Recent Experience with LendingOne

[Kate B.]

I was recently referred to LendingOne by a fellow investor and just wanted to share my experience thus far as I feel there's a lot of marketing bait and switch happening with lenders that advertise terms and loan structures...

Our past and current project:  We do buy-rehab-refi-hold (airbnb) rentals, not regular rehab flips.

First off let me start with the things I think LendingOne excels at:

1. Nice dashboard to upload and store all your documents to track how the loan process is coming along. 
2. They followed up right away on my pre-approval application that I submitted online.
3. The appraisal (which usually seems to be a bottleneck with other lenders) reached out right away, even before my term sheet was finalized.

Now here is where I feel a bit frustrated with their product marketing and what I actually got. And please don't comment that rates, terms, loan structure are variable. I know that :)   I have great credit 740+ FICO, a few flips under my belt and this current project isn't complicated ($110k purchase price, $20k rehab for cosmetic fixes).

1. They pulled credit before my term sheet was issued :(   
2. 90% LTV on purchase / 100% LTV on rehab (What they sent: 65% LTV on purchase / 100% Rehab)
3. Rates starting at 7.49% for 12 mos  (What they sent: 10.49% + 2.75% Loan Orig)
4. We have a tight close date and I have to call the Account Executive everyday to find out what the status of the loan is, term sheet, etc..

I'm not sure if I will use them for this project as I have already received 90% LTV for purchase and rehab, 9.49%, 12 mos, 1% loan orig, from another source but I wanted to try them as I heard many good things about them from other investors.

I'd like to hear from others that have used them if they've had a similar experience?