Colony American or Similar Lenders

[Johnny Corbett]

Hi Everyone!

I was just wondering if anyone had used Colony American or a similar company to re-fi or purchase a SFR? I had previously looked into a similar lender a year or so ago and I think I remember they wouldn't lend against any property valued under $100k. It also appears that many of non-bank lenders charge pre-payment penalties equal to the remaining interest for the entire term of the loan. I've notice that some loans balloon in 5 years and others at 10 years. So, I assuming if you tried to refinance or sold the property in a year or two you would have to pay an early payment penalty equal to the interest for the entire remainder of the loan term? Has anyone used these type lenders? If so, what did you think of the overall experience? Could your recommend a favorite and elaborate on why you prefer them over a competitor? Thanks for any help!!!

Johnny