Flip Funding
2021-02-18T00:42:49.696Z
This was my first time working with Flip Funding and I was highly disappointed! We started the refinance process for one of my properties in October of 2020 and did not close until the end of January 2021. After we specifically asked if there were any upfront fees outside of the appraisal, we were blind sided by an array of extra expenses including a BPO (in addition to the appraisal) and administration fees.The drawn out refinance process cost us thousands in additional interest payments on our initial hard money loan. The day of closing we were informed that the rate that would be on the closing documents would be extremely higher than what was discussed and agreed upon throughout the loan process. The entire journey was a mess! I really wanted to create a long term relationship with this lender. However, based on my experience I would not recommend working with them.---In response to your comment, the customer service I received from my loan representative was great! However, I wish I would have been directed to your contact as these misunderstandings began to arise.1) The BPO was requested because we were advised that Flip Funding would take the higher value between the Appraisal and the BPO. This did not occur on our file.2) Prior to starting the loan process I specifically asked if Flip Funding was a direct lender that did all of their loans in house or if they loans were sold to other companies. I was reassured that Flip Funding was a direct lender and that the loans were done in house. Having this information upfront would have allowed me to make a more informed decision when selecting our lender. If this policy changed at any time during the loan process I should have been notified immediately.3) Yes the charge of $250 was initially disputed because the charge was not recognized amongst our other transactions. It was our expectation that the charge would come from Flip Funding and not a third party. We called the number that appeared on the transaction statement multiple times to identify the charge and received no response. Once we clarified that the third party charge was indeed on behalf of Flip Funding we notified the bank that the charge could be approved.4) A week before closing we were actually informed that the rate would be around 5.7%. The issue with rate increase is that we were not informed of the change until the day of closing. Just to clarify, we were refinancing out of a short term construction loan into a 30 year fixed loan with the intention of securing a lower rate.Flip Funding has all of our contact information, so please do not hesitate to reach out.
This was my first time working with Flip Funding and I was highly disappointed! We started the refinance process for one of my properties in October o... More