i3 Lending, inc W Uwchlan Ave, Downingtown

i3 Lending, inc Reviews

• S

  Sam Benner - Team Leader
  2

  I've worked with some bad lenders before, but these guys take the cake. My client chose them against my recommendation and now we are paying for it. It all started with a gentleman named Fidel who assured us that my client was approved and good to go with the purchase of a condo in Los Angeles. We wrote an offer accompanied by a letter of pre-approval for a 5% conventional loan and it was accepted. During the opening days of escrow we were stunned to find out that Fidel had been let go from the company and a new person had been assigned to our file named Anthony. Upon review of the file Anthony told us that the original loan program Fidel had quoted us was not valid anymore and we would need to put more money down, now 10% down. Tough news, but my client was able to raise that money and we were back on track. Anthony told us we were okay to remove our loan contingency which put my client's deposit at risk. Then, we were told again that my client would need to bring more money into the deal and Anthony shopped around with other lending sources which racked up more inquiries on my client's credit report. Anthony ran out of options so we were passed on to a manager named Hiren. Only days from closing Hiren made attempts to work with the underwriter. Hiren was challenged as he was not able to give his full attention to the file as the company is in the process of a merger. We were set to close a week ago and I was assured that they would be able to get this done so I bought time with the sellers which ended today. Hiren, however, became unreachable. I had to call the main office and after being on hold for some time they finally gave me his cell phone number. After multiple calls, texts, and emails to Hiren, Anthony, and the processing department I got a call back just a few moments ago saying that the only way this could work was if my client put 20% down. We now have to start over, attempt to keep the deal together, potentially lose over $10,000, and my client is now homeless as she gave notice where she was renting. This is all because of this experience with i3. I would highly recommend steering clear from these guys and if you can, work with a lender that is local, understands timelines, and doesn't mislead their clients.