Experience with Aloha Capital/Swell Real Estate Group?

Question

I'm working on a cashout refinance with Aloha/Swell of a 4 unit property and started the process 2 weeks ago.  We need to close by 4/1 to avoid a large pre-payment penalty with our current lender.  We have yet to get to get contacted by the appraiser.  They say they have plenty of time and they will be able to close by then, but I've never seen this slow of a process.  If you have worked with them or invested with them I would like to hear about your experience.  Thank you!

Aaron Kosek · Answer

Haha I will contact you for the next one Erik!

Aaron Kosek · Answer

BTW it was a fix n flip loan we closed on with aloha/Swell....

Aaron Kosek · Answer

I have worked with aloha/Swell just this past year and we closed on-time without any issues. I went to them after another lender dropped the ball and almost cost me the 10K I had in escrow. I went to them explained the situation and the urgency to close as fast as possible and they did. Tbh it was a very smooth process, I worked with Nate over there and would definitely recommend him to anybody. As a matter of fact I'm working with them again now for another deal.

Erik Estrada · Answer

Damn they beat me to it

Erik Estrada · Answer

Sounds like their pipeline is a little too full. The appraisal should have been completed by now.

Here are the steps needed to close quickly:

1. Get all upfront docs. (Loan App, ID, Bank Statements, Entity Docs, Leases, Experience, Credit and Background Reports, Third Party Title and Insurance contact info) Once reviewed and all documents have been clarified, submit to the lender.

2. Order the appraisal on a rush (AMCs typically charge more for this)

3. Send out Title and Insurance requests.

4. Loan goes to initial review

5. Appraisal should come back in 3-5 days and you should also have any conditions needed to submit to final review.

6. Assuming value comes in as stated, submit all requested conditions along with third party title and insurance

7. Loan should be fully approved if no other conditions remain

8. Loan goes to Docs

9. Schedule Signing and Fund/Record.

Obviously there are a lot of variables (liens on the property, lack of insurance in the area, value comes in lower, or you have trouble documenting a few conditions) but if everyone is moving fast, you should close a DSCR loan in 2-2.5 Weeks.

Timothy Hero · Answer

"they have plenty of time" would piss me off, lol. When I start a file for my clients, if an appraiser hasn't reached out within 3 days of them paying the invoice, I start making calls, lol.

Chris Seveney · Answer

How is this going? Curious to learn more.

Experience with Aloha Capital/Swell Real Estate Group?

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