Extremely disappointing experience with this service. They claim an advantage by not charging origination and closing fees, including title insurance and others typical of traditional companies. However, they impose a 2.5% fee for each draw, and their interest rates are relatively high. If you only require a small amount of liquidity for a minor project, they might seem like a viable option, as the economics could potentially benefit you. You also expect them to be fast, accurate, and efficient, as is common with fintechs, but my experience was quite the opposite. 1-- They incorrectly recorded our address, which led to numerous emails and phone calls. They ultimately suggested correcting my address with a power of attorney we had signed, which was not ideal.
2-- They take an excessive amount of time, contrary to expectations from a fintech. Each step drags on for 4-5 business days. When you tally it all up, the total duration is comparable to a standard HELOC. While some people report a quick process, that was not my experience.
3-- They don’t charge for title insurance, yet they expect YOU to confirm that there are no liens on your property. Seriously? Here’s a frustrating email I received from them: "I hope you're doing well and apologize for the delayed response. To secure the necessary 2nd lien position, we kindly request your assistance in providing proof that the following mortgage has been fully closed or satisfied..." Do they expect me to sift through old emails for proof? Or visit the courthouse for documents? Ridiculous. In any case, I have major regrets about applying for this service. They are not ready for prime time. If you are considering a HELOC, I advise you to steer clear! If you already have one with them, prepare contingencies for cancellation or transfer to another provider, as I can't envision them remaining in business for long.
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