LendingHome is an online real estate lending platform that offers hard money loans. We compiled LendingHome reviews from around the web to determine what LendingHome customers think about the company.
LendingHome mainly serves residential property investors who want to finance their next flip ventures. In this review, we will be focusing on obtaining a hard money loan from LendingHome. For more information on what hard money loans are and who they are right for, go here.
LendingHome Customer Reviews
Summary of LendingHome Customer Reviews
We scoured online reviews and found that LendingHome has generally positive ratings. Here’s what we found:
What LendingHome does well:
Most of the positive reviews mentioned the convenience and fast turnaround time of using LendingHome in having high-value loans approved. Customers were also happy with the easy-to-use dashboard where they can upload required documents and the hands-on customer support they received from the LendingHome team.
What LendingHome does not do well:
Negative reviewers said that they experienced delays in getting a loan through LendingHome which resulted in unmet deadlines with brokers that prevented them from closing deals and buying properties.
Most Helpful Positive Review
A user who left a positive review in Zillow said that her experience with LendingHome was smooth and simple having closed a loan after only 10 days. She said that the quicker a customer provides and completes the required documents, the faster the process will be. She also mentioned that the team was knowledgeable about the entire lending process, and will walk you through the process if you have questions.
Most Helpful Negative Review
A user who left a negative review in BirdEye said that he experienced delays in closing a loan which resulted in him losing a property he wanted to buy. He also noted that he had to repeatedly send required documents and that the process took so long because it took the appraising partner company three weeks to assess the value of the property he was eyeing.
LendingHome Reviews From Customers Around the Web
Here are a few other resources for finding helpful LendingHome reviews from customers. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
|User Review Website||Average Rating||Number of Reviews||Quality of Reviews|
|Bankrate||4.9 out of 5||32||Great|
|Zillow||5 out of 5||19||Good|
|BirdEye||3.6 out of 5||26||Good|
How We Determined Quality of User Review Websites
- Bankrate has great quality reviews and gives customers the option to rate the service in the following areas: professionalism, knowledge, responsiveness and level of service. The site also has the most recent reviews.
- Zillow has great quality reviews and has verified customers. The reviews left by customers were informative and detailed giving potential customers enough information to assess the credibility of the company. However, most of the reviews were given more than a year ago.
- BirdEye has good quality reviews and verifies reviews before posting it on their site. The site provides the customers a general feedback form to share information about their experience with the company. The website also has recent reviews.
|Hard Money Loan|
|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|
|Approval Time||As little as 3 minutes|
|Qualifications / Information Needed for Approval||- Personal bank statements
- Purchase contract
- List of past projects
- Contractor bid and scope of work
- Answers to basic questions
- Down payment
- Min. credit score of 550
- Upfront costs and fees
|Property Type||Single family home + multi-unit property in most conditions|
Loan amounts for customers 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 Minimum down payment can be as low as 10% of the LTV and 25% of the ARV.
While pricing varies per customer based on the value of the investment that they are applying to get a loan for, the interest rate ranges from 7% to 12% depending on the loan amount and loan term period.
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.