This was a first-time flipper. He had a deal that he first brought to us, so we quoted 82.5% + 100% of rehab. On the second deal, he assumed we'd be at the same terms, but it was lopsided (rehab much larger than purchase). So he got angry.
Most experienced investors will understand this. This is all PRE- ordering of the appraisal, so really nothing was affected here. He didn't lose the deal because of us, he simply went with another lender.
They said they needed to close in 5 days, yet claim we harassed them for docs. So clearly the story doesn't add up. They were probably irritated they weren't able to get the same terms as the first deal, not just with us but with any other lender.
We've closed over 250 loans last year, over $100MM in fix-and-flip and rental loans in 2019. Hope that answers any questions.
