Kiavi is the worst lenders I have been working with
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Matthew CrivelliBusiness Member
Lender · MA · Member since 2021 · 1k+ posts · 1k+ votesQuote from @Zongfu Li:
An agent named Mathew Dial contacted me for loan opportunity and told me how flexible and how easy they can provide bridge loan lending and conventional lender. I tried one with them as a refi over 2 condos. We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500. After going through appraisal and all the applications process, they rejected the loans, over how HOA consists of too many investors vs homeowners, I then picked another unit in different community, did the same process, then they rejected the another execuse over HOA, It costs me several months times of refi and I requested the refund of appraisal fee and didn't get this refund. I refi-ed with many lenders and never got into these problems, don't work with Kiavi. Even one of my brokers said Kiavi sucks and he will not use KIavi again
Freedom Capital Funding, LLC523 Reviews
16 Replies
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
@Zongfu Li
Where are you trying to refinance (what state?)
7e investments53 Reviews - 2yMason WeissBusiness MemberRealtor · Phoenix, AZ · Member since 2021 · 523 posts · 239 votes
Hey @Zongfu Li, you should try and work with a mortgage broker to avoid these scenarios. Let me know if you still need assistance with getting this done.
- 2yMatthew CrivelliBusiness MemberLender · MA · Member since 2021 · 1k+ posts · 1k+ votesMy friend, you are trying to buy non warrantable condos. This is going to be an issue with the majority of commercial lenders, not specific to Kiavi. Granted, your rep should have questioned you about the warrantability status prior to you paying for an appraisal. Also the $750 appraisal cost is pretty much standard with fix & flip + DSCR lenders. You very likely will have the same gripes / issues outside of Kiavi.
Quote from @Zongfu Li:
An agent named Mathew Dial contacted me for loan opportunity and told me how flexible and how easy they can provide bridge loan lending and conventional lender. I tried one with them as a refi over 2 condos. We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500. After going through appraisal and all the applications process, they rejected the loans, over how HOA consists of too many investors vs homeowners, I then picked another unit in different community, did the same process, then they rejected the another execuse over HOA, It costs me several months times of refi and I requested the refund of appraisal fee and didn't get this refund. I refi-ed with many lenders and never got into these problems, don't work with Kiavi. Even one of my brokers said Kiavi sucks and he will not use KIavi again
Freedom Capital Funding, LLC523 Reviews - 2yRobin SimonBusiness MemberLender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
Quote from @Matthew Crivelli:
My friend, you are trying to buy non warrantable condos. This is going to be an issue with the majority of commercial lenders, not specific to Kiavi. Granted, your rep should have questioned you about the warrantability status prior to you paying for an appraisal. Also the $750 appraisal cost is pretty much standard with fix & flip + DSCR lenders. You very likely will have the same gripes / issues outside of Kiavi.Quote from @Zongfu Li:
An agent named Mathew Dial contacted me for loan opportunity and told me how flexible and how easy they can provide bridge loan lending and conventional lender. I tried one with them as a refi over 2 condos. We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500. After going through appraisal and all the applications process, they rejected the loans, over how HOA consists of too many investors vs homeowners, I then picked another unit in different community, did the same process, then they rejected the another execuse over HOA, It costs me several months times of refi and I requested the refund of appraisal fee and didn't get this refund. I refi-ed with many lenders and never got into these problems, don't work with Kiavi. Even one of my brokers said Kiavi sucks and he will not use KIavi again
I would have to agree with this - appraisals are no exemption to the general inflation/rising costs of the past few year s- $750 is hardly outrageous and investing in non-warrantable condos and with HOA restrictions is always going to have a risk for hiccups
Harpoon Capital514 Reviews - Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes2yNot an advocate or an affiliate of Kavi but just to add to the previous posts here. Most lenders who order appraisals are required to order them through a 3rd party AMC, which can add additional costs to the appraisal but ensures that there is no lender (Or borrower) bias in regards to the values. So although you may be able to contact an appraiser in your area and get a quote of $500 for an appraisal, $750 is pretty standard to see during the mortgage process.
Anytime you are looking at purchasing a condo with a mortgage, the HOA Questionnaire is always going to be a key point of the loan process. If possible, in the future I would try to obtain a copy of a standard Condo questionnaire from the HOA prior to the mortgage application process and ask your lender to review it in advance in order to mitigate some of the time and costs risks associated.
Hate hearing that it didn't work out for you on that one. - Rental Property Investor · Los Angeles, CA · Member since 2015 · 8 posts · 8 votes2y
Hi all! This sounds like good information. I have gotten a few loans through Kiavi. I would consider using them again. I like their portal, because I feel that I am able to have a good idea of the status in processing of my loans, but I would be intentional about the loan officer I work with. My experiences were a couple of years ago and I was originally told the appraisal had been assigned and the rate would be $780 but then later I was told that appraiser was cancelled and they'd found someone else who it was assigned it for $935. I expressed my objection to the rate. I was then told that's the rate for the area. I knew that was not true because I had paid $780 a couple months before on a property in the same area and also my realtor told me that her clients had been paying that lower rate. The loan officer (Maria Barnes) would not request that it be reassigned to another appraiser at the lower going rate. I stood my ground and eventually she got an appraiser at the $780. My point is that in my case I believe was a problem of the loan officer who I ended up using once more. She provided me incorrect information and my 6% locked rate ended up closing at 9.99%. I had little choice since I was financing out of a construction loan that had little time before a ballon. I now am more selective about loan officers as well as lenders. I will not work with Maria Barns again. I believe sometimes a bad experience is more reflective of the individual than the company.
- Member since 2025 · 4 posts · 0 votes1y
Quote from @Tony Moore:
Hi all! This sounds like good information. I have gotten a few loans through Kiavi. I would consider using them again. I like their portal, because I feel that I am able to have a good idea of the status in processing of my loans, but I would be intentional about the loan officer I work with. My experiences were a couple of years ago and I was originally told the appraisal had been assigned and the rate would be $780 but then later I was told that appraiser was cancelled and they'd found someone else who it was assigned it for $935. I expressed my objection to the rate. I was then told that's the rate for the area. I knew that was not true because I had paid $780 a couple months before on a property in the same area and also my realtor told me that her clients had been paying that lower rate. The loan officer (Maria Barnes) would not request that it be reassigned to another appraiser at the lower going rate. I stood my ground and eventually she got an appraiser at the $780. My point is that in my case I believe was a problem of the loan officer who I ended up using once more. She provided me incorrect information and my 6% locked rate ended up closing at 9.99%. I had little choice since I was financing out of a construction loan that had little time before a ballon. I now am more selective about loan officers as well as lenders. I will not work with Maria Barns again. I believe sometimes a bad experience is more reflective of the individual than the company.
- 2yGeorge DespotopoulosBusiness MemberLender · New York, NY · Member since 2016 · 936 posts · 287 votes
There are bridge & DSCR lenders that can finance a non-warrantable condo. You don't need a mortgage broker, just a reputable, competent direct lender that will ask the important questions upfront to properly screen your deal. Unfortunately, not many around like that...The appraisal is about $150-$200 higher than standard cost because they likely went through an appraisal management company ("AMC") to get the appraisal ordered/assigned. The AMC charges a fee on top of the appraisers. Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that).
MoFin Lending4.9152 Reviews - Member since 2024 · 2 posts · 1 vote1y
Quote from @Tony Moore:
Hi all! This sounds like good information. I have gotten a few loans through Kiavi. I would consider using them again. I like their portal, because I feel that I am able to have a good idea of the status in processing of my loans, but I would be intentional about the loan officer I work with. My experiences were a couple of years ago and I was originally told the appraisal had been assigned and the rate would be $780 but then later I was told that appraiser was cancelled and they'd found someone else who it was assigned it for $935. I expressed my objection to the rate. I was then told that's the rate for the area. I knew that was not true because I had paid $780 a couple months before on a property in the same area and also my realtor told me that her clients had been paying that lower rate. The loan officer (Maria Barnes) would not request that it be reassigned to another appraiser at the lower going rate. I stood my ground and eventually she got an appraiser at the $780. My point is that in my case I believe was a problem of the loan officer who I ended up using once more. She provided me incorrect information and my 6% locked rate ended up closing at 9.99%. I had little choice since I was financing out of a construction loan that had little time before a ballon. I now am more selective about loan officers as well as lenders. I will not work with Maria Barns again. I believe sometimes a bad experience is more reflective of the individual than the company.
@Tony it's interesting that your 6% locked rate wound up changing so much prior to closing. I was working with Kiavi on a DSCR cash out refi 75% LTV on a SF home in NC that is rented to a long-term tenant.
We setup the application, credit came through and the appraisal came through for both value of property and the "fair market" rental value. The terms were 6.875% 30-year fixed, which I applied for in October. My loan officer approved the rate lock. We were set to close Friday (December 6, 2024). Rates have gone up a bit since signing my rate lock and I was very pleased with the deal, even though I had to pay ~$800 for an appraisal and 1.5% origination fee + $1000 service fee and closing costs. Today (one day before closing) (December 5, 2024), my loan officer reached out to me and said a few things came up last minute and we will not be able to close tomorrow--in fact we cannot close at all my the rate lock which ends tomorrow and he cannot extend it. Basically, if I want to keep the loan the new rate is 7.375%. New closing set for Dec 10.
TLDR: I do not think Kiavi operates with good business practices. The people are a bit abrasive and the fees are excessive. They blew up my nice rate lock for no specific reason and would not extend it even four days. - 1yRaymond J. RodriguesBusiness MemberLender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
@Davis Barrow they didn't want to extend your rate lock because they wanted you to buy more expensive paper which is a bit unfortunate. We do not treat our clients like that.. Definitely a bad way to do business.
Helm Mortgage Corp.5126 Reviews Our refinancing experience with Kiavi was frustrating. It took more time and back and forth communication than was needed, and compared poorly with other refinancings we have gone through. Several factors indicate the company is not that concerned about efficiency or ease of customer process: the website, a process that seemed to focus on one issue at a time instead of all issues at once, and consistently poor communications and lack of common sense from the loan analyst we were assigned.
It started off very well with the initial point of contact, Austin Lornson, who did a fine job of explaining the general refinancing process, responding quickly and thoroughly to our questions. His good customer service convinced us to go with Kiavi over two other vendors offering similar rates.
After we completed their intake application and began the process, Austin handed us off to other staff. Our account manager, Maria Barnes, responded quickly to our questions. However, much of our document and data collection was handled by loan analyst Taylor Vassey. Taylor often didn't communicate clearly what she needed, either to ourselves or other vendors, leading to misunderstandings and repeated clarifications and requests. This resulted in literally weeks of delays, which contributed to the closing being postponed and rescheduled, losing our locked interest rate.
A big gap in the overall Kiavi process is that we never received detailed introductory emails about the steps of the refinancing process. It wasn’t clear in advance what the next steps were, or who was responsible for doing what. Staff often seemed to focus on one requirement at a time, and only moving on to others as each was taken care of, instead of starting them all at the same time.
We would regularly get emails with requests from new Kiavi staff or partners we had not previously been introduced to.
Additionally, the Kiavi portal is poorly designed. The first loan applications we entered to the portal had errors, but could not be deleted, even by staff, and could only be labeled, literally, as dead. We had to make sure we sidestepped them and only added information to the correctly entered, active applications. We were surprised that Kiavi never thought to call the vendor of their software, or a database technician, to fix this.
We provided the requested copy of our LLC articles of organization. Taylor kept insisting that we obtain and send a copy of these articles with the state seal directly on them. We repeatedly explained that it's not done that way in New York State: here, you send in your articles of organization to a state office and they send back a letter with a state seal acknowledging they received the documents. Taylor persisted in ignoring our explanations and repeating her request. Finally, we asked Maria to escalate this to an unknown Kiavi staff member. The request was quietly dropped, but Taylor never acknowledged her error or apologized.
Taylor sent multiple email inquiries to our insurance provider asking what risks their policy covered. She missed other emails from the insurance provider confirming the policy did in fact cover all hazards. We were able to review earlier emails in the threads, found this information and re-sent them to Taylor. Finally, the insurance provider repeated their answer, and this hurdle too was crossed.
Very early in the process, we sent over leases for our rental properties. Weeks later, it was communicated to us that the underwriter wouldn’t accept the ones signed by only one of us – legally binding for LLCs – and required we send amended copies of leases signed by both of us. This issue, while easy to solve, only came up at the end of the process. Ironically, Taylor often only sent emails to just one of us, until she had multiple reminders.
We obtained, as requested, payoff letters for our mortgages with the date of December 31st. It was clear well before December 31st that we would not close before then. Only at the end of day on Thursday, January 2, Taylor sent us an email asking us to request new updated closing letters, causing us confusion. When we told her the next morning that it would take days to get new payoff letters and we would miss our rate lock deadline, she said it wasn’t critical and they could make do with what they had.
In conclusion: because Kiavi does not know or does not care about Taylor’s chronic ineptitude; because Kiavi has never bothered to put together an introductory email document to clients explaining the steps, requirements and responsibilities of the refinancing process; and because Kiavi does not bother to fix an obviously broken client portal website, it’s clear that the company does not strongly value customer experience and satisfaction. Be prepared for frustration if you decide to do business with Kiavi.
- Member since 2025 · 4 posts · 0 votes1y
Hi Tony,
I really appreciated your post, it was well structured. I think I could learn a lot from you, ,especially with new construction projects. Would you mind a conversation regarding this topic and new construction projects offline? If so, please DM me in here. I believe my email address is visible as well. Thank you.
- 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
I am not sure how it is when borrower's go direct,
But at least when I broker loans to them, it has never been a headache as long as it is a straight forward clean file. They usually review within 48 hours and are fairly quick on their fix and flip loans.
I think the main issue is that most borrowers do need to work with a broker... Sure it'll be a bit more expensive, but at least you know your financing is secure. Going direct, when you are brand new or have never worked in the private money space is going to be an awful experience. Each lender has different guidelines, risk tolerances, LTVs, and credit requirements, and if you don't fit their box, they won't lend to you.
Having a broker to structure your loan for you is a better use of time and money rather than trying to save on fees and ending up with an experience like this.
LuxePrivate Investments LLC 572 Reviews - Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes1y
I as well, when I broker to them I usually can get bridge loans closed in 3 weeks if title and insurance do not lag.
I had said this before, it's rare that an entire lending outfit is bad. It's more the contact you are dealing with. When I am in charge of someone's loan, it's on me to deal with my rep at the lender and I have a great relationships with my reps and I have been through every kind of scenario there is at this point and I find many, many flaws I have the borrower fix even before we submit, I also take the charge on title and insurance because I know they can cause delays if not done right. Someone who has closed 100s of bridge loans as a loan officer or broker, should be able to hold your hand and take you painlessly to the finish line.
I will say, I have done like a dozen condo refis/bridge loans over the years. They rarely run smoothly, they have extra docs that are needed and that HOA fee really digs into the DSCR and the condo needs to be warrantable and there's guidelines on how many of the condos can be investor owned and how many can be owner occupied. Lot's of red tape with condos. I'm doing a condo refi right now for a Canadian client who owns a unit in a FL condo building. It will take at least 6 weeks to close. I wait for title, I wait for HOA to get me the master insurance policy, there's a condo questionnaire that needs to be filled out by the HOA. You wanna pull your hair out? Try calling an HOA and don't stop until a human picks up. You'll be in a straight jacket by weeks ends.
- 1yJohn O'LearyPro MemberLender · Winter Park, FL · Member since 2021 · 737 posts · 412 votes
When speaking with lenders, it’s important to have direct conversations with loan officers to gauge their understanding of the products they offer. Pay attention to how confidently and accurately they respond...if every answer is “let me look into it” or “I’ll have to ask the underwriter,” it may be a sign they lack a solid grasp of the lending programs.
Kiavi is, by a wide margin, the largest lender in this space. It’s important to note that their rate locks are for 45 days—not 60—and they do not lend on non-warrantable condos, as outlined earlier.
As one of Kiavi’s top broker partners, I can say that success with any lender ultimately comes down to thoroughly understanding their underwriting guidelines. This holds true across the board, whether you're working with Kiavi, a Broker or any other bank or lending institution. Especially BROKERS... Your job is to be an expert on all lenders guidelines. I know the lenders and organizations like NPLA are working to solve this problem.
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