FYI , Stay away from FLIP AND FAST LOANS LLC. On the initial phone call they will approve you for 100% closing cost & 100% rehab, tell you they need a fully refundable $2,000 commitment fee wired that day and it will be wired directly back to you after successfully closing.
After your $750.00 appraisal is received , it takes them a few weeks to hear back from the "Committee", then they come back with the new updated term sheet a few days from the closing date. Now it's 85% purchase LTV & 100% rehab and you have no choice but to move forward if you want to pursue the purchase. They also went from two points to four and added few other fees. The %85,000 loan had $7,000 lender fees. I did continue with this purchase on 6/27 and went on for weeks asking about $2,000 reimbursement, nothing.
During the time I was waiting on appraisal I acquired another property under contract and I thought everything was moving smoothly so I gave them an additional $2,000 commitment fee for the new property, same scenario, I was approved for 100% purchase ,and thinking the commitment fee would be reimbursed. boy was I wrong.
The second home was a $164,000 loan and of coarse the new terms came in after appraisal and now its $11,000 in lender fees, yes I put that correctly, $11,000.00. By now I knew I was not getting my first $2,000 commitment fee and never going to see my second $2,000 commitment fee and now $11,000 in closing fees I backed out on the deal .
They only operate the business through text/email. No one will ever answer the phone and every phone number I tried calling on from their text, I always received a full voicemail. Every once in a while I would receive a text asking if I could take a call at a certain time, but it’s only an employee that has no authority in the company, just someone to take all the frustration from the borrower. I did always fell bad talking to her as this was my only option to vent.
They still have not reimbursed my commitment fee after sending multiple emails and no reply.
I looked more into their business and the address they use is actually a remote office anyone can set up, they give the business an address and phone number. I don’t even think they live in the states.
When you see other investors say NEVER pay upfront fees listen to them.
I'm just chalking this up as one of my many learning experiences I have had in this business. There are so many more issues I had with this company anf if anyone wants to more information of my experience, I have all the emails, text,HUD statements. I am just thankful I don't have to hear anyone from this company say" waiting on the Committee for an answer " ever again I must have heard this 200 times LOL ,
