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Is anyone using FOACOMERCIAL?
Find someone else. Search on this site and you'll find many posts about poor experiences. My local brokers have stopped supporting their products.
Find a LOCAL hard money lender who knows your market. Don't worry about the points and interest so much as the ease of working with them. A few thousand dollars in interest is nothing compared to the hassle of lending gone bad.
@Kevin M Finley Thanks for the heads up. Has anyone else had a similar issue with them?
Run away fast. Finance of America Commercial has cost us thousands of dollars do to its inability to close on time and their underwriting and legal department staff have NO CLUE what they are doing. We got so many just-plain-wrong demands from them.
We lost a deal today do to them. Already had a line of credit so they should've been able to close in 10-14 days. Nope. Missed a date at 3 weeks, then missed the extended date 13 days later.
Just run away from them as fast as possible.
FACO Commercial is notorious for slow closings. I've stopped pushing their products.
I love/hate reading these reviews. FOAC has marketing pieces that are advertising financing on vacation rentals, which I'd love to obtain. It is not worth a poke-in-the-eye type of experience with getting to the end of the process.
@Kerry Baird ...what are you looking for on some vacation rentals? There are other lenders out there who consider, depending on what you've got going on.
@Jared Rine , I'm going to refi out of a bridge loan on a reno. Following that, I have an LOI out on two Florida riverside houses...I aim to get down payment funds first.
Finance of America is a scam. I worked with an agent for a month and thought everything was fine. Then, just before funding they said they couldn't do the loan. They also want thousands up front in fees for the "credit facility" which is worthless because each deal you bring to them has to be evaluated separately. Hence, all your getting for several thousand dollars with their so called "credit facility" is that they will consider loaning you money for the actual deal. They rarely actually fund deals, so beware. The fees are the point.
@Kenneth Taylor if I can help with any deals feel free to shoot me a message. I’ve worked with them in 2019 and closed a few deals with them. Not saying they good or bad from what I’ve seen lately you can get just the same or close to rates, fees and terms with other lenders who can close on time.
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