Lendinghome.com

26 Replies

I broker from them and borrow from them myself, feel free to call me about them, my cell is 404-886-9318.  They are legit, but can definitely be a pain in the *** to deal with.   

They've funded every deal I've sent their way except for one DB that gave me fake bank statements, but they do have a habit of being nonchalant about hitting closing deadlines.  

Happy to give you the good the bad and the ugly on them.  They loan so much more at better rates than anyone else that they're still the best game in town, even with the PIA factor.

@Craig Wilcox @Darrell Shepherd @Josh Stech

Darrell, your comments mirror my recent experience with LendingHome.  Very nonchalant regarding closing schedules and less than ideal communication along the way.  I had to postpone a family vacation because they kept dragging the closing out due only to their internal operations and nonchalance toward established deadlines and closing schedules.  What makes this doubly maddening is that, in 20+ years in the financial sector working with national and international financial institutions, I've never had to deal with one not in sync with New York EST markets and Fed schedules.  When one is scheduled for a 10:00 a.m. closing and the Lender doesn't wake until noon, problems arise that could've easily been avoided.  If you're looking for a competitive rate and don't care about when you close, they could be great.  Otherwise, the experience may be less than ideal.  

David Begley MBA, Begley Capital Investments, LLC | [email protected] | GA Agent # 357208

@David Begley

  I got set up with them as a broker affiliate.. have not sent them anything. I just refer business.  But will see  I did that because they were based in SF and had a rep in town.

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

@Jay Hinrichs  I was fairly pleased up until several days before closing.  I would not recommend to anyone that may have a hard deadline, like purchasing from a Wholesaler where a double close might be required.  

David Begley MBA, Begley Capital Investments, LLC | [email protected] | GA Agent # 357208

@David Begley

they are trying to penetrate the HML space here in Oregon and if they can't close in 5 to 10 days they will not get a lot of shots at the best players. but for very experienced players their rates are hands down the best... I could even throw a point on there and they would still beat our local HML and way cheaper than I would do myself :)

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

@Jay Hinrichs Yeah, that's the pisser - their rates/points are better than most - even if a $199 application fee goes against my grain, but I will say I'd gladly pay that fee again if they can get their act together on the back-end.  I wanted to do a "trial run" before jumping in with both feet, so the first deal I presented was simple and I gave them over 30 days to close.  They couldn't hit their own closing dates with that much lead time, so going that route with a Wholesaler where closing might be in 5-10 days appears to be outside their capability.  A shame....

David Begley MBA, Begley Capital Investments, LLC | [email protected] | GA Agent # 357208

@David Begley

  well maybe here in Oregon in the same time zone it will be different.. along with the fact that we dont' set closings by the hour...its by the day and funds are not distributed until the title co have recording numbers...

I get that all the time on my deals I fund... IE:   closing is scheduled for 10am on Tuesday.. and will you be there   DUH I am in ORegon no I won't  ... and my bank does not open until 11am your time.  etc etc.. half the time they send me docs after my wire hour on the day before closing so no way to physically get the money to them until the next afternoon.

The I get the  :  Well the Sellers here and wants a check   I just tell them well the seller will be sitting there for 6 to 7 hours before my wire drops   LOL>

its funny how each area is different.. we close one day get a wire the next day.. RARE is there a check being delivered to anyone.  and its rare that funds are dispersed day of closing.. B/C title company have recording slots .. only way they can do it early is to request a special and it has to be truly a special circumstance before the county will let them come in and record at time other than their daily allotted time.

Now we would be fubared in Wayne county  ( Detroit) takes that inept county 2 to 4 months to record anything   LOL>..

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

Originally posted by @Jay Hinrichs :

@David Begley

Now we would be fubared in Wayne county  ( Detroit) takes that inept county 2 to 4 months to record anything   LOL>..

Not anymore they now have the most efficient recording system ever.  I can walk a deed to the counter and record it with Liber /Page # immediately avail affixed as a sticker to the top of page. They scan it in and hand it back to you.  Accessible by Title Co immediately. 

@Richard Dunlop

  I will put that in my computer bank... that is how we have it here.. I just remember my days of lending there back in 2001 to 2005.... we had to have the title companies give us gap insurance because our recorded mortgages would take 60 to 90 days to actually record and some nefarious person could jump in and record something ahead of us. Which of course causes big hassles and loss's for the title co.  glad to see they got it figured out.. there is hope for Wayne county after all  !!!!   :)_

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

Atlanta was over six months behind on filing deeds back in '06.  I was like "SIX months?  How is anyone even lending here?".  SO much can happen in 6 months, especially with all the shady stuff that was going on around here back in the day.

And yes, Jay, I can borrow from them at 8% without providing tax returns, etc.  No appraisal, the fees are under $300 total.  Pretty crazy.  That's at Tier 2, I could probably do Tier 1 based on dollar amount, I'm a little shy of 200 deals I think, but I got tired of unwinding all my asset protection stuff to show them what all I've done.   Plus they'll basically fund 90% of the project.  Their program is the best institutional terms I've ever seen by far, which is why they are getting so much business.  

I think that the problem is that they are new and growing SO fast that they can't put on and train people fast enough.  Their management didn't come from lending, either.  The big problem is that there is NO sense of urgency or a realization of what we are dealing with on our side of things when they dont perform on time.  My last one went 10 days past the closing date with terrible communication along the way.  Like they didn't tell us until an hour before we were supposed to close that they weren't ready, then took 10 days past that.  That's beyond terrible, and was driving me crazy because I couldn't tell my clients anything because I was mostly in the dark.   No Bueno.   That one was a short sale that had to be underwritten twice because the seller pushed it a bunch too, but still.  I've gotten to where I just warn people and set the right expectations.  I add a week to what they tell me they can do and tell the borrowers to expect problems. 

They were annoying earlier in the year, getting things done last minute, funding late in the day their time when it's past closing here, etc., but nothing like they were on that last one.  10 days can really screw things up.  I will say that they are improving a lot of things as they go along, though...

I've used them recently.  Here's how I look at it.  

The good news:  They offered the best rate and had unlimited capacity to lend so I could do more and bigger deals with them as time goes on.  

The bad news:  They still feel like a startup.  They are definitely building the plane while in flight.  They're slow and particular (kinda like a conventional lender).  

The net:  As @David Begley said, if time matters more than rates, then I wouldn't use them.  If rates matter more than timing, I'd definitely give them a look.  

Even though I was the one suffering thru the 10 day delay @Darrell Shepherd described, I'd use them again under similar circumstances.  Over time, I'm sure they'll improve, and we'll know better how to work them to streamline the process.

@Darrell Shepherd

  for all those reasons I just stick to what my local commercial bank will do for me.. LOL.

I have to give them annual quarterly reports but its so much more relationship based.. but they don't really take on new clients very often no matter how experienced they are.

So this lendinghome right now should do fine if there is a retrench in values they could get hung out somewhat.

Same with Buying foreclosures in Atl.. .we would have to wait 2 to 3 months to get the trustee's deed.. that really limits a lot of players because they can't back fill to their lending sources without the deed..   But that also made it wide open for the Hedge funds who had the cash..

Medium ksqoekox 400x400Jay Hinrichs, TurnKey-Reviews.com | Podcast Guest on Show #222

Stay tuned.... I have several files with them now that we're trying to resolve issues and close. I will be sharing comments and my experience with the BP community soon.

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We have used them several times with no complaints, shout out to Gabe!

Thanks for the shout out Mark!  Please let me know if I can assist anyone or answer any questions.  Thanks, Gabe. 

Hi all, sorry for the delayed response as I've been inactive on BP, but hoping to stay in touch and contribute as often as I'm able. As for Lendinghome... It turns out that my submissions were caught in the middle of policy changes that were literally changing on the fly, in my case the changes implemented helped save the deals and were able to close. I've closed 4 deals with them last year and will continue to use them. Should out to my rep Alex whom was in the middle of all these changes and helped the transactions close. Lending Home is a valid source for residential investors.

I've used them and was very pleased. Incredible platform and very well stream lined.

Has anyone used LendingHome recently and can comment on their turn-around time?

Finishing up one right now with them.  Contract signed late 7/8 and we close this Friday.  21 days.  Been easy to work with, but this is my third loan with them.  If you do your part and get the info they need quickly then there should be little to no delays on their part.