Lendinghome Review (2021): Scam or Legit?

by vaibhav
Updated on

Lendinghome is a platform that connects borrowers with lenders. The company claims to offer “safe, easy and transparent” lending services for people looking for short-term loans. However, there have been many complaints about the company’s shady practices including not repaying debts on time and also charging high interest rates to borrowers who are already being financially burdened by other debt obligations. This review will provide you with all the information you need before deciding whether or not Lendinghome is worth your money.,

The “kiavi reviews” is a review site that has been around for many years. The site is well-known and trusted in the industry, but it also has a bad reputation.

Lendinghome Review (2021): Scam or Legit?

Platform Notes from LendingHome Funding Corporation are secured, limited-recourse liabilities backed by a mortgage loan originating on the LendingHome platform.

LendingHome collects fees from the underlying mortgage loan and pays Platform Note payments “when, when, and if” net transaction expenses arise. In the case of default or delinquency, LendingHome will handle all servicing, and you will still get a percentage of the payback.

To mitigate the risks of investing in Platform Notes, LendingHome takes the following precautions:

  • For the loan amount, LendingHome acquires a first lien position against the underlying real estate asset. This lien takes priority over all other liens or claims on the property in the case of a default. With a weighted average loan-to-value of 70%, the borrower is likely to lose a large amount of equity before your loan is badly affected.
  • A title insurance policy from the lender is purchased for each loan to safeguard your financial interests against title flaws or third-party claims.
  • In the case of accidental damage or destruction caused by fire, smoke, wind, hail, theft, vandalism, or any similar incident, the Hazard Insurance policy identifies LendingHome as the first loss payee to safeguard your loan. No subordinate liens may be registered against the property to assist the special servicing procedure.
  • LendingHome provides loans to the underserved, such as rehabbers who are unable to secure regular loans in a timely manner. There is just not enough historical data to establish if the risk of default is greater or lower.

According to LendingHome, they had a 7.2 percent default rate (60 days or more), four foreclosures, and historical losses of less than 0.01 percent of the 3,500+ loans they had provided as of June 30, 2016.

Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, Michigan, Oregon, Pennsylvania, South Carolina, Missouri, North Carolina, Nevada, New Jersey, New York, Ohio, Tennessee, Texas, Virginia, Washington, and West Virginia are among the states where LendingHome offers loans.

The “lender meaning” is a loan that you take out with a bank or other financial institution. The lender will lend the money to you and then they will charge interest on top of it. You pay back the principal plus interest to the lender, and then they are done lending you the money. If you want to get more information about this topic, I would recommend checking out my blog post “Lendinghome Review (2021): Scam or Legit?”

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