customer
Very frustrating experience
The process felt like a bait and switch. They reduced the LTV at the last minute when I had no other option but to follow through closing with them even though they knew a several weeks before closing that the market rents for the properties I was purchasing were insufficient to meet their DSCR requirements with a 75% LTV. I was doing 4 loans for different properties all at the same time and because they changed the LTV I lost around $7,000 in earnest money, inspection and appraisal costs because I couldn't close on one of the properties with the decreased loan amounts. They didn't apologize or offer to make it right. There were mistakes with closing documents and poor communication and lack of communication sprinkled throughout as well. I only gave them two stars since they did deliver on three of the loans. I won't be doing any more loans with this company. They're claiming that they changed the LTVs based on the fact that the tenant was a commercial business subleasing to individual tenants and they couldn't accept the leases at face value. All that is true, but they knew this information 3 weeks prior to closing, but didn't tell me that it would change the LTVs until 5 days before closing when it was too late for me to pursue other options.
Response from LendingOne, LLCMar 8, 2023
Russell, Thank you for taking the time to provide your feedback. I’m sorry to hear about your experience. At LendingOne, we aim to deliver excellent customer service and execute transactions in a timely manner, so we are disappointed to hear that wasn’t the case for you. After further review, the files were delayed due to multiple product changes per your request that occurred right before the closing dates. In that event, it becomes increasingly difficult to redraft documents in time for a hard closing date. LTVs in this scenario were impacted due to the type of tenants on your leases not being individual renters, but commercial organizations subleasing the properties. We will reach out to you directly in the event any further questions need to be addressed. -CM