Has anyone dealt with Rental Home Financing
Has anyone dealt with Rental Home Financing?
They made BOLD claims which to me sound too good to be true.
If any one has dealt with them, please let me know.
See below for their claims:
• Loan Sizes $500,000 to $30,000,000
• Non US citizenship Ok
• 75% LTV - LTC max
• Unlimited cash out
• Blanket Loan Lender
• 5 & 10 year fixed rates
• 30 year amortization
• 5% - 7% fixed rates
Property Types Available:
• Multi-Family (5+ Units)
• Single Family Housing – 5 Property Minimum
• Group of SFR's, Condos, Townhomes, Apartments
• Mixed-Use
I'm tagging-in here as I too am interested in the responses.
Having previously been a lender for 18 years, but I have been out of the market the last 3 years, the one thing that stands out to me is the rates. They are doing these as commercial which is fine, but are you truly going to get 5-7% on fully amortized commercial rates? Seems a little bit low to me. The only way this could be is if they are an "A" Grade commercial lender, even then it seems low?
Here is a place to start shopping around for a lender.
http://www.scotsmanguide.com/
Hey Wendell
If you are looking for a refi on a 1-4 unit, that would not be considered commercial which is what your describing up above. Any lender or broker can do a 1-4 unit purchase or refi. Most will only do up to 4 financed properties, some lenders will go up to 10 financed properties and some specialty lenders have no restrictions on the number of financed properties. Commercial is treated totally differently and has different guidelines. You need to understand what your wanting to accomplish 1st, is it residential or commercial, and then chase down the lender that has the program that meets your goals.
What they said that intrigues me is the fact that they can refi your portfolio of houses (5 houses and up) as well as lend to non-US citizens. I have several investors from outside the US who wants to invest here in the US but can't...but if what these guys are saying is true - then that will help these investors.
@Kevin Romines Thank you for the great link, I wasn't aware of this site but within minutes found some great prospects for further follow up
Hi All,
I just got an email from Rental Home Financing, they look interesting. I did a google search nothing came up and they're not accredited through the B.B.B.
Has anyone had any experience with them yet, from what I can tell they only opened up shop this year.
Thanks,
johanna
Hello All,
I am pleased to confirm, I have dealt with Rental Home Financing (RHF) on behalf of a Chicago based real estate company. The company deals in residential non-owner occupied investment properties.
We successfully closed several deals with RHF and were also successful in securing a line of credit (LOC) with minimal paperwork and fast processing. LOC is for $625,000.
We only secured loans in the range ($50,000 - $150,000) due to the business model we are following (although they haven't declined bigger loans amounts). We refinanced individual properties.
Term 30 years, rates being at 7% (loans in the name of corporation), no hidden fees.
We are also in discussion with RHF for a loan worth ~$500,000 (gut rehab 6 units) and so far I have no reason to believe our application will be declined.
The standout point for me @RHF is their rates.
Hope this is helpful to many who have asked for a review. If anything else is needed, please leave a comment and I'll respond.
Regards
Zahoor
We have them on our lending platform. Just like any lender, they have their niche. We have had pretty good success with the handful of deals we have sent their way. Just my .02.
- LoanBidz.com
- 417-605-2111
- http://loanbidz.com
- [email protected]