Read this carefully if you ever think about submitting a loan application with Bill Cunningham (aka: American Commercial Mortgage, LLC)
I submitted a commercial loan app for an apartment complex to American Commercial Mortgage (ACM) 6/4. I submitted $48,500. (I have been told numerous times since that you don't make this kind of a deposit to a lender a normal amount to a lender would be approx. $15k; only enough for the Reports & a processing fee.)
111 days later (yes that long) I canceled; no loan commitment was ever made (there were numerous verbal speeches made about how the loan was just a couple of days away from funding; not only to myself but to the party I was purchasing the complex from, and there was an E-mail saying he had financing as well, but nothing with a signature on it).
The last few days before I canceled he had me sign a loan document for a different mortgage company. It then became clear he intended to act as a broker; a broker that induced me send him $48,500 claiming he was a lender. I became very suspicious at this point when he said he didn't have any copies of the reports; which I was told by the contractors that they had given him copies. I have Case No. BC310802 from May 06 he was found guilty of inducing fraud, and that he/his company never had the ability to complete the loan
It took 18 days after I canceled from, him to send me a document he said I had to sign to receive the money back that is due me. I am not able to find this requirement in his loan app, but the real shocker is that he wanted to keep part of my Good Faith Deposit and return only $18,539.71 of the $48,500 I had sent him.
I have since signed the document to get back only $18,539.71. It appears that he will not honor his own agreement. I have received one E-mail from him since October 11. I have sent maybe 50 E-mails. And, he has never sent me receipts for what he claims he paid or any of the 3rd Party reports
This is what happened to me and my families hard earned money. I hope this will not happen to anyone else, I do not wish this upon anyone. Good Luck and Don't Get Ripped off!
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