Updated almost 4 years ago on . Most recent reply
Have you closed with Finance of America Commercial?
I’m curious if anyone has closed a loan with them? I’ve read as many of the reviews as I could and I’m still not sure if anyone has done a deal with them.
I'm looking at a cash out refinance on a portfolio of nine properties and it's been a challenge to say the least. Very few banks in central Florida view single family homes as commercial real estate and I'm getting initial offers in the 15-20 year am range with a five year rate reset and a 10 year term. Max LTV of about 65%, which may be closer to 60% with their reputations on valuation because they are conservative and it seems appraisers aren't seeing value the way the market is right now.
FOA commercial has been emailing me potential scenarios so I finally called and they sent me a non-binding term sheet that is pretty attractive. I'd be ok if it took forever to close and if they came back with fees and a higher rate, but I don't want to get into paying for appraisals and fees and then not closing. They are promoting a 30 year fixed at 4.6% and I can buy down to 3.625 and up to 70% LTV.
Has anyone closed a loan with them? Is it bait and switch to a standard product? I know there are a lot of people that will not deal with them, but I’m really curious if anyone has done a deal with them.
Thanks!