Finance of America — recent experiences?

[Matt F.]

I would love to hear from anyone who has used Finance of America within the last few months.

I know their reputation is terrible, you don’t have to tell me that, I’ve read about it.

What I’m specifically looking for is info about recent performance. Are they changing? Getting better? Or staying the same?

Thank you!

[Cassie Montalvo]

I know this is late, but I hope it helps someone...  I use FoAC for my fix and flips.  I will say that they are still pretty slow to close (they need 21 days).  So sometimes I will have to pay with my own cash out of pocket (if the sale requires a quick close) and then cash-out refi with them a few days later.

The one thing that I can't find anyone that is better than FoAC is their rates ... the lowest loan origination fees and lowest interest rates.  I have another source for fix and flip funding if I needed it that can close in 7 days, but they are double the loan origination fee and a couple points higher interest.

Honestly, I recommend setting yourself up with two funding options - one that can fund super quick and only use them when absolutely required and then FoAC to use with more traditional timelines (21 days is still very quick in the grand scheme of things).

I hope this helps!