Investor Friendly PenFed?

[Chris Bluem]

Hi! I. Thinking about refinancing my property with PenFed. I'm looking to build a relationship with a investor friendly lender. They seem to have good products, good LTV, and good rates/fees.

Has anyone worked with them and what was your experience?

Thanks!

[Patrick O'Fallon]

@Chris Bluem

I'm doing a HELOC on an investment property with them right now. They've been the worst lender I've ever dealt with, though I know this is against their reputation. The processor was(is) completely disorganized, they were VERY slow, didn't know what to look for or ask, would say she asked for documents when she didn't, went on vacation or out of office a week and half before we needed to close by the end of the month, her boss was unresponsive though they finally had someone get back to us, and then they said we missed the close date and need to wait another month. The issues we had could have been resolved weeks ago.

If you have another lender, go with them. I have $50k cash tied up in an investment because PenFed doesn’t know how to process loans.