Anyone use Express Capital Financing?

Question

Hello,

I was wondering if anyone here has expereince with Express Capital Financing and if they're legitimate and reliable.

Thank you.

Chelsea Knapp · Answer

Am using them right now. Supposed to close on March 15. They are sending out an appraiser to view the property and project their own ARV. They will be inspecting throughout the project to take draws on the rehab budget as well. Interest only 9.5%. Were willing to do 15% ltv and 100% of rehab.

Chelsea Knapp · Answer

@Philip L. We were supposed to close yesterday but being held up on the seller’s attorney’s end from title and search/survey. Our financing went through their underwriting and has been approved though as of mid last week so we are ready once the seller is. Had to have current and ARV appraisal done based on our work scope/rehab budget. ARV came back 30k higher than we were projecting so us and lender were happy. They are doing 85% acquisition costs and were going to do 100% of rehab. We opted out of using them for rehab to avoid additional costs at closing and draw/inspection fees during the rehab. I have been working with Max Chera primarily. So far I’m happy. He’s been very responsive via text and calls which is nice to have when it’s your first time using hard money.

Chelsea Knapp · Answer

@Philip L. They have insurance requirements that they send you but nothing crazy and then I just sent that to our insurance broker who came back with 2 different quotes. The insurance for the rehab phase is different from after tenants are placed and it’s fully renovated. Rehab phase is a residential fire policy. They will also provide you with a quote from a group they work with but it was a bit more expensive so we didn’t use theirs.

Waldy Corniel · Answer

I was going to do a deal in bloomfield nj with express capital , but when we were about to close the deal, they started questioning my legal status In The USA . This made me very uncomfortable and simply decided to move on . Now I'll be closing next week with Flatiron Capital, which I find them to be very responsive and helpful.

Waldy Corniel · Answer

@Joe Jung

Initially they seemed to go really fast , then they slowed down drastically,  so I had to go in a different direction. I would suggest you to go with Dominion financial.  As they can qualify you for a revolving line of credit , that you'll be able to reuse again and again to fund your deals . This can give you a lot more speed .

Philip L. · Answer

@Joe Jung and @Chelsea KnappDid you manage to get the financing in the end?

Philip L. · Answer

@Chelsea Knapp awesome - quick question - did you have any issues in regards to insurance?

Philip L. · Answer

@Chelsea Knapp thanks for the info I really appreciate it - I was given a list of insurance policy requirement changes I forwarded them to my broker and they are able to make some of the changes but not all they are also saying no insurance company will offer a policy based on the request. ECF are saying to use their insurance but it's twice the price and after doing a little research they don't seem to be very well established.

Chelsea Knapp · Answer

@Philip L. I will say the insurance is definitely more than owner occupied which was expected but perhaps do some more searching or talk to another broker. Ping me in 6 months and I will let you know the end result. We’ll be refinancing through a local bank. Not having them involved in the rehab reduces the complexity of using them so I’m looking forward to getting the closing taken care of and after that we are just making monthly payments to them til refinancing. The appraisal was done through an independent company locally that local banks use so that has given us some confidence. In fact one of the banks we may refinance with said that appraisal company is one of the main three they use and we could potentially have the ARV appraisal transferred to our file with them and save on closing costs. We’ll see

Philip L. · Answer

@Chelsea Knapp I will do thanks for the help, good luck with everything.

Anyone use Express Capital Financing?

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