Aloha Lending - Total Dud

[Emma Duncan]

Good evening BP friends! I tried to research several lenders when hitting the refinance portion of my latest brrrr project but couldn’t come up with much for recent reviews here in the forums. Just wanted to go ahead and add mine for Aloha Lending to hopefully help others out. I have to say, total dud on this company. I’ve done 8 closings in the last two years and this was by far the worst one. Communication wasn’t great. When I reached out to confirm closing date/time, after not hearing from them for a week prior to submitting all documents they requested, they were like “oh yeah, we need this, this and this corrected.” I feel like they should have reached out to me on problems with things I submitted. My final term sheet they emailed was not correct and my cash out amount was almost $3k less than they quoted. I was scheduled for 12pm on a Monday, after confirming the time (because of two other non communicated changes), they told me I was good to go. It was 2pm before they got the paperwork to the closing company. Document fee was super high at $1500. The lawyer at the closing company said they are one of his least favorite companies to deal with. Just wanted to give my opinion and hope to help others looking to finance or refinance some food for thought. 

[Robin Simon]

$1,500 Document Fee is pretty bad - true cost of docs for a DSCR loan are likely not going to be more than $500