund. Not only did he add this fee, but he also changed the requirements for our Title insurance to include confirmation of getting our new manufactured home set up on the lot at an additional cost. Since the loan was secured by another property, this made no sense to us or to our escrow agent.
Due to these continuous last minute changes to our loan, we have decided to go with another lender. I would NEVER recommend LendingHome to anyone!
Bottom Line: No, I would not recommend this to a friend
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