Yaisa H Cya

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LOST AN INVESEMENT PROPERTY AND MONEY BECAUSE LEND SOME MONEY DID NOT PROPERLY REVIEW MY FILE

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LOST AN INVESEMENT PROPERTY AND MONEY BECAUSE LEND SOME MONEY DID NOT PROPERLY REVIEW MY FILE
Original review Jan 29, 2022

On December 11, 2021, I submitted a loan application to Lend Some Money to qualify for a hard money loan to purchase an investment property.

On December 18, 2021 I received an email from a Loan Processor, stating the loan was conditionally approved.

The initial closing date was January 26, 2022. This deadline was missed, while the lender had all the requested documents, I was told the file was still in underwriting.

The seller granted an extension for me to close on the property until February 2, 2022.

I was assured by Loan Officer that the loan would close by the extension date.

On January 28, 2022 I was contacted via phone by the Loan Officer and informed that since I was not a current home owner underwriting did not approve the loan.

Lend Some Money provided a preliminary approval which meant there was an initial review of my file but yet waited for 47 days to inform me that the loan was denied.

Given it took 47 days for the lender to determine that I did not qualify for the loan, I have lost the $1,500 earnest money that I was required to provide to the seller.

The lender charged me $49.99 for a background/credit check and required that I pay $900 to have the property appraised. Also, I invested additional funds during the course of 47 days to purchse the property, I paid for an inspection and hired a lawyer.

View full review
Loss:
$3428
Cons:
  • Slow reponse time

Preferred solution: Let the company propose a solution

User's recommendation: Do Not Use This Hard Money Lender

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