Finance of America Commercial - Any Good?

[Aaron Araujo]

Hey Everyone!

I'm looking at short term financing options for a BRRR deal in New Bedford, Massachusetts. I cam across Finance of America Commercial and spoke with a representative who sent me over an application packet for a line of credit product.

Has anyone ever worked with them or similar hard money type lenders? I want to make sure they're legitimate before proceeding with the application process. Any insight would be appreciated!

Also, if anyone knows of any reputable private or hard money lenders in the New Bedford / Fall River area then I'd love to connect! 

Thanks guys!

[Stephen Herbert]

FOA advertises stellar rates on all of their programs, but the reality is that they underwrite like a bank and it will take 3-5 weeks to close the deal. They have a lot of fees, and I have broker friends who have stopped using them due to the poor customer service and communication. If you're willing to work for the rates and run the risk of not being able to close on time, then they're a viable option.

They're one of the many national HMLs that have introduced prohibitive amounts of red tape to their underwrite. DM me and I'll be happy to share more info.