Reviews

Review Details

• Review fromChristopher F

  Date: 14/12/2024

  1 star

  Christopher F

  Date: 14/12/2024

  My wife and I **** ******* *** thanks to misinformation and errors we are now probably going to lose our home. Adam M., our broker, who originally told us he could help us secure a good line of credit came back with an offer for one year only at a high interest, rate with no funds towards the principle, nearly $15,000 in fees, and over $15,000 interest for one year. Adam, made us believe that was the best we could hope for. Our deal was supposed to pay debts with over half the money and still allow us a good chunk of money to pay what we wanted and provide some to severe two pre-sold lots off our property that would more than pay the loan. We felt it was the best we could hope so we arranged to sign the Offer to Finance from the lender.
  Under the circumstances, we agreed to sign the agreement. Adam M. rushed us through the paperwork and my wife and I were completely fooled. There were clauses in the document that were not properly explained to us by Adam, we don't remember it ever being mentioned. We probably would have noticed that if we backed out before ever receiving a penny we would owe the lender over $8000. Preparations were made for signing with the lawyer they provided and then we were asked for documents regarding our debt that the lender directed paid. That was not the deal. We declined to submit the requested documents and after some calls and emails, they claimed it was only an error.
  We were upset and no longer trusted the process, so we put the signing off for a few days to cool down, but then we were told we must put the lender on our house insurance, but our insurance would not as the lender was not recognized. Then the lawyer told us we would have to change insurance companies or purchase a binder. That was the end, I told the lawyer we were done. If 360Lending or the lawyer's office had reminded us of that clause, we probably would have made the deal work. The lender is now threatening collection agencies. ***** ********* *****
  

  360Lending

  Date: 18/12/2024

  Hi *****,
  Thank you for sharing your concerns with us. I understand this situation has caused you and your wife considerable stress, and I would like to take the opportunity to clarify several key points and provide a full explanation of the process.
  First, I want to address the claim that Adam rushed through the paperwork. At 360Lending, we take care to ensure that every client has a complete understanding of the documents they are signing. We review each page in detail and specifically ask clients to stop us if anything is unclear or if further discussion is needed. It’s our priority to ensure you are fully informed.
  Regarding your financial situation, when you approached us, you were facing a high debt load with limited income, resulting in TDS ratios of 86% and a loan-to-value ratio of 80%. You also requested that you did not want all debt paid out and we were able to accommodate that request. Unfortunately, this placed you in a difficult position to qualify for a standard HELOC, which is why the options provided were different from what was originally discussed.
  As for the lender’s instructions to the lawyer to pay off all your accounts, you reached out to us with concerns, and we immediately clarified that this was an error. We rectified it within an hour, and I trust this addressed the misunderstanding.
  Your concerns about potentially losing your home are troubling, as I want to assure you that unless you are behind on your existing mortgage payments, working with 360Lending has not put your home at risk. Any suggestion that we are causing you to lose your home is inaccurate, and we strongly stand by the services we provide.
  You mentioned that if we had reminded you of the insurance clause, the deal could have worked. This reinforces that, in fact, the offer was well-suited to your circumstances. The standard mortgage process can be overwhelming, and we understand your frustration. However, it is important to note that an updated insurance binder is a routine requirement when dealing with any new mortgage lender. This is a necessary step to ensure that the lender is protected in case of unforeseen events like a fire.
  Once again, I apologize for the stress and confusion this situation has caused. We value your feedback and would be happy to discuss the situation further to ensure that we address any remaining concerns. Please let me know if you would like to arrange a time to speak.
  Best regards,
  360Lending

• Review fromChristine A

  Date: 04/04/2024

  3 stars
  We have dealt with them before and amazing services. Gary was great however Jessie I’m a little disappointed in. Never disclosed it was a private lender she went with but just it was one of their top mortgage companies. Then at closing we see over $26000 fees taken? Not sure what’s going on. It’s not acceptable they weren’t upfront till the very end about this. We’re still puzzled what has happened. Not acceptable, nor right.

• Review fromLisa S

  Date: 05/12/2023

  1 star
  I went to them for a *****, paid $500 for an appraisal, and was told that it would only take a few days, but it's been over a month, and still nothing. When I asked why they said that it would only take a few days, they said that they say that so you will agree to the loan. Often when I tried to call about my loan I couldn't get a hold of the person handling the loan.
  ***** ***** *** ******* ** ******* * ***** ** **** *** *** ** *** *********** *** ************* ******** **** **** ****** ******* *** *** ** *** ****** ******* *** ******* *** ********

• Review fromCatherine B

  Date: 04/12/2022

  1 star
  **** ******** *** ****** *** ** ********** You are just a file number. They are clearly under staffed and over worked. We started the process in February, which we discontinued in November. In August, Suresh, the agent we were dealing with, got let go. We were then contacted by another agent who had all of our information and told us it should be 3 weeks to close. Fast forward to November and we were still waiting. We spoke to management, and their admittance of wrong doing was met with a compensation package that was insulting. We had a very simple case file, with zero credit issues in the past, owners of multiple properties who fell on hard time through the pandemic. We went elsewhere and the process was done in 10 business days. Ourselves and the new lender we switched to, continue to be baffled as to why this process took so long. We have never dealt with a second mortgage on a property before and being naïve we trusted 360 Lending that they had our best interest at heart, considering this is their primary business. Maybe they are taking on more cases than they should?