Anyone have experience with LendingHome?

22 Replies

So far, we've been able to do 6 rehabs into rentals (2) and flips (4) using a combination of our own capital, some private money, and a bank construction line of credit.  As we go forward and continue to expand, we're looking at using hard money lenders for the first time.

Our realtor suggested LendingHome, and we've seen ads on BP and mentions in a couple newsletters we subscribe to.

I had a great call with them today and have another scheduled tomorrow to speak with the lender assigned to us.  Wondering if anyone has worked with them in the past and what your experiences have been?  We have a couple of deals pending that we may test them out with, provided we get the right feedback and tomorrow's call goes well.

Thanks for the feedback!

Lee,

The SoCal market is tough right now so good on you for being successful in the beginning! I have heard nothing bad about LendingHome, good luck and I hope it works out for you.

Chase

Thanks @Chase Maher .  Although I live in SoCal, all of our investing is done in North Carolina.  Would rather diversify and buy 10 properties there than one here!

Try LimaOne Capital. I've been communicating with them extensively and as soon as I find a deal I'll be using them. They're based out of Greenville, SC but work in NC.

Thanks for the recommendation @Drew Castleberry !  I will give them a call.  Is there anyone that you suggest I speak with there, or should I just talk to whoever answers?

I have also been talking to LimaOne Capital and they have been great so far. While they typically have a minimum $45,000 loan for rentals, they are letting me group together multiple $35,000 house loans into a portfolio loan, which actually works better for me. Only catch was all the houses had to be from the same seller, which fortunately for me they were. They also have no limit on the number of loans you have, and offer fix-and-flip loans, but their rates get a bit expensive for the flips.

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@Lee Huffman

I've beenin contact with Matt Lineberger who's based out of Atlanta. The owner actually lives here in Greenville and is apparently involved with the Upstate CREI.

Thanks @Drew Castleberry and @Dave VanDommelen .  It can be expensive money, so I'll be sharpening my pencil on deals a little more to ensure that there's still adequate profit after paying the additional fees.

@Lee Huffman

Are you looking for specifically a HML? Lima One kinda falls between a HML and a portfolio lender. The better the DSCR the better rate you'll get from them, but I think they start at 1.2. Personally I don't look at deals that are less than 1.4. But I think they offer discounts for anything thats 1.5 and higher if I remember my last phone conversation with Matt correctly, just be sure to ask.

Great info @Drew Castleberry . We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.

Originally posted by @Lee Huffman :

Great info @Drew Castleberry . We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.

 Three years later.  How did it go.  I am looking them right now too.

@Calvin Lipscomb Welcome! The problem I had with Lending Home is they pulled out at last minute, gave a horrible  uninformed BPO and dont know the local market. Things may have changed as this was a year and a half ago but I was left high and dry. I would definitely have a local Hard Money lender as they will not flake out and know the local property values and such. Lending Home killed my deal and luckily a local Hard Money lender saved the deal.

Originally posted by @Calvin Lipscomb :
Originally posted by @Lee Huffman:

Great info @Drew Castleberry . We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.

 Three years later.  How did it go.  I am looking them right now too.

 The deal we were looking at fell through, so we didn't need to use them. Did you end up going with Lending Home? How did it go?

Originally posted by @Dylan Vargas :

@Calvin Lipscomb Welcome! The problem I had with Lending Home is they pulled out at last minute, gave a horrible  uninformed BPO and dont know the local market. Things may have changed as this was a year and a half ago but I was left high and dry. I would definitely have a local Hard Money lender as they will not flake out and know the local property values and such. Lending Home killed my deal and luckily a local Hard Money lender saved the deal.

that is unusual for a SF based lender to miss on a Chico valuation.. I did I think 4 deals with them I don't get to worried about their valuations if I need a little more capital so be it.. I am more worried about what I am going to sell it for :) we are never a max LTV borrower anyway.. but I can see if your ( and not saying in any way you are) but if some folks need that max valuation and it does not come in I can see that.. but maybe it was a big miss.. I did like the fact they do desk tops.. instead of the hiring a 3p fee appraiser which cost more .. and takes more time. But no one can usually beat a local.. although locals are probably not as cheap as lendinghome.. IF you have the big time experience that they price for ..

Lending home is the big daddy of hard money and are adding value added services all the time 10 'flips you get rates around 7.5-8 a dedicated closing team 

my investors have a 5 million dollar line of credit 

i thing out of 40 transactions they missed 1 appraisal but was solved with a little down money

Last I heard they were writing a billion of loans a month /they are licensed in almost all states 

We were recently able to close a 5 property million dollar plus deal in about 10 days on properties in not the best conditions  It takes out all the worries of half *** lenders with large upfront fees and tons of hoops .  

@Steven Picker   was that a group of homes or one asset.

Yes between them  Lima  visio  Genesis Anchor etc there is huge downward pressure on cost of capital.

and with the banks exiting at the GFC there was just a gaping trench left for these companies to come in an fill that need.

Originally posted by @Lee Huffman :
Originally posted by @Calvin Lipscomb:
Originally posted by @Lee Huffman:

Great info @Drew Castleberry . We're looking at options that can help us advance our flipping and our rental strategies. Currently, we're using the bank LOC and cash for the flips and our own cash and refi cash out for the rentals. I talked briefly with LendingHome today and they offer cash for purchase & rehab, with option to convert into permanent financing if we decide to hold as rental. It seems like a good fit, so that's why I'm looking for people who've had experience with them to see if they can deliver. We're open to speaking with other lenders who can also offer opportunities for us to execute our strategy.

 Three years later.  How did it go.  I am looking them right now too.

 The deal we were looking at fell through, so we didn't need to use them. Did you end up going with Lending Home? How did it go?

 My deal flamed.  Ugh.  The architect went in to start the planning and found a major masonry problem that impacted the renovation costs (scaffolds and the repair work).  They did not want to negotiate and we walked away.  We will see if the property is still around in 6 months.

They have a 3 star rating on google.  

LendingHome, Montgomery Street, San Francisco, CA

I highly recommend you check reviews on any lender you might be considering.  Just go to www.googlemaps.com When you get to the page, type into the search bar the name of the Hard Money company you might be considering and the city they have their office in. All their reviews will pop up.(if they don't have any reviews I would move on to the next one on your list) You will find wonderful companies and you will also learn in advance who to stay away from. The last thing you need is a lender with a known reputation of NOT coming through with money you're depending on at the last minute!

FYI to check our reviews you would type in California Hard Money Direct Sherman Oaks California.

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