Rehabbing & House Flipping

User Stats

11
Posts
2
Votes
Stacia S.
  • Flipper/Rehabber
  • Philadelphia
2
Votes |
11
Posts

Looking for feedback on Finance of America (Lender)

Stacia S.
  • Flipper/Rehabber
  • Philadelphia
Posted Jan 18 2022, 10:15

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!!

User Stats

233
Posts
204
Votes
Steven Goldman#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Pennsylvania
204
Votes |
233
Posts
Steven Goldman#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Pennsylvania
Replied Jan 18 2022, 11:22

We are brokers and rehabbers in the Philadelphia area. We have not had good experiences with their line of credit program for rehabs. We prefer other companies, or private money, as their process was too cumbersome and not inexpensive. That is not to say you can not have success with them. Just that we prefer other  lenders and line of credit rehab lenders. Good luck! I know they will be mad at me for saying this........

User Stats

11
Posts
2
Votes
Stacia S.
  • Flipper/Rehabber
  • Philadelphia
2
Votes |
11
Posts
Stacia S.
  • Flipper/Rehabber
  • Philadelphia
Replied Jan 18 2022, 11:56

Thanks @Steven Goldman.  Appreciate the info!  They shouldn't be mad, they should just improve.  

They left me at the alter when Covid hit but a lot of lenders took cover too so I can't fault them too much for that.