Lima One Capital Pre-Approval Time

33 Replies

Hi @Aja McClanahan , thanks for the mention. I will check on your file first thing tomorrow morning and reach out via direct message to update. 

Thanks for checking on this for me. 

@Justin Thompson , thanks so much for expediting the follow-up. This morning, I was made aware of exactly what else is needed by the analyst I've been working with. I appreciate you looking into this for me!

Ok so does anyone have ANY OTHER lenders besides Lima for Buy/Hold rental property funding?  One thing I hate, is slow action on important matters. Thanks~

Just had a bad experience with Lima One! I've been a real estate investor for 30+ years. Thought I'd give Lima One a try. Cost me time and much frustration!  Was worse than getting a first time buyer's loan! I have excellent credit and showed enough cash on my bank statement to buy the property outright. Still put me through the ringer. The construction "analyst" decided to hold an arbitrary amount of money out of the repair escrow because the house wasn't cleaned up  and "marked ready to list."  I'm not listing it. It's a rental! Now, I have to pay the inspector to come back out and pay another wire fee. Too much BS. NOT for real INVESTORS! 

Will post any better options that I find. I'm definitely looking elsewhere! 

I'm fighting this with Lima One right now. I'm trying to push a deal through them, and they keep kicking back the deal for the things such as listing "AC" separately on the budget form from "HVAC System" and it's causing us to nearly lose a deal. We addressed the issue on the budget, and sent back into Lima, and it has taken them still over an entire day to get back with us to tell us if the deal is approved for closing or not. I understand that things can get busy, but if their underwriters are unable to handle the case load, they either need to increase their staff to keep up with demands, or not take on a case load that they can't handle. There is no need for investors to lose deals over this negligence. Hoping this gets taken care of, and my client is able to close by their (now extended) deadline of Monday afternoon. This is an excellent buyer, with enough cash in reserves to purchase the property outright. I was hoping to use Lima on other deals, but after this, it's going to be difficult to refer other clients that way unless we can get something worked out quickly. Looking for someone from Lima One to reach out and address this if possible!

I've tried them twice. Will not be a third. Good luck.

Andrew, 

I'm sorry for the delay in my response (my BP notifications have been very inconsistent). I'll be reaching out directly to address your concerns.

Originally posted by @Andrew Bowlds :

I'm fighting this with Lima One right now. I'm trying to push a deal through them, and they keep kicking back the deal for the things such as listing "AC" separately on the budget form from "HVAC System" and it's causing us to nearly lose a deal. We addressed the issue on the budget, and sent back into Lima, and it has taken them still over an entire day to get back with us to tell us if the deal is approved for closing or not. I understand that things can get busy, but if their underwriters are unable to handle the case load, they either need to increase their staff to keep up with demands, or not take on a case load that they can't handle. There is no need for investors to lose deals over this negligence. Hoping this gets taken care of, and my client is able to close by their (now extended) deadline of Monday afternoon. This is an excellent buyer, with enough cash in reserves to purchase the property outright. I was hoping to use Lima on other deals, but after this, it's going to be difficult to refer other clients that way unless we can get something worked out quickly. Looking for someone from Lima One to reach out and address this if possible!

I was thinking about going with Lima One Capital for a rental purchase which would add to our existing portfolio in the same area.  However, I'm hesitant to even go that route now given the slow process time and lag expressed by other investors here.  All of our other properties are owned outright (no mortgages!).  I just got a call and want to move on it without a lot of wasted time and energy.... Time is money!  

So if anyone has any other leads for a "decent" timely lender, please send me a message.  It would be greatly appreciated!  Thanks.

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