Updated over 6 years ago on . Most recent reply
Figure - online financing company
Hello. Looking for reviews from someone, anyone that has used a loan (heloc) from the online company Figure. Thoughts? Regrets? Suggestions?
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@Gerard Gonzalez, my experience is that speed and convenience has a re are different types of lenders out there:
1. Hard money cost me 2 points and 12%, but had limited underwriting, they requested very little in terms of paperwork and the property could be very rugged (we had termites, rats nests, loose wires, holes in sheetrock, broken windows.)
2. I just finished a portfolio loan with Visio which was supposed to be fast and took for-stinking-ever (mid Oct to late Dec). Limited paperwork for a rate in the 7s.
3. Vs lots of docs, tax returns, first born child, and hoops to jump through for a typical 45 day government backed loan.
4. Non-QM lenders, also fairly high doc, moderate close times, but offer flexible loan programs such as interest only and loans past the 10 Fannie and Freddie.