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.
Real Estate Broker · Fort Washington, MD · Member since 2012 · 83 posts · 9 votes
10y
Submitted my docs- havent located a property maybe Im working backwards, but was looking for a "Yeah, hurry up and buy". Moved on to a HELOC with my Credit Union.