Kiavi is the worst lenders I have been working with

[Zongfu Li]

An agent named Mathew Dial contacted me for loan opportunity and told me how flexible and how easy they can provide bridge loan lending and conventional lender. I tried one with them as a refi over 2 condos. We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500. After going through appraisal and all the applications process, they rejected the loans, over how HOA consists of too many investors vs homeowners, I then picked another unit in different community, did the same process, then they rejected the another execuse over HOA, It costs me several months times of refi and I requested the refund of appraisal fee and didn't get this refund. I refi-ed with many lenders and never got into these problems, don't work with Kiavi. Even one of my brokers said Kiavi sucks and he will not use KIavi again

[Chris Seveney]

@Zongfu Li

Where are you trying to refinance (what state?)

[Mason Weiss]

Hey @Zongfu Li, you should try and work with a mortgage broker to avoid these scenarios. Let me know if you still need assistance with getting this done.

[Matthew Crivelli]

Quote from @Zongfu Li:

An agent named Mathew Dial contacted me for loan opportunity and told me how flexible and how easy they can provide bridge loan lending and conventional lender. I tried one with them as a refi over 2 condos. We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500. After going through appraisal and all the applications process, they rejected the loans, over how HOA consists of too many investors vs homeowners, I then picked another unit in different community, did the same process, then they rejected the another execuse over HOA, It costs me several months times of refi and I requested the refund of appraisal fee and didn't get this refund. I refi-ed with many lenders and never got into these problems, don't work with Kiavi. Even one of my brokers said Kiavi sucks and he will not use KIavi again

My friend, you are trying to buy non warrantable condos. This is going to be an issue with the majority of commercial lenders, not specific to Kiavi. Granted, your rep should have questioned you about the warrantability status prior to you paying for an appraisal. Also the $750 appraisal cost is pretty much standard with fix & flip + DSCR lenders. You very likely will have the same gripes / issues outside of Kiavi. 

[Robin Simon]

Quote from @Matthew Crivelli:

Quote from @Zongfu Li:

An agent named Mathew Dial contacted me for loan opportunity and told me how flexible and how easy they can provide bridge loan lending and conventional lender. I tried one with them as a refi over 2 condos. We got started, but they hired an appraiser and charged me $750, while typically appraisal costs around $500. After going through appraisal and all the applications process, they rejected the loans, over how HOA consists of too many investors vs homeowners, I then picked another unit in different community, did the same process, then they rejected the another execuse over HOA, It costs me several months times of refi and I requested the refund of appraisal fee and didn't get this refund. I refi-ed with many lenders and never got into these problems, don't work with Kiavi. Even one of my brokers said Kiavi sucks and he will not use KIavi again

My friend, you are trying to buy non warrantable condos. This is going to be an issue with the majority of commercial lenders, not specific to Kiavi. Granted, your rep should have questioned you about the warrantability status prior to you paying for an appraisal. Also the $750 appraisal cost is pretty much standard with fix & flip + DSCR lenders. You very likely will have the same gripes / issues outside of Kiavi. 

I would have to agree with this - appraisals are no exemption to the general inflation/rising costs of the past few year s- $750 is hardly outrageous and investing in non-warrantable condos and with HOA restrictions is always going to have a risk for hiccups

[Tarik Turner]

Not an advocate or an affiliate of Kavi but just to add to the previous posts here. Most lenders who order appraisals are required to order them through a 3rd party AMC, which can add additional costs to the appraisal but ensures that there is no lender (Or borrower) bias in regards to the values. So although you may be able to contact an appraiser in your area and get a quote of $500 for an appraisal, $750 is pretty standard to see during the mortgage process.
Anytime you are looking at purchasing a condo with a mortgage, the HOA Questionnaire is always going to be a key point of the loan process. If possible, in the future I would try to obtain a copy of a standard Condo questionnaire from the HOA prior to the mortgage application process and ask your lender to review it in advance in order to mitigate some of the time and costs risks associated.
Hate hearing that it didn't work out for you on that one.

[Tony Moore]

Hi all! This sounds like good information. I have gotten a few loans through Kiavi. I would consider using them again. I like their portal, because I feel that I am able to have a good idea of the status in processing of my loans, but I would be intentional about the loan officer I work with. My experiences were a couple of years ago and I was originally told the appraisal had been assigned and the rate would be $780 but then later I was told that appraiser was cancelled and they'd found someone else who it was assigned it for $935. I expressed my objection to the rate. I was then told that's the rate for the area. I knew that was not true because I had paid $780 a couple months before on a property in the same area and also my realtor told me that her clients had been paying that lower rate. The loan officer (Maria Barnes) would not request that it be reassigned to another appraiser at the lower going rate. I stood my ground and eventually she got an appraiser at the $780. My point is that in my case I believe was a problem of the loan officer who I ended up using once more. She provided me incorrect information and my 6% locked rate ended up closing at 9.99%. I had little choice since I was financing out of a construction loan that had little time before a ballon. I now am more selective about loan officers as well as lenders. I will not work with Maria Barns again. I believe sometimes a bad experience is more reflective of the individual than the company. 

[George Despotopoulos]

There are bridge & DSCR lenders that can finance a non-warrantable condo. You don't need a mortgage broker, just a reputable, competent direct lender that will ask the important questions upfront to properly screen your deal. Unfortunately, not many around like that...The appraisal is about $150-$200 higher than standard cost because they likely went through an appraisal management company ("AMC") to get the appraisal ordered/assigned. The AMC charges a fee on top of the appraisers. Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that).

[Davis Barrow]

Quote from @Tony Moore:

Hi all! This sounds like good information. I have gotten a few loans through Kiavi. I would consider using them again. I like their portal, because I feel that I am able to have a good idea of the status in processing of my loans, but I would be intentional about the loan officer I work with. My experiences were a couple of years ago and I was originally told the appraisal had been assigned and the rate would be $780 but then later I was told that appraiser was cancelled and they'd found someone else who it was assigned it for $935. I expressed my objection to the rate. I was then told that's the rate for the area. I knew that was not true because I had paid $780 a couple months before on a property in the same area and also my realtor told me that her clients had been paying that lower rate. The loan officer (Maria Barnes) would not request that it be reassigned to another appraiser at the lower going rate. I stood my ground and eventually she got an appraiser at the $780. My point is that in my case I believe was a problem of the loan officer who I ended up using once more. She provided me incorrect information and my 6% locked rate ended up closing at 9.99%. I had little choice since I was financing out of a construction loan that had little time before a ballon. I now am more selective about loan officers as well as lenders. I will not work with Maria Barns again. I believe sometimes a bad experience is more reflective of the individual than the company. 

@Tony it's interesting that your 6% locked rate wound up changing so much prior to closing. I was working with Kiavi on a DSCR cash out refi 75% LTV on a SF home in NC that is rented to a long-term tenant.

We setup the application, credit came through and the appraisal came through for both value of property and the "fair market" rental value. The terms were 6.875% 30-year fixed, which I applied for in October. My loan officer approved the rate lock. We were set to close Friday (December 6, 2024). Rates have gone up a bit since signing my rate lock and I was very pleased with the deal, even though I had to pay ~$800 for an appraisal and 1.5% origination fee + $1000 service fee and closing costs. Today (one day before closing) (December 5, 2024), my loan officer reached out to me and said a few things came up last minute and we will not be able to close tomorrow--in fact we cannot close at all my the rate lock which ends tomorrow and he cannot extend it. Basically, if I want to keep the loan the new rate is 7.375%. New closing set for Dec 10. 

TLDR: I do not think Kiavi operates with good business practices. The people are a bit abrasive and the fees are excessive. They blew up my nice rate lock for no specific reason and would not extend it even four days. 

[Raymond J. Rodrigues]

@Davis Barrow they didn't want to extend your rate lock because they wanted you to buy more expensive paper which is a bit unfortunate. We do not treat our clients like that.. Definitely a bad way to do business.