Looking for feedback on Finance of America (Lender)
Hi BP folks!
I am looking for feedback from anyone who may have used Finance of America (FOA) as their lender for flips. I have worked with them for some time now but on cash out refi products and not full loans for both purchase and rehab. I've heard stories from friends who have used similar lenders (not hard money) and the process was crippling, draws took weeks and it seemed to be a hassle to agree on what was completed for the draw. Basically, no one was happy. My rep is great and we have a good relationship but once the loan is closed, he won't be my POC.
Does anyone have direct experience with their process both from getting the loan closed timely as well as on the actual rehab side? Their terms are good but if they aren't easy to work with on the build out, it may not be worth it for me.
Any insight would be super helpful.
Thanks!!