Frustration doing cash out refi with Lima One

[Coco W.]

I need some advice and pointers, I'm very close to closing a cash out refi deal but am really frustrated at the unknown additional costs that keeps coming. Is it normal for a lender to do this without prior disclosure? So far I have paid out of pocket for condo certificates x2, $1500, appraisal x2 $500, second appraisal because the first one came back too high $550, now there's repair items (window paint, ceiling paint, screen door) and there will be another inspection afterwards before closing. This process has so far taken 4 months, the properties are in Orlando and has had stable rent for a few years. The closing cost will take another 5k included in the loan, my total loan cost is a lot higher than I had expected, interest rate is OK, I opted for the 5/1 arms @ 5% range, but with prepayment penalty the first 5 years, and it is a recourse loan at only 65% ltv. I feel like there has to be something better out there. Has anyone dealt with them before? Feedbacks? Or pointers to other hard money or private lenders? My sole income is from rentals, so far I have not qualified for any traditional loans.

[Jay Hinrichs]

I can tell YOu on the forum when I do this I am 10 points and 9%  non recourse.. but NO junk fees max loan 75k.. so pretty much a very narrow niche.. for the small balance land lord buying in the lower priced places of the US its hard to find 30 to 50k loans and that is my specialty and when you figure 3 to 5k all in to get one.. NO appraisals no credit just equity.. well you can imagine that we bring a very good value.. have done over 900 of these in the last 4 years..  But I don't advertise it most of my clients are local buy and holders that I keep adding to their portfolios.. with no red tape it allows them to scale..

you would not be a target client frankly.