Lendbase

Working with Lendbase was a mistake. We were able to find another broker that provided exponentially better service and didn’t charge an upfront fee. I’d recommend you do the same.

It all started when we interviewing Lendbase we were told that all of the lenders in the Lendbase network accepted their underwriting. As a result, Lendbase was compensated by the lender we wouldn’t ever have to pay Lendbase anything except for an $8,000 upfront fee to process unlimited loans for us for three years. On our first and second loan we were presented with many options where we had to pay Lendbase and the lender both an origination fee.

Lendbase’s communication was terrible and delayed. As a result, we had to push our deadlines with the seller.

Lendbase was also misinformed of the requirements for agency loans. When we were on a call with Lendbase and the lender, the lender was telling us we needed $2.5 million in liquidity post-closing but after speaking with other brokers we found out we only needed $300k. As the borrower, we had to educate the lender and Lendbase how the liquidity requirements really worked.

Lendbase presented a lender to us that did not charge a prepayment penalty. This was our main reason for picking this lender. After we onboarded with the lender and sent all the deal info over, we found out that there is a prepayment penalty. Our rep at Lendbase never called to apologize or ask if a prepayment penalty was an issue for us.

Our rep would make up excuses, ignore us, was unprofessional, deflect from making a mistake and would speak to us like we were stupid. After several attempts to try to figure out a solution with our rep with no success we asked to speak with his manager. Our rep never responded.

We eventually got a hold of the manager through another Lendbase employee. We expressed all our frustrations and eventually the conversation ended with Lendbase saying they’d give us $1,000 if we signed a non-disparagement agreement. I guess Lendbase only puts a $1,000 value on their reputation. We spent $1,000 so we could warn others to not work with this company.

Save yourself a lot of time, money, and headaches and work with another broker with better customer service, expertise, and integrity.

I wish I found this website before. Sorry, English isn't my original language.

On 11/6/23, I applied to Lendbase for a commercial loan for my business. I paid $6,000 fee. I wish I didn’t.

The only reason I worked with them is because the rep said 6.25% on the phone. Everyone on the call heard that. I wrote 6.25% in the agreement docusign.

On 12/8/23, the loan offers were for 8.5%-9.5%, 10.63%, 10.88%. The fourth loan offer ask to deposit the whole loan amount into a CD. If my business had that money laying around, I wouldn’t need a loan? All offers included more $5,130 fees to Lendbase, over the $6,000 already paid!

They even ask me to look up my own credit score ("exceptional" FICO 8).

Now their advice is "just wait". Wait for what?

0 stars. I feel like they took my money and didn’t give the excellent service advertised on their website. I want my money back.

Lendbase offer me lower rate and without any processing fee, underwriting fees. when I decided to send the deal to Lendbase today and prepare the wire transition for
upfront $5000 fee. I am so luck I read this review. because I am little bit nervous about the upfront fee.

I hired Lendbase because they agreed to pre-qualify me in principle to obtain a mortgage in time and at a rate between 4.5% - 5% before I paid them their $4,500 fee.

1. My offer on a property had been accepted and I was looking for finance on a commercial property.

2. Prior to paying Lendbase $4,500, they requested and I sent them detailed documentation in preparation for a lengthy call with their loan officer David Sherwood and account manageress person Cathy Terry who told me in clear terms that I would be looking at between 4.5 - 5% rate and there was no mention at all of a 2% origination fee or any another fees. Cathy told me that David is an experienced load officer and he would ask me questions and discuss options and interest rate liklihoods in relation to the property I was looking to purchase.

3. Based on David's and Cathy's assurance I paid them the $4500. When requested for additional information I send this all within 24 hours. I was always quick to respond to Lendbase requests for information or clarity.

4. Lendbase via Cathy Terry my POC knew and agreed to work with my time to respond to the Seller with finance requirement, but they dropped the ball more than once.

5. After some time they brought me an offer of 8.5% offer which was unacceptable because it was so unreasonable in both it's rate and terms.

6. The last offers all out of time and all above 5%. I would not have and did not agree to anything over 5% and Lendbase knew and agreed to take my money and proceed on the basis that they could deliver something up to 5%.

7. I believe that the evidence is quite clear that Lendbase dismally failed to deliver on it's undertaking. Further, I believe that Lendbase is in breach of contract and I would therefore like a full refund of my $4,500.

8. This experience with Lendbase felt a bit dodgy after I paid the money and then it started to feel like I have been on the receiving-end of something more akin to a scam rather than a competent, reliable and honest interaction.