LendingOne- Anyone work with them before?

127 Replies

I have not heard of them before.  Nor are they mentioned in The Real Estate Crowdfunding Review's review and rating of the "Top 100" RE crowdfunding sites.  I have been paying attention and active in this space for about eleven months.

Hi Kanishk, 

I just got a random call from LendingOne today.  Did you ever find anything else about them?

I see that they have a link to BiggerPockets on their site, but I don't see much in the way of how they actually work. They imply that they work with rehabbers/flippers, but are they hard money? And at what cost or terms?

Curious to know if anyone ended up using their services. I am speaking to one of their agents now and considering using them. But been all over the internet trying to do my due diligence and making sure they do what they claim. What I've found so far is that they used to be named Crestar Funding and are based out of Boca Raton, Fl it seems. If you have anymore information or experience with them please post or message me. Much appreciated!!

@Luis 

I am the COO at LendingOne and one of its co-founders. We are more than happy to share clients names that you could call for a testimonial. We started the business in 2014. Yes, Crestar is an affiliated company.

We are private lender that works specifically with fix/flip and buy/hold investors. We have better rates than a true hard money lender, but tend to work with a little more experienced investors. 

@Ed Matson You will not find us on a crowd-funding site because we are a direct lender that uses our own capital and further backed by institutional partners. We have an online application and great technology to help you close quicker.  

I am obviously biased about our company and commitment to customer service, but we have helped quite a few members of Biggerpockets under both the LendingOne and Crestar Funding brand. 

We look forward to working with you. If you have any questions that our sales team can't answer please direct message me. 

Thank you.    

You sound like a brath of fresh air.

I will be going to your websit, I had 2 deals fall through this month alone, do to other lone Co,

can't get thire .. together.

In this business time and honesty is everything.  

@Luis Pereiro - I recently used them. I had an excellent experience with them, far better than LendingHome! I get immediate feedback on my questions. They're very easy to work with on the draws and quick. They get an actual appraisal vs a BPO and did not come back to me at closing asking for more money due to a low BPO as some other have. Their new (very experienced) marketer is determined to listen to investors experience with them. We spoke for about 30 minutes last month, it was nice to have that personal relationship with this company.

I am talking to them on Monday. I am not sure why they were posted here but it does bring up an interesting point I have been making recently which is that the debt based funding sites like POL are facing competition from people like this that built comparable UIs but are not funded from the crowd. Fact is, I don't think most borrowers care where the funding comes from and most funding sites will probably move more towards selling to funds etc. anyway over time if they follow the lendingclub model so there is really no difference. Any lender can create a snazzy UI so there is very little competitive advantage (at least in my opinon) in the space except maybe building a brand before people like LendingOne jump in. 

I have used them to fund two projects this year. They where significantly cheaper than my local hard money lender and everything went smoothly. I will continue to use them. Rates and fees where very competitive. I was able to close within two weeks.

@Matthew Neisser You mentioned you work with buy/hold investor. How does your program work? I would like to get more details on it. FYI: I am a buy/hold investor from MA.

@Matthew Neisser I am also currently in conversations with LendingOne on a potential RentalOne (Buy and Hold Loan) however am only looking at a max 65% LTV as the property is a 2 Family investment which is currently owned out right but looking to do a cash out and have been notified that multifamily units will not qualify for the full 75% loan to value? We also meet/exceed all of the requirements for the loan.

@Joshua L. Do you feel comfortable getting a 30 year loan with this company? Ie since they are fairly young and this industry itself is fairly new? I'm just a little gun shy going with this type of loan given all the history of banks/mortgages in general and this seems even less stable...Or am I completely wrong? I just can't find anything online that really gives me confidence yet. 

@Tom Ferreira - You are correct, for any 2-4 units the max LTV is reduced. We will start putting that out there upfront on our website too. There are a number of items that can change the rate or final LTV, so we try give a range of 65%-75% until we have all the details from a borrower. Please let me know if I can be of any assistance to you with your current application.

@Matthew Neisser - I appreciate the quick answer and clarification - I just wanted to make sure we didn't miss something along the way :) I do currently have an approved LendingOne application that I moving forward with as an intial step in working with LendingOne however we are still waiting an appraisal date and closing date etc.. 

The process thus far has been fairly straightforward and the customer portal has been convenient. As of now my main concern is the turnaround time and how long the complete process will take as we are currently approaching 3 weeks and still waiting on appraisal. I will update everyone once the process is complete. Doing multiple homes per year, I am looking to partner with a lending company similar to LendingOne but as other folks have mentioned with concerns the proof will be in the product and service experience.

@Kanishk Dayal

In full disclosure, I have not done a rehab loan with them yet but I have dealt with a lot of lenders and @Matthew Neisser  was certainly one of the more helpful, upfront and responsive ones I have dealt with and he was very willing to work with me to find solutions above and beyond his typical programs which is rare. Typically for me, this is a sign of a positive outcome related to the process. 

I would not hesitate to do a 30 year with them.  My loans where serviced by FCI and they have been very professional and easy to deal with.

@Matthew Neisser I submitted all of my information via email to a lending officer per his request last Friday (and it was a lot!). Then I get a call asking me to submit the same exact information via your online application as they can't process the loan until it's input there. Why the redundancy? Good customer service would suggest asking your customer to only do one thing-- or if your system requires the application, then perhaps the lender can quickly input the info himself? 

So since I re-submitted my info via the online application on Monday, I have yet to receive a term sheet.  After several days, I had to ask when I could expect this and was told it takes 3-5 days but yet the officer already gave me all the terms last week when we first talked. What takes so long? Your site notes that you can close very quickly and this was appealing to me as I need to refi quickly. Is there anything you can do to speed this process along? I'm worried that if just this step takes a week or more, then how long will everything else take? 

Also, I had a recent appraisal done by another bank but they ended up not giving me the traditional loan. Is there any way to use this appraisal so I don't have to purchase another? It was only done a month ago. 

@Shannon Sadik  I apologize that they didn't help you with the online application. I agree we shouldn't ask you the same information twice. It sounds like you initially called in versus applying online. Typically our initial call is to determine how and if we can help you. The loan officer should have provided you with the basic rates and terms to expect based on your information and then if it sounds reasonable to both parties he/she will submit the loan for approval. If a loan officer thinks you are a good fit, they will ask for all the documents we will need upfront to make sure we can provide an accurate decision.  When you sent the documents via email versus online we should have uploaded all your documents for you.  As far as the application, since we offer a long term loan we really want the borrower to submit the application so we know the information is accurate and provided directly by you. We want to make sure nothing is lost in translation over the phone etc.  It seems you submitted your application on Monday and it was scheduled to be back today. We typically try to hold to a 3 day turnaround for approvals on Rental loans, but we had two people out for a day this week and we were slightly behind schedule.  Again, we apologize and it sounds like we just needed to do a better job of communicating and clarifying our process. Thanks and PM me if you need anything else.  

For anyone that is interested..  I am seeking a lender of this type for 2 cash out refi on rentals and also for a fix and flip loan this month.  I have been shopping lenders with the intent to establish a healthy long term relationship that would be mutually beneficial.  So far these guys are at the top of my list.

I have shopped my local financial institutions but am really interested in 30 year program RentalOne from LendingOne, which is a new product offering.

I will let everyone know how it goes.  If they can knock out these three deals for me, we may have a win win situation here.  

I would love to have a single point of contact for most of my financed deals (fix and flip & buy and hold) in the cases where I do not use private money.

James