Has anyone used Lendinghome. com?

Question

Good morning BP and Happy Holidays!!

I am looking for advice regarding lendinghome.com. Also any good lenders In the Deleware County area in Pennsylvania. I have a deal on the line and i am seeking funding from different lenders. Lending home offered to lend me 79k for

12.5%, 1y fixed, am interest only, monthly 829.17, LTV 83%

They are asking 50k for a triplex the arv is 158k

This would be my first time buying a property I plan to use the brrr strategy because of the cashflow in the property. However i am a little hesitant to accept these terms because of the high interest rate not to mention the bad reviews about lending home. Have any of you ever used lending home? What was your experience? Have you ever had terms like this from a Hard money Lender?

Please Share , Thanks a million!!!!!

Roger Cardenas · Answer

Hello everyone - I'm the Regional Director of Strategic Accounts for LendingHome.

I would love to hear about your experience with us and address any and all questions and/or concerns regarding our process and requirements that you may have. Our goal is to make the experience super easy, low doc, to help your business grow so  you can scale-up and achieve the real estate goals you set for yourself!

Raleigh - let me know if I can assist on your future endeavors in any way. Thanks!

Katherine Langevin · Answer

Did you end up using Lending Home? We are in the process of underwriting a loan with then. Curious

Raleigh Lewis · Answer

I didn't they seemed sketchy to me at the time and I heard maybe on BP you should stay away from lenders who want some form of payment before closing. They barely asked for documentation from me and barely had answers on how the money would be dispersed to me. I may have been wrong about them but I didn't like how they structured my deal I had no clear understanding of how it would play out. I ended up using a local bank who was more reputable. Hope this helped. Hope your deal goes well!!!