Does anyone have experience with Corevest Finace line of credit?

[Vik P.]

I have been approved for a large acquisition/renovation LOC from Corevest Finance. I am planning to use it to significantly expand my portfolio (mainly BRRRs along with some fix n flips) lin three different markets The rate is quite competitive 9.95% IO and 2% for each advance (per deal). The LOC is for 18 months and no draws alllwed in the last 6 months. It does have underwriting and closig fees of about 2-2.2k. After 18 mnths line can be renewed for another term for about 800-1000. I havent closed on it yet and wanted to run it by you all to get an opinion from some of the experts here on BP. Does anyone have experience with Corevest Finance for their LOC or with Corevest in general on any of their other offerings. I did some research on the company and they are definitely legit. They were Colony American Finance which was renamed and are or were a part of blackstone group I believe If any of you have any experience or information about the company it will bw great if you can share. Thanks in advance

[Chris T.]

I used Corevest end of last year to cash out 2 SFH. It was a 30 years fixed rate at 6.875%. Prepayment penalties for the first 3 years. Closing was smooth and quick. More importantly, they only underwrote the property. Not my entire portfolio.

Here're the fees that they charged me.

CoreVest Fees:

1. Loan origination fee 1.00%
2. Processing Fee $1,295.00
3. Loan Doc Fee $295.00

Additional Costs:

1. Appraisal and market rent analysis Fee average cost is $550.00
2. CDA Review $75.00
3. Flood Cert $15.00
4. Credit Report $24.95, if foreign national, please discuss cost with your processor.
5. Background Check report: U.S. citizen $100.00, if foreign national, please discuss cost with your processor.
6. Tax Service (one time fee for yearly tax certification for taxes owed for proper payment and escrow requirements) $105.00
7. Title Charges, recording fees and escrow: variable $ amount
8. If borrowing in an LLC $350.00 for attorney review
9. Condo Underwriting $125.00 (if asset is a **condominium)