Has anyone ever used Visio lending or a company like it?

Question

I’m wondering if anyone has any info on using an asset based lending company like Visio? I’m at the point where the income I have won’t allow me to get a mortgage with the banks. The person at visio said they don’t report to credit bureaus so my credit score will go up and they can keep funding my purchases. Is this true? Seems like it’s a bit pricey but I feel like it may be my only option to keep going. Any advice or input would be greatly appreciated.

Jay Hinrichs · Answer

this is not a accurate statement you cannot just pick and choose who you report to fico..  you either report all your loans or none.

there are NO HML in the US that report to fico NONE .. no one.. a default is public record. thats the only way its picked up.

As for Visio they are a for real lender they have taken me out of many of my BRRR fundings i did for buy and holders

Kelly A. · Answer

@Philip Marino I just closed 2 loans with Visio. Smooth experience from start to finish.

Julie McCoy · Answer

I'm currently working with Visio to finance a new construction, non-warrantable condo that I'm going to use as a short-term rental.  Not a whole lot of lending options for a property like that, but so far they've been easy to work with.  Being used to working with conventional lenders, the rates do make my teeth hurt a bit, but they beat the heck out of not doing the deal!

Jay Hinrichs · Answer

yes main endorsement is they are real and they fund and are competitive in pricing ..

Philip Marino · Answer

@Jay Hinrichs thanks for your response Im pretty new to investing(only been at it for 3 yrs) I am in love with the venture and wish I could do it full time. I currently own 2 properties myself and one with a partner. Any good advice you could throw my way of how to keep it climbing so I can do it full time would be amazing.  Could you give me any other feedback on Visio or any lender like them that I could potentially go to for an asset based loan?

Nicholas Covington · Answer

@Tim M. Old news but as a broker I can say that VISIO and their rates are quite high compared to other lenders who can do the same thing. They do however have some niche options that some other lenders do not consider, such as being able to use short term rental income like Airbnb and being able to refinance without a lease currently on the property. Those two factors alone add to the rate though if you take advantage of them.

Kelly A. · Answer

Hi Tim- Visio’s fees/rates were in line with other companies with similar products on commercial loans. Credit is a factor, over 700 gets better rates. Definitely low doc. No tax returns, only 2 months bank statements to prove reserves.

My homes were rented when I started the process with them. The entire process moved quickly. They say 30 days which is pretty spot on. I’m going back for additional cash outs once I finish up the two I’m working on and get them rented.

I tried another company mentioned here prior to using Visio and did not have a good experience. Best of luck!

Amy Webber · Answer

Hi Kelly,

Can you let us know how long you had owned your rental properties before refinancing them with Visio?

Thank you!

Amy

Tim M. · Answer

@Kelly Aldridge Thanks for your post.  I’ve been trying to find someone that has had experience using them.  Did you find fees and rates to be reasonable?  Were your properties ready to rent?  Quick turnaround time?  Thanks in advance!!

Has anyone ever used Visio lending or a company like it?

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