Has anyone had any experience with this lender? Are their rates truly competitive? They are supposed a B2R division, which advertises in here.
I like the fact that you get the loans on the name of an LLC and your subject property is the one getting qualified basically. Of course there is a minimum credit score for the applicant but it sound to me too good to be true. I'm afraid that if I apply they will offer something like a 8% rate...
No. They have some lower rates but it all depends on the property and leverage.
I went ahead and applied to get a feeling about the rates. For a fourplex I used worst case scenario on purchase price, and had a rate of 6.5% for a 30yr, but low enough origination costs.
There are prepayment penalties for the first 3 years.
I might give them a try if I get stack with lower rates loans.
Did you hear anything from Dwell? I applied and got an email back and talked on the phone with Pete Duemig. He attached a term sheet for refinance. They will loan me $130000 on my property at 5.5% and give me loans on properties that I want to purchase. I guess they are pretty new so no bad news yet. I am a little hesitant. So if anyone has some experience with them it would be very helpful. If I end up doing it I will post. thanks john
Dwell Finance does similar loans, I recently applied with them and it was a terrible experience! STAY AWAY from Dwell Finance. They let you first talk to a salesman who guarantees he can do the loan and just cares about getting paid upfront for the appraisal. After the appraisal was done I got put to a processor who told me they can't do the loan for me. After long hours of restructuring the deal they promised they can do it now. After many weeks of phone calls it fell apart again. Nobody in their company knows anything. They're all new employees and if it's not in their book they don't know how to do it. I lost weeks in time, endless hours of emails, leaving voice-mails and waiting for responses. Wasted money on appraisal when they could or would not be able to do the financing to begin with. They told me I should just "count it at a loss" Lost $580. NEVER AGAIN!!!!
Wow, @Jim Spatzenfeld , sorry to hear that! Based on what I've encountered on the website, I'm a little hesitant to do anything w/ them, also (especially after reading your review!)
They have a "Get a Quote" calculator on the site that I've utilized for a few potential deals, to see what they'd be able to do for a cash-out refi. Every time I enter in all the necessary numbers & click "Get Quote", I get a vague message saying, "We are unable to process your quote at this time." Um, okay. So I call them to find out why, give them the numbers and the rep's like, "Oh, that's because in that area, there's a mininum of X amount we do for the purchase or refi." I asked them why that couldn't just be stated in the rejection message (or even better, listed as criteria before you spend time entering numbers) and he was only able to apologize for theirs being a "new system" that they're still "trying to work the kinks out on."
That being said, I think I'm going to pass on them--they don't seem to know upfront whether they can do a deal or not, which can definitely spell lots of wasted time & money! :-/
We recently used them....called the toll free number on the post card beginning of december....spoke to a Larry.....later called said our credit score was lower than what the terms were but said no problem they can just up the percentage so that is what we did. The orig. lady we were working with was awesome....i told her due to xmas...give me a week and we will get all necessary paperwork in.....monday after xmas called and no nancy....a jennifer davis then said she was working with it....girl is awful....had no clue....we are now into end of january after first girl said we only have 45 days or will lose rate so i couldnt figuire out why this jennifer never called back never returned emails etc. I called larry back who said thats unacceptable and gave me jennifers supervisor name....she told me to keep her posted on all emails with jennifer.....we then find out that our insurance on property is not to their standards...my insurance agent said they are requiring way more than the norm but we went with it. we are now into february and now just received an email from a totally different person that says we are now denied!! WHAT!!! AFTER ALL THE HOOPS WE HAD TO JUMP THROUGH!! Today is monday and we have been trying to call company, larry, kristin, jennifer, denial person etc to find out what the issue is. But now reading the above comment.....i think they just wanted the $580 for the appraisal and they are gone!! Dont even know where to begin to get our money back.....making people go through the whole process, changing my insurance coverage etc etc just to be a total scam!! Im calling my credit card company to take off the charge!!
Try to deal with a local lender!! Get your portfolio tight and in order and shop around. B2R, DWELL, etc... what's next?? Who will they morph into next? Too new, too many changes, too much confusion! Started the process but, didn't take the bait! Got another "shelf loan" with my local community bank. If this is a reflection of them now, what happens after the term is up and the loan/asset needs to be re-positioned by them?
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