Visio lending refinance

9 Replies

Hi Ryan! I just recently became an approved loan broker with Visio Lending and I am looking for feedback on the ease or difficulty of going through their loan process. Did you end up going through them for your loan?

@Ryan Keenan you should be able to refinance sooner than 30 days. I would strongly recommend you work with a lender that will refinance you after 1 day of you owning it. That's kind of what we need as investors in order to either get our money back or to refinance out of our acquisitions loans/hard money/etc. Let me know if you have any questions on it. Thanks!

I was referred to Visio Lending and wanted to see if anyone has any feedback or reviews?  

I am a first time home investor and learning as I go... any feedback would be appreciated.

@Alberto Camarena , if you can get conventional loans, I'd go after those first. Visio is great for DSCR mortgages. The rates are higher than those of conventional lenders, and they look at the income and expenses for each property. Appraisals are expensive, since they run toward the commercial side. Other than that, the process is simple and communication with Visio has been in alignment with other similar lenders.

@Carlos Ptriawan yes, can certainly give a pretty common example:

  • You buy a home at a deep discount.
  • You needed to close quickly on it since the customer was facing foreclosure (these are OFF MARKET deals)
  • You purchased with a Hard Money Loan to close quickly
  • Hard Money carries a higher interest rate, which costs you money
  • Refinancing right away at FULL MARKET VALUE will allow you to not be in the higher rate for Hard Money and also allow you to NOT need to bring anything additional to closing

That's probably the most common scenario but there certainly are others.  Hope this helps!

Originally posted by @Andrew Postell :
  • ...
    Refinancing right away at FULL MARKET VALUE...

To be clear, if a rehab is planned, I'm assuming that FULL MARKET VALUE = pre-ARV, so the entire deal will need to be re-financed (yet again) after rehab has been completed. Is that correct?

@Dave Row yes, that is exactly the correct procedure for the BRRRR method. You BUY...then REHAB....then 4th step is REFI...that's how we limit our out of pocket costs. We use the BRRRR method.