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Updated over 2 years ago on . Most recent reply
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Lima Capital One Financial Lending
I had a terrible time with Lima and want to make investors aware of this. They waited 2 days before closing date to tell me they could not fund. The property was great for a BRRRR method as we got the appraisal back and everything. Made zero sense as I myself am an underwriter so I would know. Just be careful when using those guys. They don't answer emails or phone calls until 4:30pm and by then its too late
Most Popular Reply
Quote from @Issac San Miguel:
Quote from @David Cruz:
I recently closed a refinance cash out with Lima using the 30 year fixed rate rental loan. My experience wasn't the best. This was for a property I had previously purchased in cash so the delays didn't cost me a deal. Let's just say that the promises made by the sales consultant did not line up with what underwriting delivered. Most notably they significantly dropped the % of how much they allowed us to cash out when the property appraisal came back very strong. Went from being told we can cash out up to 80% to them only wanting to allow 60%. Lot's of delays too.
Curious about this - did you ultimately cash out at the 60% or did you shop elsewhere?
What rate did they end up offering at 60%?
Here are the #'s on this specific deal for background. Bank of America single family foreclosure purchased for $110,000. Rehab cost $45,000. Appraisal comes in at $243,000. I rented it for $1,850 a month. At 60% cash out I felt like I got most of my money back and was still satisfied with the deal. Was also concerned rates would continue to rise if I had to start again. The reason I was given for the reduced loan value was no rental history since I had just signed the 1-year lease and the short seasoning period. I had held the property a total of 4 months or so when we closed. None of this was disclosed when I had asked the sales guy about seasoning requirements on the front end.