Anyone has experience with Visio loans?

15 Replies

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 !

I'd like to hear if anybody has experience with them as well.  I'm looking for a financing partner and this came up as an option.  Their interest rates seem high though with the lowest being 6%.

@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. 

@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 scroll all the way past the paragraphs on loan programs that are not necessarily relevant to your needs. 

I didn't look past the refi program I was interested in pursuing, so just called, only to learn that my three cash-flowing duplexes do NOT qualify for Visio's criteria for no other reason than that they are in Baltimore City, Maryland. The minimum property value for any property in Baltimore, Washington, DC, and Philadelphia is $100K, not the more prominently advertised $75K. In fact, it's $125K for SFRs in Cook and Cuyahoga Counties. My properties, acquired for $80-90K each, are not going to get a refi from Visio. 

Good luck to you, and let the community know what you wind up doing for your refi.

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!

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.

Originally posted by @Marci Stein :

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!

Hi Marci, does PenFed required seasoning or it's not a problem for them? Thank you.

Originally posted by @Salvatore Lentini :

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.

 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. 

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   

Originally posted by @Marci Stein :

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!

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

Originally posted by @Salvatore Lentini :

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.

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.