Anyone has experience with Visio loans?

Question

Thanks to everyone’s help here, I’m now buying my 6 th property .

For the first time. , I need a cash out refi loan,  and I see Visio has so little requirements- too good to be true .

Has anyone worked with them and if so please tell me how it went. Thanks !

Marci Stein · Answer

Nancy- thanks for your reply . I did find out I qualify for a loan but only at 8% interest .

Instead , I went to Penfed  credit union. Which I highly recommend.

You have to join with a small contribution ($5).

Good luck!

Scott Titus · Answer

Would you share who’ve you’ve found that’s better?  I’m beginning to shop portfolio lenders as I’m getting closer to my max number of loans. I have been looking at Visio but haven’t found many people with a lot of experience with them.

Thanks in advance.

Nancy Roth · Answer

@Marci Stein @Joel Kleyer It turns out it is a little too good to be true. As usual you have to read the fine print at the bottom of the page.

Be aware that Visio has varying financing criteria for properties in different locations. They do state this at the very bottom of their website page on their loan programs. http://www.visiolending.com/loan-programs You just have to read it all the way through.

I just learned that my three cash-flowing duplexes do NOT qualify for Visio's criteria because they are in Baltimore City, Maryland. The minimum property value for any property in Baltimore, Washington, DC, and Philadelphia is $100K. It's $125K for SFRs in Cook and Cuyahoga Counties. Otherwise they would meet the more prominently advertised minimum value of $75K per property.

Not complaining, just telling you my new understanding, having just finished a phone call with them.

Good luck to you, and let the community know what you find.

Sol Silverstein · Answer

@Salvatore Lentini i am also looking now for a portfolio loan which lender was your best experience to deal with ?

@Marci Stein with penfed whats the credit score/liquid/seasoning/ltv  required to get approved by them

Salvatore Lentini · Answer

I have found better financing options than Visio in building my portfolio.  Since I'm a full time investor I don't have a W2 and my tax returns, due to depreciation and other deductions, are not ideal in the eyes of a traditional lender.  Sub $100K properties are tougher to find financing on.  Oddly enough, the bigger deals are easier to finance.

Eric Gerakos · Answer

I just did a cash out refi on one of my rentals with Aimloan at 3.5%. Went pretty smoothly.

Ajay Nilaver · Answer

Visio - run, don't walk from them. Their rates are amongst the highest, they talk a good game when they want your sale and after you are locked into their process, welcome to hell on earth!

Absolute lack of professionalism and communication skills, finger pointing at every stage! Different departments make it sound like the problem is elsewhere both within and outside the company. What was originally supposed to be a 30 day loan got extended to 45 days and now I'll be lucky if we close in 60+ days!

Last time I consider Visio was the first and only time!

Quentin McNew · Answer

What portfolio lender have you had success with or enjoy working with? Visio, Corevest, Lima One, etc. Visio recently having terrible experience. Appraisals done in September and they still can't close. I have no idea if they know what they are doing or depends who you work with there.

Quentin McNew · Answer

Did you do a loan with Penfed on Investment property to your LLC? Or was this on your primary residence?

George G. · Answer

I have a couple of options for you if you were interested   Im a Visio and Corevest approved broker for both products You can  can check out or site www.blacksquarelending.com  if you want or just DM, and I can advise what would work best for each situation. I preface this as only just informational not a pitch. I can provide the loan products and terms with each feature. Then you decide.   I’m one of the few national brokers that has multiple investor products and I can do commercial loans nationally

Anyone has experience with Visio loans?

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