LendingHome is an online real estate lending platform that offers hard money loans. LendingHome mainly serves real estate investors who want to finance their next fix and flip project or rehab. In this review, we will be focusing on obtaining a hard money loan from LendingHome. We compiled user reviews from around the web and determined that LendingHome generally has positive ratings.
Summary of LengingHome User Reviews
What LendingHome does well:
Users who gave LendingHome positive feedback were happy with the company’s customer service. Customers also liked the easy-to-use dashboard where they can upload required documents.
What LendingHome does not do well:
Users who gave LendingHome critical feedback said that they experienced delays in getting their loans approved.
Most Helpful Positive Review
A user who left a positive review on Zillow said that she had a pleasant experience acquiring an investment loan through LendingHome. She mentioned that everything went smoothly, from application to closing of the deal. She also said that though the process was online, the staff had the initiative to follow through by email or phone call.
Most Helpful Negative Review
A user who left a negative review said that the everything was easy until the underwriters got involved. He reported that there were three people asking him for information. And while he felt the underwriters demanded way too much information, he provided everything that was asked for. He complained that he has been in this process with LendingHome for over 30 days, and they are still not in a place to close.
Pricing varies per customer based on the value of the investment that they’re applying to get a loan for. Interest rate ranges from 7% to 12% depending on loan amount and payment terms. Loan amounts are for up to 90% of the loan-to-value (LTV) amount and 75% of after-repair-value (ARV), or the value estimated after renovations.
|Maximum Loan Amount||Up to 90% of LTV|
Up to 75% of ARV
|Minimum Down Payment||10%+ of LTV|
25%+ of ARV
|Interest Rates||7% - 12%|
|Points (Lender Fees)||1.5 - 2.5 Points|
|Typical Loan Term||1-3 years|
|Property Type||Single family home + multi-unit property in most conditions|
Minimum down payment can be as low as 10% of the LTV and 25% of the ARV.
Customers will be asked to answer questions about their loan application such as loan deadline, property type, and location of the property to determine the loan amount that they are qualified for. They will also be asked to upload documents as stated above to assess their eligibility.
All customers will have to pay a $199 application fee to start their loan process once they provide all the necessary information.
- Upload documents online
- Simplified, streamlined application
- Support anytime you need it
Useful LendingHome Resources
What is a Hard Money Loan and Who Is It Right For – Learn about this short-term financing option and how it can help small business owners.
Hard Money Loan Calculator: Find Out How Much Your Loan Will Cost – This hard money loan calculator will help you ballpark costs so you can factor them when making a deal.
Best Hard Money Lenders 2017: LendingHome vs. Patch of Land vs. Lima One Capital – Read our buyer’s guide for a comparison of the top hard money lenders for small businesses. We compare LendingHome vs. Patch of Land vs. Lima One Capital to give you an idea of which financing option will work best for your business.
Fix and Flip Loans: The 6 Best Fix and Flip Financing Options – Learn about fix and flip loans and how they can help short term real estate investors finance the purchase and renovation of a property.
Hard Money Lender Directory – Our state-by-state hard money lender directory lists loan details and contact information for local and national lenders. It has up to date lending parameters and borrower qualifications and is your one-stop-shop to find a financing partner for your next project.