This is my current review. I contacted Splitero because I was in need of funds to pay off my debts and get current on my mortgage payments. The opportunity seemed very good. An investment on my home based on my equity, not my credit score. Well, after applying, I receive a denial. First, based on popular sites (zillow, redfin, realtor) the market value of my home is between 308k to 326k. I owe 224k. Should give my around 80k equity. But I was denied because I don't have enough equity. Not sure which appraising company or magic formula they use to establish my equity, but it doesn't sound right. Then, I understand that they run a credit report. However, they use xactus, a company that is not BBB accredited, and with a F rating with the BBB. They are a reseller of credit reports. Not very confident in their ability to be fair or honest. But bottom line here is that even though Splitero does not have a minimum credit score, they do have minimum credit requirements. So, in the end here, regardless of how much equity you have, if you have great credit and don't need money, they will help. But, if you are struggling, attempting to utilize your home equity to pay bills, get caught up, eliminate debt and restore your credit rating then no, you won't get help. So, pretty much like the other similar companies, it's not how much your home equity matters as does your credit background
Tip for consumers:
Think twice. If you are in dire straights, beg your mortgage lender first.
Products used:
Equity sharing, couldn't use.
Hi Richard! Thanks again for reaching out. We are sorry we could not help you, and we hope you find an option that works for you. Our team members were happy to clarify a few things in your conversations. As discussed, Xactus does not calculate how much equity is in your home. We contract them only for the purpose of accessing homeowner credit reports upon authorization. In addition, we clarified the OLTV and appraised value factors that go into consideration when qualifying for a home equity investment. Please let us know if you have any further questions! Feel free to call us at 1-888-365-3372.