Hanna, your bad experience is a bit of a false narrative. We didn't change terms on you. You were buying a property for $935k, putting $50k into it, and expecting an ARV of $1.95mm. The appraisal as-is value came in at $915k and the ARV $980k. This on paper was a very bad/unprofitable deal and I still tried to find you a solution but you refused to hear me out. I didn't change terms, I first said to challenge the appraisal but you wanted no part in it. And ultimately the property sold for $1.1mm vs your $1.95mm estimate and the appraiser's $980k (appraiser was closer than you were on that re-sale price).

I'm the co-founder/owner, normally don't get involved on new submissions but because your deal was around the holidays, and we had people out, I personally got involved, gave you competitive terms and oversaw your loan. I've funded over 2,000 transactions in 10 years and have done $600,000,000 in debt. You are literally the first negative review, which is impressive.

Things didn't go smoothly until 3 days before...from the beginning it was rocky, but we didn't let that impact you. You actually told us you've done way more deals and exited more projects then you actually have (I have the email, 4 flips and 4 rehab-to-hold/rent projects was represented). Yet, because I was involved and am able to make this discretionary call, we kept the same terms/rates/fees. 

Then, when the appraisal came in, you said the ARV would be $2.1mm, the appraiser came back and projected it to be $980k....At that stage, NOTHING changed, I had called you and explained we can challenge the appraiser's determination of ARV, you just need to provide 2-3 comps to back up the $2.1mm. At that stage you started, seemingly, crying and saying you don't trust me....Then, I said OK so forget the challenge, let's just lend against the as-is value/purchase price and disregard the renovation portion of the loan since you said you'd fund that with cash and don't need reno funds...

I'd love to open it to the group who chimed in here, how is this MoFin's fault? Borrower says ARV is $1.95mm...appraiser says $980k....we don't just take the appraiser's word, because maybe the appraiser's off, so instead, we ask the poster here, "can you send us the comps for the $1.95mm value?" And this individual refuses...All we asked were for comps to challenge. And said if it's unsuccessful, because we can't exceed 75% ARV, it would lower the initial funding amount we're able to lend. Regardless, spoiler alert, the property sold for $1.1mm.

To add, I emailed and told the original poster, I would personally refund $300, the cost for background/credit/flood cert, out of my own pocket as a sign of good faith and that I was very sorry it didn't work out. 

I'm not looking to argue, I'm just stating facts. I have all the emails to back this up.