Investor · Memphis, TN · Member since 2015 · 369 posts · 233 votes
Hello everyone. I'm preparing to pickup some properties for my own portfolio and decided to check with Lima One Capital since it seems like they have a pretty good fix and flip loan program, as well as a great long term hold loan program. Problem is, they are taking forever to get back to me. I turned in all of my information to be pre-approved, and I have no doubts that I qualify, but I still haven't heard anything back from the underwriter handling my file, or the loan officer working with me. I checked with them a couple of times, only to be told they would "get back to me as soon as possible." It's going on 3 weeks now. Has anyone else experienced slow turn around with Lima One pre-approval, or is this long wait to be expected. I'm thinking of just contacting Lendinghome. They seem to be comparable, but reviews say that they may be slow as well.
Chicago, IL · Member since 2017 · 18 posts · 3 votes
9y
@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!
Rental Property Investor · Jersey City, NJ · Member since 2017 · 74 posts · 18 votes
8y
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~
Wholesaler · Harriman, TN · Member since 2016 · 1 post · 0 votes
8y
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!
Real Estate Broker · Evansville, IN · Member since 2017 · 54 posts · 20 votes
7y
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'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!
Rental Property Investor · Julian, NC · Member since 2016 · 76 posts · 100 votes
7y
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.