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User Stats

6
Posts
6
Votes
Melissa Barnes
  • Flipper/Rehabber
  • Oakland, CA
6
Votes |
6
Posts

Kiavi - Would you recommend them?

Melissa Barnes
  • Flipper/Rehabber
  • Oakland, CA
Posted

I'm thinking of using Kiavi to fund my next fix and flip but they get terrible reviews on BBB.  Does anybody have any experience working with them?  Good or bad?  Thanks!

User Stats

3,541
Posts
1,095
Votes
Erik Estrada
Lender
  • Lender
1,095
Votes |
3,541
Posts
Erik Estrada
Lender
  • Lender
Replied
Quote from @Melissa Barnes:

I'm thinking of using Kiavi to fund my next fix and flip but they get terrible reviews on BBB.  Does anybody have any experience working with them?  Good or bad?  Thanks!


 They are okay. If you work with a broker that can navigate their platform, you will have a good experience. There are better lenders though. 

User Stats

4,259
Posts
4,167
Votes
Robin Simon
Pro Member
#3 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
4,167
Votes |
4,259
Posts
Robin Simon
Pro Member
#3 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
Replied
Quote from @Melissa Barnes:

I'm thinking of using Kiavi to fund my next fix and flip but they get terrible reviews on BBB.  Does anybody have any experience working with them?  Good or bad?  Thanks!


 You should follow the reviews and reputations closely, plenty of other lenders out there that have better reps.  Kiavi has invested a lot in technology and branding, but at the end of the day you probably are going to want a more personal service-oriented experience (a real human being!) guiding you along the way!

  • Robin Simon
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    User Stats

    319
    Posts
    155
    Votes
    Issac San Miguel
    • Lender
    • Austin Texas
    155
    Votes |
    319
    Posts
    Issac San Miguel
    • Lender
    • Austin Texas
    Replied

    From what I understand, their lending parameters can be difficult to navigate at times.  In addition I hear they are slow to perform and the roadmap to closing can be difficult to understand.

    User Stats

    4,259
    Posts
    4,167
    Votes
    Robin Simon
    Pro Member
    #3 Private Lending & Conventional Mortgage Advice Contributor
    • Lender
    • Austin, TX
    4,167
    Votes |
    4,259
    Posts
    Robin Simon
    Pro Member
    #3 Private Lending & Conventional Mortgage Advice Contributor
    • Lender
    • Austin, TX
    Replied
    Quote from @Issac San Miguel:

    From what I understand, their lending parameters can be difficult to navigate at times.  In addition I hear they are slow to perform and the roadmap to closing can be difficult to understand.


     Yes - have heard this too

  • Robin Simon
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  • User Stats

    1,503
    Posts
    1,159
    Votes
    Nate Sanow
    Pro Member
    • I​nvestor & Agent
    • Tulsa, OK
    1,159
    Votes |
    1,503
    Posts
    Nate Sanow
    Pro Member
    • I​nvestor & Agent
    • Tulsa, OK
    Replied

    There are lots of companies with similar loan products. 

  • Nate Sanow
  • User Stats

    19
    Posts
    14
    Votes
    Replied

    Can anyone name the companies that would be better to use?

    User Stats

    426
    Posts
    291
    Votes
    Mark Munson
    Lender
    • Lender
    • Orlando, FL
    291
    Votes |
    426
    Posts
    Mark Munson
    Lender
    • Lender
    • Orlando, FL
    Replied
    Quote from @Melissa Barnes:

    I'm thinking of using Kiavi to fund my next fix and flip but they get terrible reviews on BBB.  Does anybody have any experience working with them?  Good or bad?  Thanks!


     I just posted my experience in another thread, but see below:

    I've done roughly 120 loans with them over the last 14 months on the broker side and have worked with just about every major lender in the space too. They aren't the best when it comes to DSCR loans, but that isn't to say their DSCR program is bad. As for short-term financing, they are fairly easy to work with but the biggest hurdle is their internal credit model. People with good credit scores can even be denied. If you get past that, it is a fairly easy process. As mentioned above, they have some of, if not the best, tech/portal out there. However, you aren't going to get the best communication at all times and much like most lenders, there won't be a large degree of consultancy on investing. Most loan originators you talk to at the big lenders are just capable of reading you terms off of a rate sheet, beyond that they aren't the best at actually giving you good advice. Most of the time they are young 20s and fresh out of college and never owned a pierce of real estate. That may not matter to you, but I tend to want to work with other investors, even my loan originator, realtor, title company, etc. You also want a point of contact that knows underwriting too, that way they are proactive in ensuring your deal will get to the closing table. Cheap rates and modern tech are great, but none of that matters if they can't actually get you to the closing table. Just make sure whomever you work with is halfway competent and communicates well, the latter is the most important. Feel free to reach out if you need any more advice. Best of luck!

    User Stats

    19
    Posts
    14
    Votes
    Replied

    That was me on the other thread also lol, but thank you again. 

    User Stats

    2,205
    Posts
    1,241
    Votes
    Alex Bekeza
    Lender
    • Lender
    • Los Angeles, CA
    1,241
    Votes |
    2,205
    Posts
    Alex Bekeza
    Lender
    • Lender
    • Los Angeles, CA
    Replied

    @Melissa Barnes They have a great product but you're better off using a broker who has access to their wholesale pricing matrix and can handle the customer service side of things. 

    User Stats

    27
    Posts
    7
    Votes
    Becca Pariser
    Pro Member
    7
    Votes |
    27
    Posts
    Becca Pariser
    Pro Member
    Replied
    Quote from @Alex Bekeza:

    @Melissa Barnes They have a great product but you're better off using a broker who has access to their wholesale pricing matrix and can handle the customer service side of things. 


    Alex / Melissa - do you have any recommendations for companies or individual brokers to use?

  • Becca Pariser
  • User Stats

    42
    Posts
    10
    Votes
    Eric Miller
    • Lender
    10
    Votes |
    42
    Posts
    Eric Miller
    • Lender
    Replied

    I am a mortgage broker and have been using them on and off for a while. I think their pricing is good and their portal is amazing but they just feel like a big lender to me. I feel like they require more documents than other lenders. It does help to have a good account manager over there. 

    User Stats

    560
    Posts
    525
    Votes
    Daren H.
    • Real Estate Investor
    • Desoto, TX
    525
    Votes |
    560
    Posts
    Daren H.
    • Real Estate Investor
    • Desoto, TX
    Replied

    I have used them for about 10 fix and flips. I have gotten use to the platform and my account rep answers any questions I might have and is very helpful and responsive. When I started out with them a couple of years ago (they were Lending Home I believe) they were at 1pt $999 Processing Fee, and in the 8%-9% interest range. Now rates are up in the 10% range but still 1pt, $999 processing fee. They do an upfront application but after that I don't recall having to provide any additional information on my personal financial situation. I believe they might do a credit pull annually and reapprove if all is good. You can also get certain status after doing a few deals that go well where some of the admin work is trimmed. They do in house evaluation for the ARV and no formal appraisal. They don't do any type of interest payment holdback (where you pay interest payments upfront for several months). They do holdback rehab funds. The draw process has been quick and easy now. I just request a draw online and the inspector schedules with me and they wire you your funds if all is good. The only issue I have is they always seem to have a back and forth with the title company and insurance agent about wording they want on the title commitment and insurance policy or some form of documents. I currently have 3 active loans with them. 1 project complete, under contract and closing end of the month. The other 2 are in work. They will be funding a new project in the next week. So far, so good with them to quite honest. There are other lenders with similar rates. If I had something I needed closed in a week from start to finish, I would actually use another lender that I know has more speed. I am generally not under these conditions.

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