Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply

User Stats

9
Posts
2
Votes
Juan Arias
  • Maspeth, NY
2
Votes |
9
Posts

Lima Capital One Financial Lending

Juan Arias
  • Maspeth, NY
Posted

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

User Stats

5
Posts
2
Votes
Replied
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%?

Ultimately, I decided to still close. I ended up at 6.2% fixed for 30 years. Closed in June with lots of uncertainty about rates and Lima would not lock in a rate until the last second.

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. 

Loading replies...