Any better alternatives to LendingOne for refinancing ?

12 Replies

I have used LendingOne to refinance my last 5 deals using the BRRRR strategy. They have really been great to work with and have pretty decent closing costs and rates. But they have a 6 month seasoning period before I can refinance and we are rehabbing/renting houses in 2-3 months.

Has anyone used any non bank lenders to refinance they can recommend? 

You can refinance under delayed financing exception if you spend cash to buy that property. You do not have to wait 6 month. Mostly lenders has 6 month waiting period before you cash out if you purchase property with HML.

Thanks for the reply. yes all my purchases are through my hard money lender and then refi so I guess I will have a hard time finding one. Someday I hope to get Bank financing again but for now thanks for staying away from me. Those were the good old days when I had less assets and less in comes but somehow less risky that I am now. :)

I've been there and done that but thank you. I did about 8 deals with two different portfolio lenders in my area after calling 30 plus. both of them pumped the brakes with me because I purchased about 10 properties last year and they want to see how those properties perform before they keep going. But by the time those properties show good rent rolls I have 8 more properties that are new with no track record so I am always looking risky even in the eyes of portfolio lenders.

I used lending tree to filter who would do a cash out refinance in my market (Indy) and connected with a great broker through Royal United and I have done one brrrr and two SFH traditional mortgages with them in the last 3 months.

You should be eligible for Fannie loans up until your 10th. You should also ask around for local bank recommendations. Community banks have been how we get all our refinance loans.

@Adam Craig Try a broker. Have you been down that road yet? My wife and I are doing a flip right now. I found a broker here locally that requires us to hold the loan for minimum 120 days. It's not 3 months but better than 6. We went Freddie and I believe my broker did say that through Fannie he has access to product that does not require any type of seasoning. You might consider calling on brokers to see if they have any options available for you. 

I have I have shopped Brokers before. Because of my market most of my refinace deals are just under $100,000 so the fees when adding Brokers get a little bit ridiculous. By the time it's over and done with it would be over 5% of the deal which I'm not okay with.

@Adam Craig , what solution have you found to your question? Have you been able to take action with a new lender? Or are you waiting for the seasoning?

I have not found a lender that is cheaper or with less than 6 months seasoning

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here