Haus Lending for Portfolio Loans?

[Jeffrey Boyce]

Hi BP,

I wanted to reach out to see if anyone has had experience with Haus Lending for Portfolio Loans as I'm looking to do a cash-out refinance for several of my properties in a portfolio loan with with them. Please let me know when you get a chance - would like to hear from personal experiences.

Thank you

[Randall Alan]

So I know nothing about Haus Lending.  But I do have some advice from others who were trying to buy a property of ours that got scammed.  Again - not saying ANYTHING about Haus Lending here...

We had a buyer who signed up with what was supposedly a private lending company (Their name was ExpressLoans911.com). But they charged a fee up front for their services... like $4,000.  From there, they were told they  would get their loan done through their private lender.  So they were put through the documentation routine, but after weeks of having us under contract, their lender ultimately put hurdles in front of them that they could not meet and the lender never came through with the money and they were out their $4,000 fee.  So my point would be - be very leery of anyone wanting big fees up front to get you a loan.  Most typical lenders will factor their expenses into the closing - not ask for them up front.  Some out of pocket expenses - like appraisal, and inspections might be paid outside of closing... but typically not fees related to making the deal go through.  So if your lender is asking for thousands up front for the privilege to get a loan, run!  At that point they don't have much of a vested interest in whether you get a loan or not - they have already made their money off of you.  In the company's defense - I'm sure if you were ultra-qualified they likely do complete some loans - but the point is, up front they will take you whether you are qualified or not (and your $4,000.)

All the best!

Randy