Recent Experience with LendingOne
I was recently referred to LendingOne by a fellow investor and just wanted to share my experience thus far as I feel there's a lot of marketing bait and switch happening with lenders that advertise terms and loan structures...
Our past and current project: We do buy-rehab-refi-hold (airbnb) rentals, not regular rehab flips.
First off let me start with the things I think LendingOne excels at:
- Nice dashboard to upload and store all your documents to track how the loan process is coming along.
- They followed up right away on my pre-approval application that I submitted online.
- The appraisal (which usually seems to be a bottleneck with other lenders) reached out right away, even before my term sheet was finalized.
Now here is where I feel a bit frustrated with their product marketing and what I actually got. And please don't comment that rates, terms, loan structure are variable. I know that :) I have great credit 740+ FICO, a few flips under my belt and this current project isn't complicated ($110k purchase price, $20k rehab for cosmetic fixes).
- They pulled credit before my term sheet was issued :(
- 90% LTV on purchase / 100% LTV on rehab (What they sent: 65% LTV on purchase / 100% Rehab)
- Rates starting at 7.49% for 12 mos (What they sent: 10.49% + 2.75% Loan Orig)
- We have a tight close date and I have to call the Account Executive everyday to find out what the status of the loan is, term sheet, etc..
I'm not sure if I will use them for this project as I have already received 90% LTV for purchase and rehab, 9.49%, 12 mos, 1% loan orig, from another source but I wanted to try them as I heard many good things about them from other investors.
I'd like to hear from others that have used them if they've had a similar experience?