Investor · Wilmington, DE · Member since 2014 · 48 posts · 33 votes
I searched the forums but for some reason, I couldn't find any posts on B2R Finance. Does anyone have any experience with them? I am looking to do a cash out refi on a renovate to rent project. If not B2R, maybe you have a positive/negative experience with another lender?
I get a lot of mailers from B2R and their sister company (I forget the name) but have not used them. My initial research shows they are a bit steep with the interest rates. I've had good luck locally with Cendera Funding, but that's buying in my name, not a LLC or other entity. Most lenders and brokers I've dealt with don't want LLCs.
I hope you get some good responses - I'd like some first-hand reports on B2R as well!
I have had a bad experience getting a response from B2R. I submitted my name on their site to get a quote for a group of homes I'm buying. A sales rep sent me an email saying if I wanted more info I needed to call him. I called him and got his voice mail so I left a message. I got no response. Then I submitted my name using a different email and explained I was the same person but would like a sales rep with more bandwidth and did not get any type of response. No email. No call, Zilch. Zippo. I'm hesitant to work with them know because if their internal underwriting and funding processes are as ineffective as the sales process, then I don't want to have a deal dependent on them.
Have you looked at Lending Home or Asset Avenue? I'm not sure if they are lending on projects in Delaware. I've also had luck with building a relationship with a local/regional bank for a cash out refi on a project I did to free up cash to buy more properties.
@Matt Fish, I have been involved in a deal that ended up with B2R financing, and the process was pretty smooth, if you ignore some hiccups. For example, their application form asked whether the money is to be sent via check or wire transfer, and when we marked "check", they still called to ask for wiring instructions because that is how they decided to send the money. Their rates are a little higher than what you can get from local lenders, but most local lenders tend to stay away from cash out refis on investment properties.
I spoke with B2R about a deal we were trying to put together, unfortunately, we couldn't come to terms on their rates and lending level's that we needed. I was basically trying to leverage my portfolio to purchase more properties, I had issue with going from 30yr fixed rates in the low 4's to what ever they were offering. Even with the addition of door's I would loose cash flow. So, I would call it a neutral experience. Perhaps I'll talk with them again in the future.
Has anyone had any dealing's with Lima one capital?