Rental Property Investor · San Diego, CA · Member since 2019 · 61 posts · 27 votes
Thinking about their Heloc credit card specifically. They are saying it is faster process than traditional heloc and no appraisal needed. Any of you guys had experience with this company or the credit card heloc?
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
4y
I read a forum post a MyFico today. The OP said they worked in California, and this was in regards to their primary residence. I'm posting the entire response:
Just to follow up: Went ahead and pulled the trigger on this. Soft
pull to qualify, HP after doing the online notary signing. Closed faster
than even my Figure HELOC did; I'm not sure how it could have been any
simpler.
Based on the valuation, they went up to a total of 89% LTV on a condo.
Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
4y
@Jeff Castro Jeff - did you end up going with this product? If so, any reviews?
I'm curious if they lend in all 50 states (couldn't find that anywhere on their website, and all the reviews were from CA), and also if they lend on investment properties.
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
4y
I read a forum post a MyFico today. The OP said they worked in California, and this was in regards to their primary residence. I'm posting the entire response:
Just to follow up: Went ahead and pulled the trigger on this. Soft
pull to qualify, HP after doing the online notary signing. Closed faster
than even my Figure HELOC did; I'm not sure how it could have been any
simpler.
Based on the valuation, they went up to a total of 89% LTV on a condo.
I'm looking at this, am approved and considering pulling the trigger to have an easy to access credit line. Was looking at this as a short term bridge loan to buy a property cash then refi. What I don't like is that for a fixed rate and term loan they have some type of 'monthly finance charge' that looks to be based on the full term, doesn't look like this fee goes away until the loan is completely paid, instead of going down as the principal is paid down. Just be aware that if you don't pay this loan down fairly quickly the loan is going to be expensive money.
Aven payment for 250K, 30 year loan, 4.49% 'normal' APR - 1562.90 monthly payment, when the amortization schedule shows a 30 year loan @ 6.49% to be 1578.53. So if your normal rate is 4.49 your fixed rate loan is two points higher.
I applied with the soft pull just to see what it was about. Ended up approved for the amount I asked for, no questions asked (now I wish I had asked for more). Online notary closing was fast and easy. I haven't used the funds yet, but overall seems like an easy heloc option. I'm in FL.
Banker · Huntington Beach, CA · Member since 2018 · 99 posts · 100 votes
4y
@Jeff Castro I applied with them just to see their offer, they came in really low on the LTV so I didn't accept it. They were right, there was no ding to my credit and it happened really quick. The terms were great and I'm pretty sure I'll use them in the future.
@Michael Maslanka Their terms are pretty similar to the leading banks. Assuming they have lower overhead, their margins must be pretty good so they can make money. If they are selling the loans, which I assume they are, even better. I think their protection comes from the low appraised value (which was my experience) With that, they build in a layer of equity to protect themselves.
@Davina Lakes What did you send them as proof of income?
@Adeva Edobor I believe I just sent last year's 1040. My stated income was 15-20% higher than on the tax return because it's basically freelance work, but they didn't ask for any additional documentation. Even with the Aven heloc amount I still have over 30% equity in my house so maybe that's why it was so easy. I kinda wish I asked for more.
Why I personally hesitate on pulling the trigger is 2 factors
1-st lack of any customer service, they have an online form to have someone reach out to you and it’s been 3 days now and nobody got back to me. I assume that’s what’s going to happen when I really need someone’s help. I did find the founder of the company on LinkedIn and chatted with him but he might not reply in the future.
2-nd I don’t know if this debt is reported as a credit card usage, then the credit score should tank if the card is used more then 70%
Why I personally hesitate on pulling the trigger is 2 factors
1-st lack of any customer service, they have an online form to have someone reach out to you and it’s been 3 days now and nobody got back to me. I assume that’s what’s going to happen when I really need someone’s help. I did find the founder of the company on LinkedIn and chatted with him but he might not reply in the future.
2-nd I don’t know if this debt is reported as a credit card usage, then the credit score should tank if the card is used more then 70%
any thoughts or facts on my second factor?
When I applied with the soft pull they started texting me and were very responsive. I believe the faqs state that it shows as a heloc, not as a credit card, but I haven't checked my credit to verify. I have only had the card for a month and haven't used it.
Why I personally hesitate on pulling the trigger is 2 factors
1-st lack of any customer service, they have an online form to have someone reach out to you and it’s been 3 days now and nobody got back to me. I assume that’s what’s going to happen when I really need someone’s help. I did find the founder of the company on LinkedIn and chatted with him but he might not reply in the future.
2-nd I don’t know if this debt is reported as a credit card usage, then the credit score should tank if the card is used more then 70%
any thoughts or facts on my second factor?
When I applied with the soft pull they started texting me and were very responsive. I believe the faqs state that it shows as a heloc, not as a credit card, but I haven't checked my credit to verify. I have only had the card for a month and haven't used it.
Thank you for the reply. I looked through the website and could not find FAQ answer that would state it. So may be you saw it somewhere else?
I applied with the soft pull just to see what it was about. Ended up approved for the amount I asked for, no questions asked (now I wish I had asked for more). Online notary closing was fast and easy. I haven't used the funds yet, but overall seems like an easy heloc option. I'm in FL.
How long after you did the notary did you receive your card? We had a notary appointment today and they didn’t even show up. It’s VERY hard to get a hold of someone. They say to email or text but they hardly ever respond.
Why I personally hesitate on pulling the trigger is 2 factors
1-st lack of any customer service, they have an online form to have someone reach out to you and it’s been 3 days now and nobody got back to me. I assume that’s what’s going to happen when I really need someone’s help. I did find the founder of the company on LinkedIn and chatted with him but he might not reply in the future.
2-nd I don’t know if this debt is reported as a credit card usage, then the credit score should tank if the card is used more then 70%
Why I personally hesitate on pulling the trigger is 2 factors
1-st lack of any customer service, they have an online form to have someone reach out to you and it’s been 3 days now and nobody got back to me. I assume that’s what’s going to happen when I really need someone’s help. I did find the founder of the company on LinkedIn and chatted with him but he might not reply in the future.
2-nd I don’t know if this debt is reported as a credit card usage, then the credit score should tank if the card is used more then 70%
I agree about their lack of customer service. I have been trying to get a hold of them for days. Had an notary appointment scheduled for today and they didn’t show and it wanted me to reschedule and the soonest was 6 days away after waiting almost a week for the first appointment. I’m getting super frustrated with them and might tell them to cancel my application
How long after you did the notary did you receive your card? We had a notary appointment today and they didn’t even show up. It’s VERY hard to get a hold of someone. They say to email or text but they hardly ever respond.
I received the card via FedEx within about 5 days. I also had someone call a week or so later to see if I had questions, walk me through downloading their app, ask for referrals, etc. I get regular emails from the company also.
Rental Property Investor · Tempe, AZ · Member since 2020 · 75 posts · 39 votes
4y
I'm looking at them as well. Bonus points for being super quick and easy. However the amount of credit available was lower than I'd hoped by a lot. Interest rates were competitive and it's hard to beat the $0 cost for application... no points no fees. Might end up going with them but sitting tight for a bit while I shop around more.
I'm not a big poster but just wanted to warn everybody about AVEN. Once you notarize, you will NEVER get hold of customer service again, especially by phone. I never took an initial draw upon signing docs and it took them over 30 days to allow me to login into my account (they promise access to funds 3-5 days after closing). Its been over 60 days since close and they have never allowed me to withdraw funds of any amount on that credit card they gave me. They are a joke of a lender and its not worth the hassle for them to be one of my lenders. Even if they allowed me to withdraw money tomorrow, I would refuse just so that I don't have to deal with these guys. I assume anybody perusing BP is even a little financial savvy, due to the fact you are doing your due diligence now with AVEN on this site. Not worth the headache, you have been warned. Don't do it. I just emailed support and requested to close/cancel the HELOC and get a Loan Closed Account letter of some type for my records and get them off my credit portfolio as to avoid problems later with any type of refi or the ability to use a different HELOC Lender on subject property.
I'm not a big poster but just wanted to warn everybody about AVEN. Once you notarize, you will NEVER get hold of customer service again, especially by phone. I never took an initial draw upon signing docs and it took them over 30 days to allow me to login into my account (they promise access to funds 3-5 days after closing). Its been over 60 days since close and they have never allowed me to withdraw funds of any amount on that credit card they gave me. They are a joke of a lender and its not worth the hassle for them to be one of my lenders. Even if they allowed me to withdraw money tomorrow, I would refuse just so that I don't have to deal with these guys. I assume anybody perusing BP is even a little financial savvy, due to the fact you are doing your due diligence now with AVEN on this site. Not worth the headache, you have been warned. Don't do it. I just emailed support and requested to close/cancel the HELOC and get a Loan Closed Account letter of some type for my records and get them off my credit portfolio as to avoid problems later with any type of refi or the ability to use a different HELOC Lender on subject property.
Thank you for your feedback and for providing some details about your experience. It's clear from multiple posts that the customer service is very poor which can lead to big problems if something goes wrong.
The concept of a combined credit card and equity line sounds like an amazing idea but I'll have to wait until some other competing company with better customer service comes along.