Lendinghome is terrible and has put me in a tough position

[Joe Won]

I have a property in WV that I put under contract at the end of August. I decided to use Lendinghome to finance the project since the property needs some rehab. First of all, they've required almost as much documentation as a normal mortgage company which is surprising for a lender that is supposed to be similar to hard money. 

So originally I was told that they don't need to do full appraisals since they have a "hybrid appraisal" process. About 2 weeks away from closing, they tell me I need to pay for a full appraisal since the property is in WV. So I bite the bullet and pay for the appraisal. A few days away from closing, I'm told that the appraisal hasn't come in and won't for another 1.5 weeks. The seller was very upset but I was able to extend out the closing date by putting up more earnest money.

The appraisal was supposedly received by Lendinghome at the beginning of this week. So I'm two days away from closing as of today. My rep that I'm working with at Lendinghome sends me an email saying that the appraiser only gave them an as-is value and not a after-repair value and that closing will be delayed another couple weeks!?!?!

This is a fantastic deal that I don't want to lose but I'm going to have to put up a considerable amount of more earnest money for the seller to even consider extending out the closing date even further. 

Any suggestions on how I can salvage this deal in 2 days?

[Marty Milligan]

My experience with WV appraisers has been terrible. Most of the time they are the main hold up of the closing and they are often inaccurate. Things like missing an out building (3 car garage), not counting a basement with drywall, tile floors, and surround sound as unfinished. 

I like living in WV but I hate doing business here.