Anyone heard of and work with Finance of America

11 Replies

Used them on 4 deals and then tried 3 more and the appraisals were crazy. They were all with the same appraiser and he used all of the same comps for all 3 properties - they were livable, but renovated for tenants (so, didn't have granite counters etc). He used actual fixer-uppers as comps and came in at 30-40K below value. 2K for those 3 appraisals down the drain. 

Within 2 months of those appraisals I refied 2 of them with other lenders and sold one of them - at the value that I judged them to be. 

@Henry R. I refinanced a BRRRR with them a few months ago. A little pricey to get a good rate, but they gave me a 30 year term at 5.5% for my LLC, and its cash flowing nicely. I'd use them again for the right deal
@Henry R. I’ve looked into them but they basically have hard money rates with a lot of hassle. If I’m getting expensive money I want it to be easy. For cheap money I’ll go through some pain. So I won’t use them. They like to say their rates are better than hard money but by the time they are done with all their fees it’s about the same. Im talking about rehab fix and flip stuff, not long term mortgages. So I’m a vote against for the reasons I outlined. But perhaps they are a match for some people.