Fairmount Funding Vs Visio lending

Pittsburgh, Pennsylvania
Private Lending & Conventional Mortgage Advice
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Fairmount Funding Vs Visio lending

Zach Gallagher
Member since 2023 · 8 posts · 5 votes

Hey guys, I came across Fairmount funding here on bigger pockets when looking at lenders. Looking at Visio lending at an option as well.

Visio seems more established and longer time in business. Fairmount is a newer entity which is a little concerning. Both guys are very nice and easy to talk to, quick to respond. Both companies seem to have better rates at the 75% LTV ratio.

We are trying to close on a triplex using a DSCR loan under our company. Verbal offer was all good, now we are working on the written offer. Need to get our preapproval and term sheets in order. Purchase price of 250k.

Thanks for any input!

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Nick BelskyBusiness Member
Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
3y

@Zach Gallagher

Visio has a solid reputation and will end on collateral that others wouldn't even consider.  They get kudos for that, for sure.  In terms of vanilla transactions, they are ok and will close, but there are better, cheaper, faster options out there.  

No experience with Fairmount, but after a quick web search, they don't look any different than any other DSCR lender... which means they aren't special.

Are you working with a broker?  You will likely find far better pricing than what either of these two can offer elsewhere.

Cheers!

[email protected]
Belsky Mortgage, LLC527 Reviews
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33 Replies

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    3y
    dont know fairmont but do know visio as they have made loans to folks that bought property from me so I know they fund and thats a big deal to me as a seller.
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    JLH Capital Partners51 Review
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    2Reply
  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 908 posts · 89 votes
    3y

    @Zach Gallagher

    Not familiar with Fairmount. Visio specializes primarily in DSCR loans for short term rental properties (think airbnb or vacation rental rather than an annual lease tenant). Are you planning on an annual lease for this property or use it as a short term rental property?

    Bobby

    [email protected]757-222-5937
    0Reply
  • Zach Gallagher
    OP
    Member since 2023 · 8 posts · 5 votes
    3y
    Quote from @Bobby Feinman:

    @Zach Gallagher

    Not familiar with Fairmount. Visio specializes primarily in DSCR loans for short term rental properties (think airbnb or vacation rental rather than an annual lease tenant). Are you planning on an annual lease for this property or use it as a short term rental property?

    Bobby

     We would be using this as a buy and hold property.

    0Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    3y

    I closed with Visio a few years ago.  Tried others later. 

    0Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    BP has a list of specific recommended lenders for DSCR. I would check this list out if you want to absolutely make sure you're getting a lender that has that perfect combination of trustworthiness and solid terms!

    1Reply
  • Ryan Stuckey
    Lender · Member since 2022 · 217 posts · 148 votes
    3y

    Visio is most competitive with short-term purchase and rehab financing. Long-term financing not so much, with high rates/fees compared to others....

    1Reply
  • Nick BelskyBusiness Member
    Residential and Commercial Broker · Member since 2021 · 1k+ posts · 704 votes
    3y

    @Zach Gallagher

    Visio has a solid reputation and will end on collateral that others wouldn't even consider.  They get kudos for that, for sure.  In terms of vanilla transactions, they are ok and will close, but there are better, cheaper, faster options out there.  

    No experience with Fairmount, but after a quick web search, they don't look any different than any other DSCR lender... which means they aren't special.

    Are you working with a broker?  You will likely find far better pricing than what either of these two can offer elsewhere.

    Cheers!

    [email protected]
    Belsky Mortgage, LLC527 Reviews
    WebsiteView Page
    4Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Zach Gallagher

    You ever find a lender for this deal? Curious which direction you went in

    7e investments53 Reviews
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    0Reply
  • Zach Gallagher
    OP
    Member since 2023 · 8 posts · 5 votes
    3y

    Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

    We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

    If anyone is interested in their contact, please reach out and I can forward it!

    3Reply
  • Keith MintonPro Member
    Investor · Willoughby , OH · Member since 2014 · 15 posts · 4 votes
    3y

    Hey, thanks for the update. I am looking to use Fairmount and will follow up on this thread once things go through. 

    Thanks 

    Keith

    1Reply
  • Jeff Stevenson
    Albuquerque, NM · Member since 2023 · 13 posts · 5 votes
    2y

    Hey Keith, how did it go with Fairmount? Thx!

    0Reply
  • Brian ValdiviaBusiness Member
    Investor · Kingsville, MD · Member since 2017 · 102 posts · 20 votes
    2y

    These guys can be larger and clunky when it comes to appraisal turn times as well as overall communication.  

    If you post the terms you're seeing or send them to me, we'd be happy to review them and make sure you're getting a fair shake!

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  • Ryan C.Pro Member
    Investor · Jersey Shore · Member since 2020 · 29 posts · 9 votes
    2y
    Quote from @Keith Minton:

    Hey, thanks for the update. I am looking to use Fairmount and will follow up on this thread once things go through. 

    Thanks 

    Keith


     Hey Keith,

    How'd it go? Looking into them myself. Thanks

    0Reply
  • Tia Ricketts
    Member since 2022 · 27 posts · 7 votes
    2y
    Quote from @Zach Gallagher:

    Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

    We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

    If anyone is interested in their contact, please reach out and I can forward it!

    Hi Zach - can you send me your contact at US Capital? I’ve been hitting dead ends as far as finding funding options being an out of town investor in the Pittsburgh area. Thank you
    0Reply
  • Zach Gallagher
    OP
    Member since 2023 · 8 posts · 5 votes
    2y
    Quote from @Tia Ricketts:
    Quote from @Zach Gallagher:

    Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

    We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

    If anyone is interested in their contact, please reach out and I can forward it!

    Hi Zach - can you send me your contact at US Capital? I’ve been hitting dead ends as far as finding funding options being an out of town investor in the Pittsburgh area. Thank you
    Hey Tia, message sent!
    0Reply
  • Philip Menaged
    Member since 2023 · 1 post · 0 votes
    2y
    Quote from @Zach Gallagher:

    Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

    We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

    If anyone is interested in their contact, please reach out and I can forward it!


     Yes, could you please forward info to me.

    0Reply
  • Tom Echols
    Member since 2023 · 1 post · 0 votes
    2y

    My experience with Fairmount has not been good. I'm 8 weeks into a 30 day cash-out refi right now, and we are still not closed yet. I'm considering pulling the plug at this point. I've never received a term sheet for starters. I'm getting decision making info in only small pieces over time, via phone calls only. Was supposed to close today finally but learned that 1. the lender suddenly changed three days ago, and the closing costs including pre-paids are over 13k. I negotiated that down to 10k several days ago, but the docs they want me to sign STILL dont reflect this. Additionally, there is a "share pledge" that I've never seen before on any loan docs that if I sign, appears to sell 100% of my interests in my company to "Loan Funder LLC". The owner of Fairmount is calling it a share pledge, and he said this morning that he waived it. It's just all smelling fishy at this point.

    0Reply
  • Tia Ricketts
    Member since 2022 · 27 posts · 7 votes
    2y
    Quote from @Zach Gallagher:
    Quote from @Tia Ricketts:
    Quote from @Zach Gallagher:

    Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

    We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

    If anyone is interested in their contact, please reach out and I can forward it!

    Hi Zach - can you send me your contact at US Capital? I’ve been hitting dead ends as far as finding funding options being an out of town investor in the Pittsburgh area. Thank you
    Hey Tia, message sent!
    ZACH! Thank you for the referral. Tom at US Capital is exceptional at what he does and was able to get me funded in under 8 weeks. 
    Recording this successful referral for anyone else who might be looking for funding 😊
    1Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    2y

    @Tia Ricketts, so glad that you followed up with a post with your experience.

    1Reply
  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    2y

    8 weeks to close is hectic, lol. DSCR has slowed down ever since lenders cut staff from Covid and most didn't rehire. Many will advertise 3-4 week closings, but having closed nearly 250 DSCR loans in the last 36 months with many lenders, most are 5-6 week closings.

    2Reply
  • Zach Gallagher
    OP
    Member since 2023 · 8 posts · 5 votes
    2y
    Quote from @Tia Ricketts:
    Quote from @Zach Gallagher:
    Quote from @Tia Ricketts:
    Quote from @Zach Gallagher:

    Thanks for all the help guys. Someone had contacted me through BP and I was able to work through them to secure the deal. We should be closing in 2 weeks!

    We ended up going with a broker at US Capital. They beat Visio's interest rate, so that was a good deal for us.

    If anyone is interested in their contact, please reach out and I can forward it!

    Hi Zach - can you send me your contact at US Capital? I’ve been hitting dead ends as far as finding funding options being an out of town investor in the Pittsburgh area. Thank you
    Hey Tia, message sent!
    ZACH! Thank you for the referral. Tom at US Capital is exceptional at what he does and was able to get me funded in under 8 weeks. 
    Recording this successful referral for anyone else who might be looking for funding 😊

     I'm glad it worked out for you as well!

    1Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    2y

    I've been closing DSCR's in 4 weeks or less with really good rates. I'm not sure how you all are taking longer than 30 days to close to be honest.

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
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  • Brian ValdiviaBusiness Member
    Investor · Kingsville, MD · Member since 2017 · 102 posts · 20 votes
    2y
    Quote from @Timothy Hero:

    8 weeks to close is hectic, lol. DSCR has slowed down ever since lenders cut staff from Covid and most didn't rehire. Many will advertise 3-4 week closings, but having closed nearly 250 DSCR loans in the last 36 months with many lenders, most are 5-6 week closings.


     Hello,

    We are closing DSCR loans in about 22 day average and originate 70-75 per month! Always happy to jump in and help out. Personally, I own 137 doors and am happy to weigh in!

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  • Bryce Ropp
    Flipper/Rehabber · Cadillac, MI · Member since 2022 · 7 posts · 1 vote
    2y

    Fairmount funding is horrible! Never, Never use them.

    I contacted them about a DSCR about a STR I had just finished. I was told they can do the loan.

    Before I paid $800 for an apprasial I wanted to make sure they would lend without prior rental history. They said no problem. I was skeptical, so I spoke with the lender's boss to make sure it would lend. He said no problem. I was still skeptical, so I spoke with the owner. I specifically asked him to talk to the underwriters to make sure the STR would lend. He said no problem.

    I paid $800 for the appraisal. As soon as I got it back they said they do not lend on STR that have less then a year experience, which is what I had repeatedly asked.

    They have no knowledge of the lending process even when asked the exact question, and I cost me $800.

    Never ever deal with this company! They have no knowledge of what they are doing!!!

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Bryce Ropp:

    Fairmount funding is horrible! Never, Never use them.

    I contacted them about a DSCR about a STR I had just finished. I was told they can do the loan.

    Before I paid $800 for an apprasial I wanted to make sure they would lend without prior rental history. They said no problem. I was skeptical, so I spoke with the lender's boss to make sure it would lend. He said no problem. I was still skeptical, so I spoke with the owner. I specifically asked him to talk to the underwriters to make sure the STR would lend. He said no problem.

    I paid $800 for the appraisal. As soon as I got it back they said they do not lend on STR that have less then a year experience, which is what I had repeatedly asked.

    They have no knowledge of the lending process even when asked the exact question, and I cost me $800.

    Never ever deal with this company! They have no knowledge of what they are doing!!!


    Hey Bryce, 

    You can use AirDNA rents to qualify for STR DSCR loans instead of showing 12 months of short term rental history. They will use 75% of Short term AIRDNA rents to qualify.

    Happy to take a look

    [email protected]818-269-7983
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