Anyone heard of Corevest?

Question

Our company is possibly looking for other financing options for our future rentals and I came along corevestfinance.com. Has anyone ever dealt with this company or heard of them before? We are only dealing with local banks at the moment but I feel we may have better options if we venture out. We currently have 6 properties. We have 5 single family homes and 1 commercial property.

Necho Williams · Answer

Sorry I am late to the party —

I have 19 properties through COREVEST. I have a total of 59 properties, and this is the only lender I’d NEVER use again. They’ve tried to have me complete a few more deals after our first and I’ve never moved forward. The closing fees were astonishing, the servicing department is only available via email, which takes a bit of time for reimbursements. I have an additional 6.9 years remaining with this loan, and debate if it’s worth using the large some of equity in the property to get out of this deal. I would not recommend this lender for small investors. Financially, I’m in great place because I’ve been able to scale quickly, but most people won’t be as lucky and will loose a lot if they choose this company to partner with. I’m also a realtor and is my own PM.

I hope that helps.

- Necho

Ward Conville · Answer

I did a cash our refi with Corevest a few months ago.  They were easy to deal with and all went very well and closed relatively quickly.  So far the servicing side has been easy as well.  I would recommend them.

Darren Huang · Answer

I started the process of a portfolio loan with Corevest and ALMOST closed with them, but due to me being a foreign (non-US) national, they were demanding a lot of things like cashflow management (all rent goes to them first, I had to ask for draws to pay for repairs), they wanted monthly reporting, and they wanted me ask my property managers to sign away their right to be paid management fee first (basically Corevest wanted to be paid before everyone else). That final request was the last straw for me - I had a 7-year working relationship with my property managers and did not want to slap them in the face by asking them to sign away their right to be paid. I walked away from the loan and refinanced with Mofin instead. The rates were higher, but Mofin was less demanding.

Robin Simon · Answer

For deals this size, you are probably going to need to find a local private lender or bank - the national platforms (brokers/DSCR Lenders) are likely going to pass due to size

Shawn Sheikhzadeh · Answer

I really need help!

I have landed the deal of the lifetime, but can't find a lender.

Here is the problem, price per door, I am buying these well below market value at 45K a door, but most lenders have a minimum of 75K per door. if any of you know any lender that can help

David Li · Answer

I closed a deal with them when they were called 5 Arch. It was possibly the worst experience I had ever faced. Seller and I were ready to close but had to wait for months for 5 Arch to their stuff together. Loss a bit of money due to having to constantly push the close date. My agent and I agreed that that was a terrible experience. YMMV

Aaron Shoemaker · Answer

@Julie Sisnroy- I’m wondering the same thing!

All- I’ve gotten a quote from corevest, and they seems to be the best option I’ve found so far, but they require 5 units minimum, which is really slowing down our refi schedule.

Definitely still interested in finding a lender who will lend to a company for single units.

Julie Sisnroy · Answer

Based on what Darren said above, sounds more complex than just a standard conventional. I prefer something easier!  :)   And it sounds like they are going true "commercial".  Trying to get smart about leveraging. What is the best type of lending for multiple SFH but don't have 20% cash for each of them.  Or is that required to obtain multiple SFHs?   Portfolio?  Commercial?  Pros and cons?  I am still trying to learn more creative financing!  I am looking at buy and holds, so I don't think HM is my solution.  I can get caught up in analysis paralysis learning about the endless ways to finance!

Timothy Hero · Answer

I broker for them -- well, sort of. It took them 6 weeks to close a single asset refinance for a borrower of mine. Then they took away their single asset loans. They only do "true commercial" now and portfolio loans. True commercial meaning 5 unit+ properties.

Anyone heard of Corevest?

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