Lima one capital or Visio lending?

Question

Anyone have experience with either of these lending companies?  Preferences of one over the other? Advantages/disadvantage to using these types of lenders? Any info any one could share would be greatly appreciated. Thanks!

Timothy Hero · Answer

When the pandemic started, the entire industry went upside down. Notice when you're doing a mortgage with a commercial/private lending company, you don't sign a "rate lock" agreement? The goal is to abide by the quote, but if something dramatically changes in the market, up until the final term sheet has been signed, they can change it.

Timothy Hero · Answer

Neither. Lima has a history of changing terms and Visio started reporting on credit without giving a warning to their borrowers. Also, they are currently taking 75 days to close a single asset loan. I stopped sending my borrowers there. In the past 60 days, I've closed $2.7 million in mortgages and only $100k was with Visio, and for good reason.

Stephanie P. · Answer

Using a broker would help answer your questions, save you time and ultimately money.

There are a multitude of lenders on the DSCR scene and each have their plusses and minuses.  We explain it like this to our borrowers "You ever watch Plinko on The Price is Right?"  100% of the time, the borrower has.  "Your situation is like Plinko except we're asking you questions about your particular situation.  We'll be dropping those particulars in at the top of the board and as the particulars hit pegs on its journey to the bottom of the board, they define everything about where we will send your loan."  Short term rental allowed vs no short term rentals, cash out ltv, pricing, low loan amounts, low fees, the ability to source and season down payment (or not), reserve requirements, LLC issues and licensing vs not licensed states are just some of the things that differentiate where your loan will end up going.

Stephanie

Johnathon Courtot · Answer

Philip, I did work with Bryan Martinez from Visio Lending for a while. He's an army vet, which I appreciate, and always responded same day(even during the latest Texas power outage) I went through the pre-approval and multiple quotes. Everything was very smooth. Now, I did end up going conventional on my first deal; so I can't back up how the rest of their process is but I didn't have a single problem during the initial stages. Rates are comparable for a HML and they work with both single family and multi-family. Hope this little bit of info helps.

Nneka I. · Answer

@Timothy who was the lender for the rest?

Philip M. · Answer

@Timothy Hero how so?

Philip M. · Answer

@Timothy Hero how so?

Timothy Hero · Answer

Private lenders are never officially "locked in".

Philip M. · Answer

@Timothy Hero

What company would you suggest then? How can they change terms after you sign a contract?

Kerry Baird · Answer

I’ve used Visio for their long term rental product, which went well.

I’m using Mofin, and am in the middle of the process.

I have also used LendingOne to buy a damaged property. Now again I am in the middle of a rental refi.

I used an LLC for each. Appraisals are a bit high for commercial products, but that’s what they are. Insurance has also been higher for commercial product.  These lenders got me over the 4 house bump, and the 10 house conventional mortgage barrier. Or the “house hit by hail” in contract period and now needs a new roof snafu.

Lima one capital or Visio lending?

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