Finance of America Commercial, a division of Finance of America Mortgage LLC - NMLS ID# 1071 Fairview Rd, Charlotte

Finance of America Commercial, a division of Finance of America Mortgage LLC - NMLS ID# 1071 Reviews

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  amanda williams
  1

  Just wanted to put a word of caution out there about Finance of America Commercial. I recently was approved for a LOC of 2.5 million BUT quickly discovered they are selling a bag of goods that they don't deliver. The LOC was easily approved within 2 weeks -- albeit a lot of documentation was needed. I then proceeded with a new construction loan and was told that my closing date was easily doable. I sit here 6 WEEKS after they have received my application and they have not closed. There was NO communication at all after the LOC was issued. They just blew right past the original closing date with ZERO communication, I then voiced concerns, and was told I would get answers which never happened -- I then reached out to management and finally started to get some communication. Then there was the appraisal. I was contact by 3 different appraisers who had no idea what they were appraising -- which was a vacant lot and a yet to built new construction home. When the appraisal finally came in it was SIGNIFICANTLY lower than expected (and I have sold many of these homes already this year, so I have the value pretty dialed in). They used comps from 8 months ago!!! Additionally, get ready for the fees! They will sell you on the "lower rates & points" , but the fees make them as or more expensive than other HML's. Finally, I just canceled the loan and am not even interested in trying to utilize the LOC. They are not a good fit for any investor trying to scale their business -- you will lose deals as they drag their feet. If you are a new investor STAY AWAY! Luckily, I have other HML's that I use for construction financing and am already off to the races with them. The only reason I spent any time with FOAC was b/c of my business scaling this year and trying to increase the number of lenders I work with. Hopefully, this will save some of you from the headache!!

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  Ron Bibb
  1

  BEWARE...Do not do business with this company. I am in the middle of trying to refinance a buy, fix, and hold. I explained that the hard money loan was closed in my name but I am refinancing it into an entity in which I am a minority owner. They assured me at the onset that this would not be an issue, however after paying the $950 deposit, having appraisal and title work done and going 7 weeks into the process they deny the loan because the majority owner was not on the title (THE ORIGINAL ISSUE THAT I EXPLAINED AT THE BEGINNING AND WAS ASSURED WOULD NOT BE A PROBLEM). I have since found a company who will do the loan and all I need to avoid another appraisal on the property is an email from Finance of America permitting the appraiser to transfer the appraisal I paid for to the new company. I have been trying to get this simple email for over a week. Forget that they have wasted my time and money over the past 2 months, the responsiveness is absolutely atrocious. The loan has been transferred from one processor to another, and the processor who last had it will only respond to an email after multiple email and phone call follow ups. I've been in this business for over 10 years and have never seen anything like it. I chose this company because they merged with a company I did business with, B2R Finance (who financed a deal with these same title circumstances with no issues, by the way), but It has been a very frustrating and costly decision. BUYER BEWARE

  Response from the owner

  We are not able to locate you in our system with the information provided. We apologize for the experience you’ve had, and would like to help as much as possible. Please reach out to [email protected] so that we can best address your concerns.

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  Scott Argyle
  1

  Worked though a broker, the process took nearly 60 days, asked for every possible documentation and took forever to review it. I was reassured through the whole process that everything was great, the loan was no problem. I got to the day before closing and was told they decided not to do the deal. Lost the deal, all my appraisal and inspection money, over 60 days of my life. Thanks for nothing! Beware of this shady company!!

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  nicki scott
  1

  Hey guys, WARNING!!! Stay far, far, far away from this company! My business partner and I structured a few potential refinance deals with this company and they all went south!👎this company appear to have hired inexperienced people that knows little to nothing about lending.

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  isaura flores
  1

  I worked with Finance of America for about a year, and everything was great. Our sales person wonderful. They asked me to "refresh" our line of credit few weeks ago and it has been a HORRIBLE experience. We have an important closing, and we sent everything requested (the same day) to expedite everything and be on time for closing. I had to call another lender for help, since I still have no answers. WORST than a bank application (Isn't FofA supposed to be a better option for good investors like us?). VERY Dissapointed

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  Robert Woods
  5

  Awesome company, great people to work with... Christie did a great job got my first deal funded in 14 days!

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  Kyle O'Hehir
  1

  Worst hard money lender out there. Have never seen them close a loan in less than 60 days.

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  Ryan Rader
  1

  Sellers and agents beware. Another hard money lender that sends pre-approval letters then revokes them while in escrow.

  Response from the owner

  We’re here to help and would like to address your concerns personally. Can you please provide your name and loan number via email to [email protected] so that we may assist?

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  Rafael Amzayan
  5

  Hard money loan rates are very competitive lowest rates and origination I have been able to find.