Funded by Lima One?

[David Sanford]

Anyone ever closed a deal with using Lima One financing? how was the process? I'm looking at finding a flip with them.

[Nigel Guisinger]

When we got to the table to sign many details of the deal were changed to the point it effected profitability of the deal and ROI. They wanted additional funds and had a rate well above what I was paying on other deals. We worked on the terms heavily prior to and they needed to adjust to be within their guidelines. We were supposed to close last week and then again today and finally I decided to inform them we would be using another lender. It will cost me 30-45 days and tens of thousands in fees and additional cost but I am a stickler for doing what was agreed to and in the end I lost my comfort and trust in their integrity. Finally their head of lending and I spoke and it went even further down hill. I've done dozens of deals And they all adjust somewhat but this way the first time in 12 years and $20m in purchase that I had to fire a lender. The lead multi family person there is the reason I will not do business with them.

On a positive note I have a great relationship with my local broker here in Oregon and he is helping me complete this deal now. The only reason we were using Lima one is because this is a deal in Tennessee and originally my regular lender doesn’t lend that far away.