Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 6 hours ago on . Most recent reply
The worst company I have experience in submitting draws from held back Rehab money
We have two properties under Kiavi as the lienholder/lender. The worst company to deal with submitting draws for renovation. They are so focused on their stupid form and its format, they rejected my submissions multiple times, the contractors even submitted one. They still rejected it. They even sent a person to the renovation site and still rejects the draw submission. I would never consider Kiavi as the lender. Never again.
Most Popular Reply
#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
- 63,160
- Votes |
- 42,832
- Posts
#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
Quote from @Erik Estrada:
Hi Joven,
I do agree that their draw process is very standardized, which does not help investors get draws quickly. They require you to elaborate on draw requests and basically lay it out for them which can make the process very frustrating. It also does not help that they take forever to process your draw requests.
I think you will benefit from a true private lender, as they don't require too much paperwork for draws and it can be as simple as submitting a form and taking pictures and receiving the draws in 24-48 hrs.
its what one comes to expect when a HML company goes wall street and gets so large that is just a big they get very formal and ridgid. Myself and True PML my requirements are cell phone video walk through and then dollar requested.. No budget none of that.. I know what needs to happen with houses .. and I just do lump sump draws normally 2 to 4 per project.. Many times I release the funds same day or next day worse case.. now to be fair if I was the size of Kiavi and when i had my traditional HML company we had a much more formal process. Keep in mind this lender does not know you does not really know the property.. they are simply making a loan based on a loan application and some sort of apprasial.. I personally know all my clients and I personally go to each market that I provide capital in and spot check the jobs throughout the year.. I dont even have an application form.. Its true belly to belly lending :)
- Jay Hinrichs
- Podcast Guest on Show #222
