Residential Real Estate Agent · Lakeland, FL · Member since 2014 · 46 posts · 10 votes
Hoping to net feedback from anyone who has worked with Colony American Finance. I am in the initial phases of securing a line of credit with them, but hoped to gain some wisdom from BP before moving forward. Both good and bad experiences with CAF would be appreciated. Please feel free to message me if you'd rather not comment here on the board. Much thanks!!
Investor · Franklin, TN · Member since 2015 · 3 posts · 4 votes
10y
yes we have. My firm Kinloch partners LLC has had tremendous results with Colony American Finance. We deal with Dennis Spivey in California and the chief executive officer Beth O'Brien both of whom are extremely professional and very responsive . They usually respond to us within 10 minutes and get our questions answered and our problems solved and our deals funded. In over 100 deals they have never missed a closing date or disappointed us.
Investor · Franklin, TN · Member since 2015 · 3 posts · 4 votes
10y
yes we have. My firm Kinloch partners LLC has had tremendous results with Colony American Finance. We deal with Dennis Spivey in California and the chief executive officer Beth O'Brien both of whom are extremely professional and very responsive . They usually respond to us within 10 minutes and get our questions answered and our problems solved and our deals funded. In over 100 deals they have never missed a closing date or disappointed us.
Hampstead, NC · Member since 2016 · 1 post · 0 votes
10y
I have a personal friend who is looking to get a 6-figure LOC from Colony American Finance - but is extremely wary of the $2500 admin fee up-front via Wire Transfer... I know these are usually tell-tale signs of fraud, I'm just looking for some answers for him since he's not on BP.
Investor · Los Angeles, CA · Member since 2014 · 100 posts · 13 votes
10y
Hello,
I work at Colony American Finance and would like to clear up your concern about the expense deposit.
$2500 expense deposit is to cover all third party costs: initial background check of the borrower, legal fees, and other out of pocket costs. We don't keep anything from this deposit and any remaining balance will be credited back to the borrower. We take the fee upfront because it would be difficult for us to recover the third party-incurred amount from the borrower in case the deal does not close.
Rental Property Investor · Rochester, NH · Member since 2016 · 116 posts · 27 votes
10y
Hi, I called your number and got someone else voicemail, which didn't help credibility. I am going to probably pay cash for the property, but am interested in the LOC. I was filling out the online application, but it wasn't clear what the underwriting requirements are. (I am not going to pay $2500 to find out). I will check back when I sell everything, and stabilize my financial situation.
Rental Property Investor · Rochester, NH · Member since 2016 · 116 posts · 27 votes
10y
Spoke with Eric. He clearly explained loan products. I will relook at them after my current rehab is finished and I consider ramping up my purchasing this next year. LOC starts at 1M.
I was just approved for the $1M LOC. Received the Agreement and now have tons of questions. I am trying to meet with my Originator tomorrow to discuss. The list of potential closing fees (consultant fees, etc.) is concerning. How in line were they with conventional closing fees?
Investor · Camas, WA · Member since 2015 · 82 posts · 56 votes
8y
I recently got approved for a large acquisition/renovation LOC from CoreVest which is same as Colony American Finance.
The rate is quite competitive 9.95% IO with 2% of the advance (per deal) and the line is for 18 mnths.
I have a call with an underwriter tomorrow and wanted to get a feedback to see if anyone recently worked with corevest LOC or any of their other products.