LendingHome

[Ryan Ilardi]

Has anyone used LendingHome to finance a property? The info they provide seems to make them a really good option but I have never heard of them. I did a google search and did not find much information on them.

[Michael Gansberg]

I have experience with Lendinghome. I attempted to refinance five rental properties, and found their process to be incredibly onerous- more documentation than my local neighborhood bank, plus my neighborhood bank offers loans at 5%, where Lendinghome clocked in at roughly 8%.

I thought I'd try them anyway- it was a small loan, and I didn't want to bother my neighborhood bank(they regularly provide financing for me on residential/commercial properties above 4 units in size, this deal was a bit trifling for them,) plus Lendinghome's site suggested a fast and easy closing process, which as noted above, turned out to be anything but the case.

The appraisals came in dramatically lower than expected. Prior to receiving the appraisals, I asked the Lendinghome representative what would happen if the appraisals were too low to make financing viable. He stated that a full refund of my five $199 application fees(yes, that's $995)would be provided.  Turned out that he changed his mind- the appraisals were low, I suggested as much and asked for a slightly higher valuation, he said Lendinghome couldn't do that, and further, since Lendinghome put out money for the appraisals that they could not refund my application fee.

To add insult to injury, he stated that at least now I have five appraisals worth $450 each. The appraisals, in my opinion, are incorrect, so I can't imagine them being worth $450 per- further, who could I sell them to? Having no use for them and being unable to sell them leads me to think that they surely can't be worth $450.

It's also interesting to note that Lendinghome suggested the appraisals were a starting point on the road to a proper valuation, and that there was some wiggle room. When I suggested raising the valuations by a bit over 7%, Lendinghome told me to have a nice day and that they could not make the loan.

So, in conclusion, I must warn consumers away from Lendinghome- deceipt and personal finance do not mix well.