I am shopping for non-QM loans to refinance some equity and purchase new properties and I came across Valor lending group. They were quoting me rates in the high 4s to low 5s when I have spoken to 4 other non-QM lenders the day before that didn't even come close to that with the loan amounts, same subject properties, all of the same information. Has anyone used them before? There are three one star reviews on Google but that is where people go to complain. I'm looking for feedback from investors who have used them to their success.
Usually when it sounds too good to be true it is... Unless they have a solid reputation
@John Pettas ....as in Valor Lending out of San Diego, CA??
@John Pettas I don't have experience with Valor but have seen countless LOs from various lenders/brokerages pitch floor rates to every scenario to get a file submitted when it wasn't eligible for the floor rate. I would just make sure they can produce a formal term sheet that is based on a detailed review of your property's value, income, and expenses.
I don't know what LTV your looking at or what FICO looks like but the high 4s in most programs I'm aware of would either require heavy buy downs or low LTV.
They came back comparable with rates to most other non QM lenders. I have gotten two quotes from them for different projects and they always say they have to call their investor so I think they have private lenders.
Good news is I was able to give them information about my FICO, the property, and the type of loan I'm looking for and was able to get a rate without a full application
@Jared Rine yes that's correct
@Jared Rine yes
@Alex Bekeza great point. This comes from inexperience LO’s. I try to connect with someone higher in the food chain and had better experience and are more realistic. (Regions Accounts manager, VPs etc)
@John Pettas try FundLoans.com they are also based in SD and are experts in non QM. See how they compare.
@John Pettas ..I can only speak from my experience and I would consider myself a very experienced loan officer. Valor is legit. I know their head broker and have actually considered some business opportunities with them. Still in limbo because I have a great set-up where I'm at, but I considered joining their team. I can't speak for their reviews, but I do know they have a lot of sources, they know what they're doing, and they run a tight team, otherwise I would not even considered, as I get opportunities thrown at me all the time. I know a lot of who they use because I have many lenders in my pocket, and those quotes do sound really aggressive for portfolio financing. If you want another opinion, feel free to PM. It can't hurt.
Either way, don't know if my $0.02 helps, but hope it does.
@Guifre Mora will do thanks.
@Jared Rine understood, thanks for the input. I've been calling all of the lenders that I found in Scotsmans Guide. I came across Valor through a google search months ago looking for something on a commercial property but I couldn't find anything about them on Biggerpockets or heard of anyone who has used them. You confirmed they are the real deal thank you for that
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing