Michael Grant

Review of LendingHome Corporation

We've secured the loan and signed the paperwork, b...

We've secured the loan and signed the paperwork, but we're still in the process (this is a construction loan). To-date it's been a good experience. The usual "we need one more document" was expected. There were a few "clarification of situation" phone calls towards the end that made me nervous about whether the loan was going to go through (after a LOT of work on the front end) and then I wouldn't hear, "Yes, everything is fine," to assuage my nerves. The No News is Good News adage applies, which can be frustrating. Also, this is a VERY expensive loan and there were many more fees than I anticipated on the final HUD at closing. These fees are probably standard to the practice, but some appeared at the 11th hour and by that point you're stuck. When they estimate $5-6K for closing costs, those are THEIR closing costs, not the ENTIRE closing costs, which actually more than doubled the total fees. I needed this loan so there was nothing to be done but pay it (it came out of the proceeds), but there is a lump in my throat over the extensive costs to close the loan. Be prepared. Ask for more up-front so you have what you need in the end.