montgomery, AL · Member since 2014 · 99 posts · 18 votes
Has anyone closed on the Rental30 program, I have been in contact with the company since May 1st and sent all my documents to the on the 20th of May. The program states that it takes 2 weeks to close, but I have to call them for information. Just want to know if anyone has closed yet.
Rehabber · Smyrna, GA · Member since 2013 · 864 posts · 510 votes
11y
Lima One is a lender out of Atlanta, they're the real deal. They just released the rental30 program May 1st and got bombarded with apps. They hired several people to handle the increased demand anticipated from the rollout and it just wasn't enough.
They aren't letting brokers sell it yet because they cant handle the volume right now. If you're taking more than two weeks its just because of the new program being so popular and overloading their capacity, plus I'm sure with it being so new they are working out the kinks in the underwriting and such. I can 100% vouch for them being a valid lender, though. They are my main competitor here in Atlanta.
They are good people, I know a lot of those guys. I'm surprised they aren't keeping you in the loop, they are usually extremely good to work with. I've got better rates through other lenders on Hard Money, so dont send anything through them, but wouldn't hesitate to use them if the deal fit.
Rehabber · Smyrna, GA · Member since 2013 · 864 posts · 510 votes
11y
Lima One is a lender out of Atlanta, they're the real deal. They just released the rental30 program May 1st and got bombarded with apps. They hired several people to handle the increased demand anticipated from the rollout and it just wasn't enough.
They aren't letting brokers sell it yet because they cant handle the volume right now. If you're taking more than two weeks its just because of the new program being so popular and overloading their capacity, plus I'm sure with it being so new they are working out the kinks in the underwriting and such. I can 100% vouch for them being a valid lender, though. They are my main competitor here in Atlanta.
They are good people, I know a lot of those guys. I'm surprised they aren't keeping you in the loop, they are usually extremely good to work with. I've got better rates through other lenders on Hard Money, so dont send anything through them, but wouldn't hesitate to use them if the deal fit.
Lima One? What's that mean? Is Rental30 a lender? Did you pay upfront fees?
I think all of your questions were answered on my post. If not, Lima one is a Hard Money lender. Started a new investor program for long term rental, 30 year loan at 6%. Go to the website and find all the information you need. Didn't pay any upfront fees.
Investor · Decatur Atlanta, GA · Member since 2011 · 610 posts · 232 votes
11y
I just closed on a loan this past Friday with them at 6.45% fees were reasonable considering. The catch is that there is a pre-payment penalty which starts at 5% and decreases by 1% per year, but if you're planning to hold for a while no problem or in year 2-4 you need to sell you still not that bad off. It took about a month to close.
Ask for Cortney Newmans. I had met him last year at REIA rehab job site. When I saw this program I emailed him to let me know when to start. There was such as rush that things kinda got backed up. otherwise it probably wouldn't taken maybe 2 weeks. Considering 3 years ago I did a Wells Fargo loan on an investment property and it took nearly 3 1/2 months to close I'm not complaining.
Investor · Decatur Atlanta, GA · Member since 2011 · 610 posts · 232 votes
10y
Update on Lima One. They require 3-4 months of mortgage in escow and they are required to pay. They have been late every month, but BSI Financial, the loan servicer, hasn't charged any late fees.
Just received a letter from DeKalb County that they haven't paid the property tax on one of my properties.
They say they are still working out the kinks, but just so you're aware.
Investor · Decatur Atlanta, GA · Member since 2011 · 610 posts · 232 votes
10y
@Sam Zdrum I think it was 2 maybe 3 months per unit. BTW, everything was cleared up and nothing every showed up as a late payment. They are good to work with and if you use them and refer someone they have a nice referral program for you. Did another and it closed within a month.
Investor · Portland, OR · Member since 2012 · 40 posts · 3 votes
10y
I called Lima One up a couple of weeks back, and spoke with one of their reps - the Rental 30 sounded like a great program. They however just changed that program and now require 25% down for the rental program.
Wanted to provide some additional clarification on your post.
You are correct, we have recently altered our program. For purchases, we now measure our Loan to Value (75% Max) against the lower of the purchase price or appraised value.
For refinances, no down payment is still an option for investors.
If you have any additional questions please let me know!
Greenville, SC · Member since 2016 · 2 posts · 0 votes
10y
Correct, we will base LTV against the lower of the purchase price or appraised value, if within the 12-month seasoning period for refinances. If material improvements have been made to the property, we can waive that seasoning requirement.
We are real disappointed with the services we received recently from Lima One here in Greenville, South Carolina. As new invetors we were not told up front that the Fix Loan would be based on 65% LTV as per the EOC that was presented to us. However a lot was riding on the analyst working closely with us and as the sales contract was submitted and the repair costs submitted, nothing was said about how much cash we would need to bring at closing. Our realtor, my husband and I were in constant contact with this analyst but two days before the our closing with the seller we were told that they could not lend us the money based on the 65% LTV. The service is real poor, the follow through real poor and there was no advising on the part of the analyst we worked with so that we could figure out how to make the deal work. The analysts and underwriters are swamped it appears or it could have just been oversight.
I am very sorry to hear about your experience. We will be in contact with you directly to address your concerns and the specifics of your file.
We pride ourselves on maintaining a high level of customer service and are always looking to improve our processes. We work closely with our borrowers to get their investment properties financed in a timely manner.
We greatly value the feedback from the BiggerPockets community.
If anyone has any questions about Lima One Capital please reach out to me!