Hello BP nation has anyone used Finance America here on bp for fix & flips and or Buy and Holds?
Are they a hard money lender or conventional?
@Greg Downey Thank for the info. I'm going to find out soon.
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.
@Jason D. were you able to refinace it right after the rehab was done and the property was rented or do they have a seasoning period?
@Lee Ripma thanks for the info so far the guy has not email or called me back since my wife and I asked a little about his back ground.
@Jason D. Hi Jason thanks for the reply and the info I appreciate it