Has anyone here used B2R Finance for cash out refinance on rentals? How was your experience?
We got all the way up to the appraisal stage, however we didn't move forward thereafter. I believe the appraisals were around $500-$600 each. And the appraisals were somewhat decent. Blackstone is very easy to work with in our experience.
Hope this helps a little.
I have tried to utilize them, but they do not service properties in RI. Are there similar lenders doing this in the Rhode Island market?
I just recently submitted an application and the appraisal is taking place today. So far, no issues other than some docs not making thru the upload process.
Im working a deal with them now as the Broker for the Buyer. A few items they did not tell us.
#1 We have to use their title company. Which is not a problem, but if you did not know that and went with a 3rd party title company, then they charge you an extra $500.
#2 They have to review your LLC paperwork, which cost $700. But they don't work with Series LLC's
#3 Everything takes forever. Yesterday they put us on a 20 day hold to get home owners insurance "reviewed". This was previously cleared in the name of the LLC. The only thing that changed is the name of the insured. Which takes 20 days.
So far they have come up with 4 or 5 ways to get 500-700 out of my client, which were not disclosed.
I have been going thru a loan with B2R since last 4 months. Seems like they have vendor for every step of the loan process - title, insurance, appraisals etc... I had my rates raised by 1% on a 1 MIL loan after 2 months into the process. It is frustrating to say the least.
It's been 4 months and counting and I still haven't closed on the loan....
Double check all your options: B2R, Colony, FirstKey. I can make any intros needed.
Direct contact for Colony American Finance over here!
Let me know if you have any questions!
B2R is dragging me through it too. They can't close my deal to save anyone's life. It seems they use bait and switch tactics. They say something like "oh your credit score went down." Then they say you can use reserve funding from proceeds, drag out the closing so there are no reserve funds anymore and then ask for an account with money in it because they changed their policy. Then 2 months after an appraisal (my 2nd appraisal) they ask if I have a boiler in a 3 unit. They then go by market rents and not my 3 signed leases with account statements from my PM.
@Brandon Turner how do you guys run their adds with all this bad feedback? ... let them know you guys have standards. If you recommend people that aren't efficient, that reflects on BP.
I had the insurance thing too.. I forgot about that. They said my insurance wasn't good enough (this is NJ, the land of the over insured) and I switched to the company they recommended then said it takes 2 weeks to look into it. ?????
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