Bad experience with Lima One Capital. Not what they promise to be

[April Nelson]

I can't wait to get out of my loan with Lima One and will never do business with this company again. Reports about their lack of transparency are spot on..so are reports of them being full of money draining surprises. 

The nightmares started when 2 days before closing I was Informed I would need 10-12k additional for closing because an incompetent appraiser valued the ARV on my property 100k lower than a valuation by a seasoned developer and a real estate agent. I had to postpone closing because I didn't have the funds.

I was approved for a primary and construction loan that were rolled into 1 note. But after repeated requests for terms of the construction loan, I got no response until 2 days before the second scheduled closing. The email response was not clear and I didn't know that what I actually had was a reimbursement loan until after closing. So I have to pay for the work then get reimbursed-IF Lima One doesn't deny the request based on their interpretation of photos taken by inspectors I have to pay for out of each draw. By the way, their definition of what is considered finished has differed from my contractors on several occasions and Lima One has nothing in writing in terms of definitions. I've even had to get my contractors on the phone with my account rep- who seems to know nothing about construction and explain things to help me get reimbursed. 

Lima One reps constantly recite their policies and I have yet to receive a copy of these policies. Because of this mess with them, my rehab, which was supposed to be finished in 3 months is in it's 7th month and still not complete because I can't get adequate enough draws.  To add insult, I am paying Principal and Interest on the entire amount as if I have all of the loan! i have tried working with them to get them to release  the funds...or at least give me reimbursement for cabinets and flooring that have been purchased. They said no they can't until it's actually installed per their policy. Where is the policy?? They just seem to make it up as they go.  Honestly, I think they are intentionally  trying to set me up to fail so they can try and take my property...because this makes no sense. A good customer experience means more business and more recommendations...but they do not care about that.

The advice I give to you is don't do business with these people. If you decide to go ahead and get in bed with them?... have a knowledgeable real attorney review your loan documents and be clear on all terms plus get a copy of these mysterious policies before you sign. Do not go by what ANY of them tell you over the phone  or even in an email...they are not to be trusted...period.