New Finance of America To Serve Residential REI

[Dustin Ruhl]

The national lender, Finance of America, has created a new side for those who invest in residential real estate. It is called Finance of America Commercial, and with rental units and the opportunities to flip houses being so great at the present, they are believed to be a leader in this market. Finance of America Commercial has easy and fast products available for investors that are just getting started as well as professionals with million already in their portfolios. This company is very competitive in the market offering very low pricing and a wide range of products. This new business is the result of Finance of America's purchase of B2R Finance whom had recently acquired assets from Jordan Capital Finance. There is a great deal of leadership and experience running the new company with Jordan Capitol's previous CEO, two senior vice presidents from B2R, and a senior vice president from Jordan Capital added to the team now. The new company helps customers across the United States with its biggest offices in Charlotte and the outskirts of Chicago. Finance of America Commercial has the ability to help people who may not meet certain requirements of Fannie Mae or Freddie Mac. They are dedicated to growing trusting relationships with investors across the country who want to grow their own business while developing new products all the while.

Key Takeaways:

• There are approximately 16 million rental vacancies in the United States.
• Consumers are purchasing, reselling and rehabbing homes in ever-increasing numbers.
• For investors in real estate, the moment is golden in the United States.

"Finance of America, a national lender known for its home loans and reverse mortgages, has created a new unit dedicated to serving residential real estate investors: Finance of America Commercial."

Read more: https://thinkrealty.com/finance-of-america-commercial/

[Tim Johnson]

As a broker I have used them on some deals, the rates are good but they  underwrite more like a traditional bank so it takes longer.  Plan on 45-60 day close. And they tear you apart if you documents are dirty.  They will fund and close

I have also used corevest as a broker, mixed results.  First couple deals i did went thru no problems, 20 day close. Next couple took forever, I think it all has to do with the underwriter with them and work loaded.

We mainly use a local hard money guy for most our stuff because he can close in 2 weeks. Rates are higher and closing costs but speed sometimes is the key.

We tried Lima One and a couple others and never got a loan to close.  So i always ask the client:

Pick 2 items you want: Speed, rate, Terms, Closing costs

Can't have all 4 with investment property unless you are grade A paper with no issues.

If your grade A paper, send it to Fannie thru a broker, you can get great Rate, Terms, closing costs- but speed is 45 days.