Has anybody worked with Rehab Financial Group? (Hard money)

Question

Hello, my name is Walder. I am new to BP and real estate. I am trying to get a hard money loan to start with the BRRR method. I found Rehab Financial as one of the best hard money lenders in Philly, but I was wondering if any of you have worked with them in the past. If you did, can you share your experience, please?

Thanks in advance for your help.

Eddie Centeno · Answer

Walder, It's been 3 years since you posted here about RFG. I found them on line and wondering how was your experience if you ussed them.

response would be appreciated

Joseph Bui · Answer

Hard money terms and conditions are all over the map depending on the lender. I’ve shopped a variety of hard money lenders and happy to walk you through my research.

Nick Belsky · Answer

@Mike Douglas

As a broker who has brokered with them, I would avoid this lender at all costs.  Took them weeks to fund my client's draws.  Obtaining the payoff was way more complicated than it should be.  The underwriting process was also far more intensive than any other rehab/construction loan I've ever seen.  Far more cumbersome than a full doc conventional or SBA loan as well.

Way better options out there without all the headaches and processing issues.  Are you working with a mortgage broker?

Cheers!

Mike Douglas · Answer

Hi Walder,

Hope you're doing well. I wanted to ask if you did use Rehab Financial Group for funding.

If yes, how was your experience?
If not, was there a particular reason you decided to pass on working with them?

Appreciate any insight you can share. Just doing some due diligence before moving forward with them.

Eugene Neal · Answer

If you have questions about to process or what is required please feel free to reach out. I haven't heard of them but that doesn't mean they are not good nor exist.

Walder Javier · Answer

This is excellent info. Thanks so much, Jimmy! I'm starting with the process, but if  I have any questions, I'll reach out. Thanks again!

Jimmy O'Connor · Answer

@Walder Javier

RFG is solid, my team and our respective investors

has closed roughly a dozen with them. Be sure that you  are honest from the jump, your estimated rate are only as good as the info you give them. Not sure if they have upgraded to desktop appraisals but if they are still doing in person appraisals , make sure you get everything (scope of work, good faith deposit, social, LLC docs, insurance, proof of prior experience, financial statements) in ASAP. The most successful loans are those that do not procrastinate and get the appraisers In ASAP so you can get over any unexpected bump in the underwriting process. Appraisals are backed up and on the right timeline of investor deals, every day counts when you need to

Beef up the appraised ARV to get a healthier LTV.

Hope this helps! Feel free to reach out, my team has experience lending as well

Has anybody worked with Rehab Financial Group? (Hard money)

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