Fairmount Funding Vs Visio lending

[Zach Gallagher]

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!

[Nick Belsky]

@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!