Finance of America Commercial
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I have done a number of projects with…
I have done a number of projects with various private money lenders including Finance of America Commercial. Since I've used them about a dozen or so times here is my experience. They have put me on an island a number of times. One example is when they issued me a Clear to Close on a deal and suddenly the day before closing advised me that they are no longer lending in IL due to covid. I had to frantically search for another Private money lender at the 11th hour and almost lost a deal that ended up being a home run. Other situations that basically left me up a creek was when they changed their requirements for draws to be released, and most recently decided they will not release draws that were escrowed because of delays for the project. The delays in this case were due to an eviction on a property (which they knew because no access was given during underwriting and occupancy status was known. There is significant turnover within the firm which causes you to get handed off from one Loan officer to another. This company is NOT a Loan Partner but feels more like a Loan shark. There are plenty of lenders that can get deals done faster, smoother, cheaper, easier, and without the headaches. STAY AWAY.