I just refinanced 2 duplexes and am in the middle of a third one. They used to be B2R and you can find a lot under that name when you search. They were recently bought (in the middle of my 2 refis).
Yes, the rates are higher than a normal bank, but other than my credit score, I didn't have to qualify, but my property. So, depending on your personal situation, it might be more beneficial than a bank or vice versa.
Quite helpful Michaela G. I am interested in some local properties to me in NJ. The realtor had someone from FOA message me. They sent me a web application that costs a subscription fee of $90 a month. Do you know anything about this?
I've only used their "line of credit" option, which turned out to be hard money repackaged. On the plus side the interest rate and points were low-mid range, on the negative side the communication from the loan officer was inconsistent, they caused some delays to closing, and they required me to front rehab costs and reimbursed after 50/100% completion (with a draw and inspection fee).
We have completed two deals with Finance of America (B2R); and, both deals were effortless. The first one was a full rehab that took one month to finish and the second property was a wholesale deal, which closed four weeks after the initial purchase contract. Our FAC rep is responsive, but we are apart of HomeVestors of America with a large marketing population. The rep attends our annual conference and solicitations of their lending services to more than 800 Franchisee. We receive more personal attention because of HV involvement. However, I would recommend their services if you are looking for lending support. FAC terms are good in comparison to a hard money lender.
I checked on FoA after the bigger pockets ad email recently. I’m looking at using their LoC to purchase some duplexes that are correctly rented it and not then refi them later
After filling out the app and sending financial statements, I was told there was a $700 application fee. I didn’t see that mentioned anywhere on the website before hand. I get having an origination fee on a loan, but this is just the app.
Has anyone else experienced this? I’m concerned I’ll spend my money and then not get approved to use the funds I’ve been “approved” for
I checked on FoA after the bigger pockets ad email recently. I’m looking at using their LoC to purchase some duplexes that are correctly rented it and not then refi them later
After filling out the app and sending financial statements, I was told there was a $700 application fee. I didn’t see that mentioned anywhere on the website before hand. I get having an origination fee on a loan, but this is just the app.
Has anyone else experienced this? I’m concerned I’ll spend my money and then not get approved to use the funds I’ve been “approved” for
The app fee is negotiable with FOA. I've been told that the other fees such as origination, etc are not. (which I find surprising)