Lendinghome.com contacted me to provide financing on five rental properties. For each property, I was charged a fee of $199, for a total of $995. Prior to paying this fee, I asked what would happen if the loans weren’t made- would I receive a refund? I was assured that I would. After being told that the closing process is about three weeks long, I moved ahead. It turned out that it took four weeks to even receive the appraisals back. Further, Lendinghome told me to write receipts for rent I’d received to prove that it had come in- how odd and what sort of proof is it if I simply write a receipt? Further, what was supposed to be an easy process was anything but. Lendinghome ends up asking for much more detail than a regular bank- after all the scanning, faxing, and emailing, my head was spinning. The worst part? After all that effort, I asked Lendinghome to confirm that if the appraisals came in low and made it so the loans couldn’t be made under the original terms, they’d refund my money in full. The representative(Stephen Herbert) assured me that they would. But surprise! The appraisals came in low, the loans couldn’t be made, and Stephen said they couldn’t refund my money because they’d spent so much on the appraisals. To cap it off, he said now I have five appraisals worth $450 each. The appraisals were so bad, they wouldn’t even be useful as toilet paper. A simple test for insanity- anyone willing to pay more than a penny for these appraisals would clearly be insane. WARNING! Do not work with Lendinghome- what they tell you isn’t always true, and when dealing with your personal finances, an honest and open counterparty is of paramount importance.
Real Estate Services