Has anyone used Investwell for a rehab loan? Any feedback would be appreciated.
Ive referred clients to them, one funded and the other fell through. You might give them a try but i think they are a bit slow.
I’ve got a great contact over there that can really help speed things up and make sure the process is done smoothly.
I refer them to clients as well.
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Ben, How did it go for your clients and how was the turnaround on payments?
Zach,
Why did the one deal fall through? Were the numbers feasible?
Went well for them. Are you asking how the draw process went? Then -Ok
Yes, I meant the draw process.
thanks Ben. I will PM you.
Yhis investor has recently changed their guidelines (June 7th)—here are some of the recent changes they have made to their guidelines are:
- Down payment which is incremental based upon FICO (old guidelines didn’t require this).
- Provide W-2/1099 info (prior guidelines allowed investors to fund with just a valid license, two bankstatements and a copy of your SSN card).
- Increased min. FICO requirements changed from 550 to 575
One the positive side, they now allow the escrow of monthly payments…
I’ve been working with Investwell for over 10 years and I escalate/elevate any issues I have with submissions to the senior partner.
Good luck!
Regards,
Scott Miller